Leading the Restructuring and Bankruptcy Process for a Dental Support Organization
Challenge
Benevis, a national dental support organization that provides non-clinical business services, was experiencing liquidity issues stemming from the acquisition and integration of new practices as well as general dentistry patient declines. The COVID-19 pandemic further exacerbated the organization’s distress, necessitating a comprehensive restructuring of the business.
Working with the company’s legal counsel and investment banker, we successfully negotiated a restructuring support agreement and a $30 million DIP Financing Agreement and Asset Purchase Agreement, positioning Benevis to exit bankruptcy within 90 days.
How we helped
Our company was engaged to develop the company’s go-forward business plan and restructuring strategy. Serving as the company’s chief restructuring officer, co-CEO, and financial advisor, we oversaw cash and liquidity management, including the development of short-term cash flow forecasting tools. We guided the company through the development and execution of a tactical reopening plan and identified future operational improvements, including fixed cost reductions and additional cost savings opportunities. When the company sought Chapter 11 bankruptcy protection, we led all the activities related to the company’s proceedings, including the office footprint rationalization and liability management.
Results
Working with the company’s legal counsel and investment banker, we successfully negotiated a restructuring support agreement and a $30 million DIP Financing Agreement and Asset Purchase Agreement, positioning Benevis to exit bankruptcy within 90 days. We continue to serve in a leadership and financial advisory capacity to help guide the company through its remaining restructuring efforts.