Business

Engineered Specialty Plastics, Inc. is a premier custom plastics injection molder specializing in the precision molding of large items and the processing of complete sub assemblies.

Client Objective

Engineered Specialty Plastics sustained recurring operating losses and faced an impending liquidity crisis. The secured lender focused on business viability and the adequacy of collateral coverage.

White Oak Group provided financial and management services. As Chief Restructuring Officer we negotiated a forbearance agreement with the secured lender, operated the business within negotiated liquidity constraints, explored strategic alternatives and pursued the sale of the Company.

Results

CRO actions included staff reductions, selective price increases, working capital enhancements, and the sale of excess fixed assets. Within the seventeen-week period of the forbearance agreement we completed a change of control transaction that achieved the required recovery for the senior lender.

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