New Growth Advisors, Inc. (“NGA”) is pleased to announce that its principal, Sumner M. Saeks served as Chief Restructuring Officer (“CRO”) and NGA acted as the exclusive investment banker in the Chapter 11 filing, operation in bankruptcy, sale of substantially all of the assets of MEIS, Inc. and New Life Enterprises of Northwestern Ohio, Inc. filed in the Federal Bankruptcy Court of the Southern District of Ohio, Dayton, Ohio. This matter was the second largest bankruptcy filed in the U.S. Bankruptcy Court, Southern District of Ohio, Dayton Division in 2011.
About Inclusive Solutions: MEIS, Inc. and New Life Enterprises of Northwestern Ohio, Inc. operated as Inclusive Solutions. Inclusive Solutions was one of the largest Ohio-based providers of day-programs, home-based services and transportation services for individuals with special needs. Inclusive Solutions operated primarily in the Cincinnati (Hamilton County), Troy (Miami County) and Toledo (Lucas County), Ohio areas. Inclusive Solutions provided individual services with the majority of its compensation for these services emanating from The State of Ohio, Department of Developmental Disabilities and various Ohio County Departments of Developmental Disability.
The Process: Inclusive Solutions and its legal counsel considered a State Court Receivership as an avenue for management of the nearly insolvent company. In consultation with the Ohio Department of Developmental Disabilities that parties concluded that a Chapter 11 bankruptcy was a preferable alternative to insure individuals could be continuously served by the distressed company. The Chapter 11 environment also required the oversight of the United States Trustee’s office and insured a structured process to both operate and if need be wind down the operations of the distressed business. It was hoped that a buyer could be identified and a sale undertaken in bankruptcy of the going-concern to maintain services to individuals. As CRO, Sumner Saeks lead the financial operations of Inclusive Solutions in bankruptcy. He was instrumental in communication with various constituencies, including secured and unsecured lenders, creditors, landlords and even individuals served and their families, care takers, guardians and other service providers.
NGA developed a listing of prospective buyers, identified a buyer willing to make a stalking-horse offer, worked with prospective buyers to complete due diligence and submit offers in a structured auction process. The stalking-horse bidder was the ultimate victor in the auction process.
About New Growth Advisors: New Growth Advisors is a leading regional turnaround consulting firm. NGA provides interim management, interim CFO, turnaround consulting, court-appointed receivership and other fiduciary and asset recovery work to distressed clients and their lenders. New Growth Advisors, Principal, Sumner M. Saeks has attained the designation of Certified Turnaround Professional, one of only three CTP designees in the Tri-State Region. This designation is an objective measure of the experience, knowledge and integrity that is necessary to conduct corporate renewal work. This designation established a quality standard for an otherwise unregulated profession.