The Company

Florida Computerized Machining, Inc.   

A Tampa, FL area machine and fabrication shop.  This company got caught in the aftermath of the telecom crash and September 11 (its biggest customers were airline-support and telecom companies) and was forced to file Chapter 11.

The Challenge

The owner wanted to stay involved in the company, but the debt-load was much higher than the value of the assets and he didn’t have the cash to reorganize.

The Process

Equity Partners was retained, and looked for buyers for the business while at the same time worked with the FCM shareholder and an investor on a reorganization.

The Solution

Equity Partners helped the shareholder and the investor form a “Newco” and structure an offer with a manageable debt load.  Our marketing process established to the creditors that their offer was the high bid.  Equity Partners also negotiated $2.6 million in concessions from six leasing companies and got a sale approved to the Newco, which allowed the company to exit Chapter 11, and to continue operating in the same location.