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CRG Newsletter

The Deloitte CRG Newsletter addresses the current state and outlook for the CRG practice, including recent engagements, announcements, case studies, and upcoming events.

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Highlights from past issues

Middle Market M&A News – Catch the latest highlights, September 2014
Middle market M&A activity showed signs of improvement in Q2 2014 with a large increase in deal value of 26.0 percent and a slight decline in volume of 3.1 percent compared to Q1 2014. On a year-over-year basis, Q2 2014 showed strong growth with respective increases of 35.5 percent and 11.2 percent in deal value and volume (per Thomson Reuters). Check out this issue of our newsletter to explore current M&A trends and highlights.

Become a leader of change: Managing through your company’s liquidity crisis, July/August 2014
Rudy Morando and Sugi Hadiwijaya, both senior managers with Deloitte CRG, give insight into managing a distressed company in a liquidity crisis. Accepting the challenge and becoming a leader for change are important steps towards company rehabilitation. Rudy and Sugi discuss how having the right mindset and tools to address the challenge can be the difference between a successful recovery and a failed business.

New chapter for innovative retailer, June 2014
After a disappointing holiday season, Brookstone fell into default with their senior lender and was about to default on their second lien bond debt. The specialty retailer was under enormous pressure to resolve their balance sheet challenges immediately. When the lenders turned up the heat on the company to sell itself very fast - a process that most likely would have reduced recoveries even further - Deloitte CRG stepped in to give new life to Brookstone. Find out how Deloitte CRG’s quick actions and support not only rescued the company, but also saved over 3,000 jobs in this month’s feature article.

Trending industries – Healthcare, May 2014
Stand-alone, not-for-profit hospitals have been increasingly challenged over the past 15 to 20 years, with the clear trend being to sell, merge, affiliate or fold. Marginal not-for-profit hospitals are further challenged by difficulty in accessing the capital markets. The Affordable Care Act has increased the trend of health care systems further pushing into the M&A market in order to acquire strategically important capabilities within the industry. Physicians are also very active in the M&A market, either "selling themselves" to large physician organizations or hospitals, or exiting private practice altogether to become direct employees of these larger organizations.

How Tully’s Coffee found liquidity without a traditional DIP loan, April 2014
When Deloitte CRG was hired as financial and restructuring advisor to Tully's Coffee, the team quickly discovered that Tully's was running out of cash and had to make serious decisions about their future business operations. The Deloitte CRG team stepped in to find a creative solution — securing a merchant cash advance — to combat Tully's liquidity crisis and looming Chapter 11 bankruptcy filing. Read this ABF Journal article to find out more on this unique financing solution.

Deloitte advises Hamilton Metals, Inc. in its refinancing and restructuring, March 2014
Deloitte CRG recently teamed up with Deloitte Corporate Finance (DCF) to assist Hamilton Metals, Inc. in restructuring its business operations and refinancing $50 million of its existing debt. DCF acted as the financial advisor to Hamilton Metals in connection with the execution of the new credit facilities, and Deloitte CRG provided the organization with financial advisory and restructuring services. With its reorganization now complete, Hamilton Metals can continue to grow domestic and foreign operations serving its blue chip customer base.

The Reshoring option: Maybe it’s time, February 2014
Did you know that Apple, General Electric, Google and a growing number of other companies have recently brought some level of production back to the United States? Companies receive a lot of fanfare when they move manufacturing back home, and there is definitely evidence that this transition, termed “Reshoring” is increasing. But what are the challenges associated with bringing production back to the US? Check out this issue of our newsletter to explore drivers of this hot trend and learn about the challenges and opportunities companies face in Reshoring.

American Airlines: From bankruptcy to the world’s largest airline, January 2014
On December 9th, 741 days after it filed for Bankruptcy, American Airlines Group emerged as the world's largest airline, combining the legacy American Airlines and U.S. Airways carriers. Deloitte Financial Advisory Services' Corporate Restructuring Group (Deloitte CRG) began working with American Airlines prior to its bankruptcy filing in late 2011, and was by its side all the way to the ringing of the NASDAQ bell, signifying the commencement of the mega-carrier's new ticker symbol (AAL).

Happy holidays – Looking back at 2013 & forward to 2014, December 2013
"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity...." The first line of Dickens's classic A Tale of Two Cities would seem a very apt description of 2013, a year in which it has been hard to tell if the economy is recovering or still struggling, and in which there seemed to be two different capital markets, one where credit was plentiful and cheap for larger borrowers, and another where smaller companies were starved for liquidity to the point of oblivion.

Just because you can does not mean you should, November 2013
It is a great time to be in the restaurant industry. Publicly held stocks are trading at high multiples. IPOs have been all the rage. The success of the Potbelly and Noodles & Company IPOs and the dramatic increase in share price that followed reminds us of the hype around the Facebook and Twitter IPOs. Additional restaurant chains will be coming to market soon. Read this month’s feature article by Gene Baldwin, director at Deloitte CRG, to find out why money is flowing to the restaurant industry from lenders and private equity investors faster than a roaring river and what that might mean for you.

Tandy restructuring case study, October 2013
Together with our colleagues in Deloitte Corporate Finance (DCF), Deloitte CRG recently restructured the business operations and refinanced the existing debt of Tandy Brands Accessories Inc. (TBAC). This issue of our newsletter focuses on how these teams came together to execute a restructuring plan designed to increase profitability, improve working capital efficiency and customer service, and reduce overhead.

EBITDA+™, September 2013
Deloitte CRG professionals excel in performance improvement, operational optimization, and financial restructuring, with an emphasis on going beyond analyses to quickly implement solutions to improve results. With EBITDA+, our accelerated performance improvement methodology, Deloitte CRG can assist companies at any stage of the business cycle in identifying and prioritizing opportunities to improve profitability and liquidity within a few short weeks.

What’s in a name?, July 2013
What is the value of a brand name? What are the key factors that give a restaurant’s name value in the eyes of the consumer? How can you protect your brand's underlying value at all costs? Gene Baldwin, director at Deloitte CRG, writes about the value of a brand name as a guest columnist for Franchise Times.

Lessons learned, June 2013
In every turnaround situation, the very first priority is preserving – and ideally growing – cash flow. That's straightforward enough. It's also true in every turnaround that you never have enough time or resources to address every issue right away. Thus, when there are too many "holes in the dike" to plug right away, you sometimes need to let some problems persist temporarily – even if you know it's costing you money – while you focus on more fundamental issues. Check out our new section on lessons learned to hear about experiences from the field.

Boardroom integrity, April 2013
There is no question that many boards believe integrity is critical to an organization's culture and a requirement for an effective dynamic in the boardroom, but what does “boardroom integrity” really mean? This edition of Deloitte CRG's Hot Topics discusses how boards can help set the ethical tone for the entire organization and actively participate in programs designed to promote compliance, integrity, and ethics.

Cram-down interest rates, March 2013
How do bankruptcy courts handle cram-down interest rates? Recently, the Fifth Circuit weighed in on this topic in a matter that featured the expert services of Louis E. Robichaux IV, a Dallas-based Principal in Deloitte CRG. Read about this and more in our feature article on cram-down interest rates in the context of a contested Chapter 11 plan of reorganization.

Interim management, February 2013
Did you know that Deloitte CRG can provide experienced professionals to assume client management roles on an interim basis? How does it work? When would an interim manager be needed? What are the benefits? Find the answers to these questions within our feature article on interim management.

As used in this document, 'Deloitte' means Deloitte LLP [and its subsidiaries]. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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