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 / SaaS

Asset sale completed in under 6 weeks

Engagement: Assignment for the Benefit of Creditors
Capital Raised: $25 million raised before the wind-down

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.

ABCWind-DownSaaSTechnology SaleUnsecured Recovery

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Apparel / Fashion

Voluntary wind-down through multiple sale channels

Engagement: Out-of-court liquidation and IP monetization
Inventory Position: $6 million in unsold inventory monetized through the liquidation

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.

LiquidationInventory MonetizationTrademark LicensingOut-of-CourtTrade Creditor Recovery

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Consumer Products

Strategic sale completed within 120 days

Engagement: State court receivership and structured sale
Creditor Outcome: Secured creditor paid in full; unsecured creditors received a meaningful recovery

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.

ReceivershipStrategic SaleShareholder DisputeManufacturingCreditor Recovery

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Digital Media

30-day sale timeline

Engagement: Public UCC Article 9 sale
Cost Comparison: Low six figures versus an estimated $1.5-$2 million Chapter 11

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.

Article 9Credit BidDistressed SalePublic CompanyChapter 11 Alternative

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Specialty Distribution

Break-even restored within 5 months

Engagement: Out-of-court workout and operational turnaround
Balance-Sheet Work: $3 million in payables restructured

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.

WorkoutForbearancePayables RestructuringTurnaroundOut-of-Court

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Medical Device Manufacturing

DIP financing and 363 sale support through court-supervised restructuring

Engagement: Chapter 11 financial advisory support
DIP Financing: $10 million facility structured to support operations and sale execution

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.

Chapter 11DIP Financing363 SaleOperating RestructuringJob Preservation

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Equipment Finance / Logistics

Nationally marketed Article 9 sale after repossession

Engagement: Public Article 9 collateral sale
Value Realization: 40% above appraised value

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.

Article 9Secured CreditorCollateral SaleForeclosure AlternativeLogistics

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Professional Services

12-month turnaround following immediate diagnostic work

Engagement: Fixed-scope diagnostic and turnaround plan
Overhead Reduction: $4.2 million in annualized fixed-cost reduction

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.

TurnaroundProfessional ServicesOverhead ReductionCompensation RealignmentReceivables

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Apparel / FashionVoluntary wind-down through multiple sale channelsApparel Company: Out-of-Court Liquidation Consumer ProductsStrategic sale completed within 120 daysConsumer Products Company: State Court Receivership Digital Media30-day sale timelinePublic Sale of a Distressed Media Company Specialty DistributionBreak-even restored within 5 monthsSpecialty Distributor: Out-of-Court Workout Medical Device ManufacturingDIP financing and 363 sale support through court-supervised restructuringMedical Device Manufacturer: Chapter 11 Support Equipment Finance / LogisticsNationally marketed Article 9 sale after repossessionIndustrial Equipment Lender: Article 9 Sale Professional Services12-month turnaround following immediate diagnostic workProfessional Services Firm Turnaround

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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