Client Situation Resolution

Metaldyne Corporation

 The Company, a global tier-one automotive component supplier, carried substantial debt during a sharp decline in automotive sales. A Special Committee of the Board was formed to evaluate strategic options and engaged an ABS professional as financial advisor. A sale through bankruptcy was determined to yield the highest return to stakeholders. After an intensive and rapid solicitation and auction process, substantially all assets were sold to certain debt holders (credit bid).

Tower Automotive, Inc.

 Tower, a global $3.0 billion tier-one automotive supplier, sought relief from non-union retiree benefits (1114 motion). The Non-Union Retiree Committee (the “Committee”) needed a business advisor to challenge Tower’s cause of action. An ABS professional served as business advisor for the Committee. Tower, a global $3.0 billion tier-one automotive supplier, sought relief from non-union retiree benefits (1114 motion). The Non-Union Retiree Committee (the “Committee”) needed a business advisor to challenge Tower’s cause of action. An ABS professional served as business advisor for the Committee.

Commercial Vehicle Group, Inc.

 The Company is an approximately $1.0 billion global tier one producer of interior and electrical components for the commercial vehicle industry. An ABS professional served as Chief Strategy and Acquisitions Officer. The Company’s go-to-market approach was defined, a capital allocation strategy across countries was defined, and over 100 acquisitions across the globe were evaluated. During the course of this assignment two transactions, one domestic and one Indian were closed.

Collins and Aikman Corporation

 C&A was a multi-billion dollar global tier one automotive supplier which filed for bankruptcy. A solvency analysis of numerous subsidiaries to support avoidance actions was required. This was complicated by substantial intercompany transactions. An ABS professional led the analysis team. An innovative and fact based analysis was performed which allocated intercompany claims among the various subsidiaries in determining solvency. This matter settled during mediation on very favorable terms for the Estate.

Delco Remy America, Inc.

 The Company, shortly after its divestiture from General Motors, required significant productivity and cost reductions to improve profitability within its Heavy Duty Starter Motor Group. An ABS professional led a team of Company engineers tasked with improving manufacturing processes. Developed a process simulation model to enable the redesign and implementation of major manufacturing process. This resulted in cost savings totaling $15.0 million on an annual basis.

Happich, GmbH

 The Company, an unprofitable German producer of automotive interior systems with $1.0 billion of annual revenue, was the subject of acquisition interest. The buyer required a complete strategic review prior to close. An ABS professional co-led an international team in the evaluation. Performed a comprehensive strategic assessment outlining a path to profitable growth for the potential buyer. This assessment resulted in a “buy” recommendation accompanied by specific improvement actions post-close. Based on this, the buyer moved forward with the acquisition.

Confidential

 Two major Tier One suppliers of bearings to the automotive industry were embroiled in a $60 million purchase price dispute related to the divestiture/acquisition of a major division. Disputed claims were centered on the value of accounts receivable and completed inventory. Performed the analysis of the balance sheet accounts that were in dispute, reviewed documents related to the individual claims and prepared a report of our findings. Provided further assistance to the independent accounting neutral in evaluating each parties claims and determining the appropriate outcome.

Ford/Visteon

 A Big Three automotive manufacturer and its former captive automotive parts supplier were engaged in a dispute regarding the pricing of parts that were sourced from an independent third party. The captive parts supplier was concerned with the disclosure of competitive information and unwilling to provide documentation to their customer. Acted as a neutral and reviewed documentation and contracts related to the specific parts in dispute. Investigated bids and documentation supporting the underlying cost assumptions. The work performed allowed the two companies to reach a settlement of their dispute.

Parts Depot, Inc.

 The Company was a $350 million annual revenue distributor of aftermarket auto parts in the Southeast United States. The Company experienced declining revenue and a substantial debt burden. An ABS professional served as Chief Restructuring Officer. Completed a location profitability analysis to improve profitability and guided refinancing efforts for $80.0 million of secured debt. This enabled the company to generate liquidity sufficient to support a multi-year operating asset sale which offered the highest return to creditors.