Ogden

Situation

Ogden was a multibillion dollar conglomerate engaged in energy production, aviation services and entertainment. By late 1999, the Board concluded that the Company was dramatically overleveraged, and needed to refocus on its core energy business by divesting its other operations. Moreover, Ogden had been in jeopardy of significant business or financial disruptions in the event of rating agency downgrades or withdrawal of key lender support.

Engagement

Gordian Group was engaged by Ogden in the Fall of 1999 to assist in developing and implementing an overall creditor program. Gordian Group assisted the Company in negotiating a series of interim agreements that provided Ogden with sufficient financial wherewithal to run its businesses and gave Ogden adequate time to divest noncore operations in an orderly manner. In addition, Gordian Group evaluated a series of capital markets alternatives for Ogden.

Outcome

In early 2001, we assisted Ogden in consummating a global restructuring with its creditor group that provided Ogden with a stable capital base and the wherewithal to grow its strong energy operations.