Services: Access to Capital, Financial Advisory, Financial Opinions, Mergers & Acquisitions Industries: Energy/Utilities/Environmental Professionals: Henry Owsley, Patricia Caldwell, Peter Kaufman Business Profiles: Shareholder Successes
Gordian Group served as financial advisor to the company in its successful sale outside of bankruptcy.
Client: Riedel Environmental Technologies
Through a series of acquisitions financed largely with debt, Riedel expanded its business to become a vertically integrated provider of environmental services. In the 1990’s, Riedel’s operating performance had significantly declined.
Riedel engaged Gordian Group to assist in restructuring its debt. Gordian Group convinced the senior secured creditor to extend additional credit to enable the Company to conduct a sale of substantially all of its assets. Gordian Group was able to assist Riedel in selling its primary operating business outside of Chapter 11 at a highly advantageous price, thereby maximizing the recovery for both secured and unsecured creditors. Gordian Group also provided the Company with a fairness opinion regarding this complex sale effort, which involved multiple competing bidders using different forms of consideration.
The sales effort produced sufficient value so that old equity holders were able to obtain a recovery, even though creditors received less than 100 cents on the dollar.