The Company
Industry: Aerospace
Entity Type: PE-Backed
Operating Region: North America
Size: $60M
The PROBLEM
Amid severe cash constraints and the departure of its CFO, the company needed immediate financial leadership to stabilize operations and support a high-stakes turnaround. The business was in forbearance with its bank, had fully drawn its line of credit, and was one week away from missing payroll — posing a serious risk of layoffs. They needed an interim CFO to lead restructuring efforts, maintain operations, and prepare the business for a sale.
The Solution
McDermott + Bull Interim Leaders deployed an experienced CFO with a proven track record in private equity reporting, Chapter 11 restructuring, 363 sales, and financial turnaround initiatives. The interim leader brought deep hands-on expertise in inventory control, cash flow management, and navigating distressed transactions to maximize recovery and value preservation.
The RESULT
The interim CFO stabilized cash flow by negotiating accelerated payment terms and addressing key audit concerns, including goodwill impairment. To support valuation and sale readiness, they implemented a 36% price increase. When the lead buyer exited late in the process, the interim leader stepped in to source and secure a new buyer, ensuring the transaction remained on track.
45-Day Bankruptcy Sale Closed
Executed a 363 sale from filing to close in just 45 days, ensuring operational continuity throughout the process.
$3M in Cost Savings
Helped avoid formation of a creditors’ committee, saving an estimated $3M in legal and negotiation-related expenses.
Buyer Secured Post-Fallout
Personally brought a new buyer into the process after the initial buyer exited, ensuring the deal’s successful completion.
James Hickey
Senior Managing Director, McDermott + Bull Interim Leaders
hickey@mbexec.com
James Hickey serves as a Senior Managing Director for McDermott + Bull Interim Leaders, helping companies with mission-critical needs for talented executives during key points in their life cycle. He also works closely with Private Equity Groups to help their portfolio companies when there are gaps in leadership or to provide additional support to the team during critical transactions.