Market forces, inadequate inventory controls and untimely internal management reporting resulted in the company's inability to service its debt. Collective bargaining agreements, environmental legacies from a mature operation, shared water rights and multiple easements complicated operations. TRG restructured operations, renegotiated the customer contracts, the Collective Bargaining Agreement, the Columbia River water sharing agreements, the private rail crossing permit and multiple access and utility easements, reversing the company's fortunes from an annual loss of -11% to positive 18%. Once stabilized, TRG negotiated and closed the sale to a major global aluminium company, settling all classes of creditors in full, paying the ESOP equity holders $400k and preserving the employment of all staff

A state of the art 440-acre Plant Cloning/Propagation facility ran out of operating cash and the lender was faced with a liquidation of 12 million perishable assets that it estimated would yield at gross, 30% of the outstanding loan balance. The transaction involved two creditors, one lender, four financial debt facilities, liens filed in multiple states and a disputed collateral counter claim between the secured creditors. TRG consolidated the debtors into one entity, marketed and sold the real estate and operating business as a going concern. Both secured creditors were paid in full (the senior secured's pre-receivership in-house estimates predicted a $9.5MM loss) and unsecured creditors recovered 50%.

A dairy (producer/handler) and distribution business had collectively developed a market, however fluctuation in the FMO, herd values and feed prices led to lender anxiety. The resulting delay in lender action caused the borrower to miss supply chain ordering deadlines forcing them into the spot market. The combination of events put the enterprise into severe difficulty and the consequences flowed down to the distributor. TRG was able to bring the parties together, negotiating a multiparty agreement which ensured a 100% recovery for the lender and secured the ongoing business operation.

A commercial bakery suffered two years of declining fortunes which finally led to an unsustainable cash burn. With very little cash left and mounting liabilities, TRG worked with the debtor to file an Assignment for the Benefit of Creditors (ABC). Once filed, TRG prepared a company prospectus and went on to market and sell the enterprise to a strategic buyer. The process from filing the ABC to sale close and exit took nine weeks with the lender recovering 100% of the outstanding loan balance. The lenders pre-receivership collateral assessment anticipated a 40% loss.

A leading regional produce distributor had deteriorated to an unsustainable level and needed help winding down operations. Faced with over seventy PACA trust claims and ERISA under funding liabilities, TRG was able to negotiate a final settlement with all PACA trust claimants and an agreement with organized labor. The total process took sixteen weeks from entry to exit. For those familiar with PACA trust rights, this was a significant outcome for both the debtor, who was able to address the personal liability, and the trust holders, who under the statute must fund the enforcement of their rights. These claims often take years to resolve.

A major PNW construction company was faced with a rapid market decline & legacy liability issues from over fifty years of operation. The owner decided to retire which required the wind down of operations. Turnford assumed operational control, managing completion of an active workload that included a forty story core and paint contract and multistorey shell, core and paint contracts for two medical centers and an assisted living complex. In addition to normal business operations Turnford negotiated agreements to assign warrantee obligations and surety commitments, exit eighteen ERISA/MEPPA union benefit plans and terminate facility leases. All creditors/claims were settled in full leaving a residual for the equity holders.

A large PNW institutional casework company had been severely impacted by a poorly implemented ERP system resulting in multiple complex contract performance claims against the company and its surety providers. Turnford assumed operational control and worked with the surety providers and general contractors to renegotiate the outstanding contracts such that they could be completed or cancelled. Turnford negotiated the in-situ sale of assets, saving auction fees, equipment removal fees and building repair costs which were substantial as much of the equipment was an integral part of the building. A significant portion of the senior secured creditor's collateral was secured by the AR; collection of which was undertaken by Turnford. This is a complex problem involving overlap between the Washington receivership statute, the respective construction contracts, jurisdiction over out of state receivables and the construction industries historic modus operandi all of which require holistic approaches to the enforcement of collection

A marine supply company with operations in AK & WA operated in two market segments (i) supplying traps, nets, boat maintenance, hunting & fishing equipment to the commercial fleets in Washington and Alaska and (ii) supplying accessories and power plant maintenance components to the global recreational boating market. A combination of business footprint expansion and falling fish prices contributed to the company's decline. Turnford assumed management of the operation and working with the senior secured creditor was able to stabilize operations, negotiate a sale agreement, and transfer the company assets, in a form that allowed the buyer to continue business operations. This was completed in seven weeks from appointment to sale close. The secured and preferred creditor's claims were recovered in full, with a distribution to the unsecured claims pending.

A major west coast bone fish/crab processor and wholesaler with four west coast locations closed operations immediately prior to Turnford’s appointment. Turnford analyzed the business and restarted the previously viable entities in the first two weeks. Four-weeks later COVID 19 regulations closed the hospitality industry (90% of the customer base). Turnford quickly restructured and reworked the inventory for the retail market and restarted operations. Six weeks later a fire closed the pier that housed our main sales and storage facility where significant quantities of live shellfish and perishable inventory were stored. Turnford worked with the city of San Francisco to restore access and restart the business. Restructuring and operation of the viable entities provided sufficient resources to service the liability demands of the reorganized operation thereby providing the runway to market and sell the operation at enterprise value. Turnford’s marketing efforts produced thirty-two buyers and eleven offers for three of the facilities. The fourth facility was abandoned as unviable. The secured creditors were satisfied in full and a distribution to the unsecured creditors is in process.

The quantity of sheep skins on the global market was negatively impacted by an end to the multiyear Australian drought. The shortage in supply was further exacerbated by an increased fashion demand and aggressive market hedging of raw materials by the major industry players. These factors drove up raw material costs by over 500% with all the early availability being allocated to advanced (hedged) raw material purchases. Late market availability of raw materials compressed lead times with manufactures and the purchasing power of the large international buyers gave them production priority. Consequently, the finished goods Inventory arrived too late, missing the narrow seasonal sales market. Turnford assumed control of the company, developed and agreed a liquidation plan with the major creditors and executed on it. All creditor claims were satisfied in full, the leased facilities were restored and returned to the landlord and all personal guarantees/liabilities were satisfied within the plan with no recourse to the personal guarantors.

A Day Spa and Yoga business exhausted its capital before completion of the facilities. The business opened with limited operations, but the cash flow was insufficient to service the operating costs and capital demands for completion. TRG staff assumed control of operations, brought in additional investment, completed the build out and reopened operations. The management team developed the flag ship location from start up, to being voted onto "O" magazines top 20 list of favorite Day Spa's in the USA. The business yielded twice the accepted industry margins and was sold one year later recovering the investment in full

A national custom merchandising company suffered an ownership bereavement and its operating agreement failed to adequately provide for a solution. The company managed hundreds of sales representatives nationally and provided sales, order/payment processing, product design, and fulfilment functions. Turnford was appointed to operate and sell the company immediately prior to its low season during which it historically operated with negative margins. The company had no cash on hand and no access to credit. Turnford reorganized the company’s cost structure and developed an operating/cash plan that provided sufficient runway to preserve the company’s core enterprise value and provide the time to secure a strategic buyer. All the creditors saw a full recovery in six months from appointment.