Chief Restructuring Officer: Precision Machined Products Manufacturer


A Precision Machined Products Manufacturer serving automotive and heavy truck OEM and Tier I customers had experienced several years of losses.


  • Three manufacturing facilities in Indiana, Kentucky and Mexico, headquarters in Michigan
  • Defaulted on senior debt and lender blocked availability
  • Projected $3 million cash shortfall in two weeks; $850,000 borrowing base certificate (BBC) reconciliation issue
  • Private equity owner unsuccessfully tried to hand keys to senior lender


  • Board of directors hired BlueWater Partners as CRO to liquidate or sell the company as a “going concern”
  • Completed 13-week cash flow, corrected BBC issue in two weeks and contacted four largest customers
  • Executed Accommodation Agreement, establishing sale process and other milestones
  • Shared plan with all employees, implemented productivity/quality improvements in all three facilities, and substantially reduced HQ staff


  • Closed on Section 363 sale to a strategic buyer
  • Saved over 200 at risk jobs
  • Paid off senior lender in full

Published with client permission