Resources

Case Studies

Representative engagements showing how CMBG structures real-world sale processes, creditor remedies, wind-downs, and restructuring decisions under pressure.

About CMBG Advisors

CMBG Advisors is a boutique restructuring, turnaround, and wind-down firm. We work with privately held companies — professional services firms, manufacturers, technology companies, and small-to-middle-market businesses — that are facing cash-flow pressure, declining revenue, lender concerns, or the prospect of insolvency. Our engagements are short, focused, and built to deliver an actionable plan to a board, lender, or chief executive in weeks rather than quarters.

If the warning signs in these case studies are visible in your own organization — flat headcount on declining revenue, fixed compensation, deferred liabilities not yet modeled, fewer than nine months of cash on hand — the appropriate time to engage us is now.

Technology Startup: ABC Wind-Down

Technology / SaaS

Asset sale completed in under 6 weeks

Technology Startup: ABC Wind-Down

With no bridge round available and cash burn accelerating, the company moved into an ABC rather than a bankruptcy filing. CMBG ran the wind-down, marketed the assets, and completed a sale of the core technology and customer relationships in under six weeks.

Engagement

Assignment for the Benefit of Creditors

Capital Raised

$25 million raised before the wind-down

ABCWind-DownSaaSTechnology SaleUnsecured Recovery
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Apparel Company: Out-of-Court Liquidation

Apparel / Fashion

Voluntary wind-down through multiple sale channels

Apparel Company: Out-of-Court Liquidation

CMBG ran a voluntary wind-down for a fashion brand with $6 million in inventory and valuable trademark assets. The process monetized inventory, licensed the IP, satisfied secured obligations, and paid a modest dividend to trade creditors without litigation or a formal insolvency proceeding.

Engagement

Out-of-court liquidation and IP monetization

Inventory Position

$6 million in unsold inventory monetized through the liquidation

LiquidationInventory MonetizationTrademark LicensingOut-of-CourtTrade Creditor Recovery
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Consumer Products Company: State Court Receivership

Consumer Products

Strategic sale completed within 120 days

Consumer Products Company: State Court Receivership

The receivership stabilized a family-owned manufacturer long enough to preserve value, retain key employees, and complete a strategic sale. The result was full payment to the secured creditor and a meaningful recovery for unsecured creditors.

Engagement

State court receivership and structured sale

Creditor Outcome

Secured creditor paid in full; unsecured creditors received a meaningful recovery

ReceivershipStrategic SaleShareholder DisputeManufacturingCreditor Recovery
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Public Sale of a Distressed Media Company

Digital Media

30-day sale timeline

Public Sale of a Distressed Media Company

With no cash to support a bankruptcy filing and no workable restructuring thesis, the senior secured lender chose a public Article 9 sale. CMBG Advisors ran the process on a 30-day timeline, delivered the assets through a credit bid, and achieved the same practical outcome a liquidation Chapter 11 would have produced at a fraction of the cost.

Engagement

Public UCC Article 9 sale

Cost Comparison

Low six figures versus an estimated $1.5-$2 million Chapter 11

Article 9Credit BidDistressed SalePublic CompanyChapter 11 Alternative
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Specialty Distributor: Out-of-Court Workout

Specialty Distribution

Break-even restored within 5 months

Specialty Distributor: Out-of-Court Workout

Instead of moving into court, the company used a disciplined out-of-court workout. CMBG aligned the lender, addressed vendor pressure, and paired the liability-side reset with operating changes that returned the business to break-even within five months.

Engagement

Out-of-court workout and operational turnaround

Balance-Sheet Work

$3 million in payables restructured

WorkoutForbearancePayables RestructuringTurnaroundOut-of-Court
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Medical Device Manufacturer: Chapter 11 Support

Medical Device Manufacturing

DIP financing and 363 sale support through court-supervised restructuring

Medical Device Manufacturer: Chapter 11 Support

CMBG supported a medical device manufacturer through a Chapter 11 process by helping manage cash, negotiate with vendors, and support both a $10 million DIP facility and a 363 sale. The result preserved 60 jobs and produced stronger-than-expected recoveries.

Engagement

Chapter 11 financial advisory support

DIP Financing

$10 million facility structured to support operations and sale execution

Chapter 11DIP Financing363 SaleOperating RestructuringJob Preservation
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Industrial Equipment Lender: Article 9 Sale

Equipment Finance / Logistics

Nationally marketed Article 9 sale after repossession

Industrial Equipment Lender: Article 9 Sale

CMBG coordinated a public Article 9 sale for a private lender after a logistics borrower defaulted. The assets were marketed nationally, sold for 40% above appraised value, and generated a 95% recovery on the outstanding loan balance.

Engagement

Public Article 9 collateral sale

Value Realization

40% above appraised value

Article 9Secured CreditorCollateral SaleForeclosure AlternativeLogistics
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study
Professional Services Firm Turnaround

Professional Services

12-month turnaround following immediate diagnostic work

Professional Services Firm Turnaround

A mid-sized professional services firm came to CMBG with revenue down 22%, fewer than four months of cash on hand, and a cost structure built for a larger business. Twelve months later, the firm was profitable on a smaller revenue base, operating with $4.2 million in annualized overhead reduction, and had retained roughly 88% of the people who mattered most.

Engagement

Fixed-scope diagnostic and turnaround plan

Overhead Reduction

$4.2 million in annualized fixed-cost reduction

TurnaroundProfessional ServicesOverhead ReductionCompensation RealignmentReceivables
CMBG Advisors

Author

CMBG Advisors

Jim BaerLisa Van EyssenNeil MassaDennis WilkesErik MortonLouis R. Dienes

Reviewed By

CMBG Team

Open Case Study

Need A Comparable Process Run In Real Time?

These matters move on liquidity, leverage, and execution. If you are evaluating a sale path, wind-down, or lender-driven remedy, CMBG can help assess the practical options quickly.

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