Services: Access to Capital, Financial Advisory, Mergers & Acquisitions Industries: Basic Industries/Distribution/Business Services, Metals & Mining Professionals: David Herman, Henry Owsley, Patricia Caldwell
Gordian Group acted as financial advisor to Laclede in connection with its successful restructuring, including raising exit financing and the successful sale of Laclede Mid-America and Laclede Chain.
Client: Laclede Steel
Laclede was a steel minimill that had been adversely affected by poor steel markets in the late 1990’s. The combination of adverse pricing trends, high debt, high pension costs and other factors precipitated Laclede’s 1998 bankruptcy filing.
Gordian Group was engaged by Laclede shortly after its Chapter 11 filing in order to assist in the design and implementation of a restructuring plan, as well as to sell certain noncore operations. During Gordian’s engagement, it explored a variety of capital market alternatives, assisted in the development of the Company’s business plan and engaged in negotiations with Laclede’s various constituencies.
Gordian Group was instrumental in Laclede’s restructuring process, particularly with respect to the negotiation of the Company’s exit financing package. In addition, Gordian Group effected the sale of Laclede Mid-America at an attractive price — which (together with the exit financing package) provided the necessary liquidity for Laclede to emerge from bankruptcy.