By: Sumner M. Saeks, Certified Turnaround Professional New Growth Advisors, Inc. A worried voice on the phone says, “We’ve made it this far through the downturn. We have put in all of the money we have. We have borrowed on credit cards and asked our suppliers for extended terms. Now…
Ashley Brooks, Inc. and Golf Course Management (Bethel, Batavia and Amelia, Clermont County, Ohio)
NGA Role • NGA was appointed receiver over two golf courses, a closed manufacturing operation and associated real estate including a residential property on the manufacturing premises. Problem • Need to liquidate the manufacturing operation. • Sell off the manufacturing and residential real estate. • Operate the Batavia golf course…
Tobacco Products Wholesale Distributor (Cincinnati, Ohio)
Client Tobacco Products Wholesale Distributor (Cincinnati, Ohio) Our Role New Growth Advisors was retained by owner/manager to lead a viability assessment and if possible create a revitalization plan to allow the company to return to sustained profitable operation and find a replacement senior secured lender. Problem The company’s revenues had…
Radiator Manufacturing and Wholesale Distribution Company (Northern KY)
NGA Role • NGA was engaged to lead management in determining the viability of this manufacturer of off-road, military and heavy-duty truck radiators Problem • This manufacturer was experiencing a number of changes in its marketplace that were causing significant financial distress. These included a decline in demand for its…
Screw Machine Products Company (Mason, Ohio)
NGA Role • NGA was retained to lead management in determining the viability of this entity. Problem • This once proud company had seen many of its customers begin to source their requirements in other countries with resulting loss of revenues. The company also suffered from aged equipment that while…
P&D Marble and Granite, LLC (Batavia, Ohio)
NGA Role • NGA was appointed receiver in the Clermont County Common Pleas Court. Problem • This company had ceased operation and its secured creditor had begun foreclosure proceedings. • Secured creditor sought a receiver to secure the real estate and liquidate the personal property and real estate. NGA Solution…
Executive Suites Plus, LLC (Beavercreek, Ohio)
NGA Role • NGA was appointed receiver by the Common Pleas Court of Greene County, Ohio. Problem • Former owner of this business sold the operation but continued to hold a secured debt owed by the operation and also guaranteed the lease of the operating entity to it landlord. The…
Ole Fort IGA, Logan Street IGA and 709-711 Black Eagle Drive (Fort Recovery, and Celina, Mercer County, Ohio)
NGA Role • NGA appointed receiver by Mercer County Common Pleas court over the operating grocery store in Fort Recovery, Ohio and the shuttered former grocery store property in Celina, Ohio. • Subsequently the owner’s residential property was added to the receivership at the request of the secured creditor to…
P&P Develpoment Group, LLC (Cincinnati, Ohio)
NGA Role • Court appointed receiver in Common Pleas Court Hamilton County Ohio. • Obtain a receiver’s sale of this vacant building. Problem • Secured creditor foreclosed and wanted a receiver appointed to secure the premises and obtain a receiver’s sale of the property NGA Solution • NGA was contacted…
Sunshine Mobile Home Park (Tipp City, Ohio)
NGA Role • NGA appointed by Miami County Court of Common Pleas to serve as receiver over real estate assets that had been in a Chapter 7 Bankruptcy. • NGA was then retained as Manager over the assets when the entity controlling this real estate sought protection under Chapter 11…
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