NDRS evaluates Chapter 11 and pre-bankruptcy situations for sponsor-led recapitalizations, change-of-control transactions, and plan sponsorship. Our focus is on preserving viable operations or income-producing real estate while restructuring liabilities around sustainable post-emergence cash flow.
We focus on businesses where the operating engine remains viable but the current liability structure no longer fits the enterprise. The objective is to preserve the viable platform while rebuilding the balance sheet around sustainable cash flow and a durable post-emergence capital structure.
Typical targets are B2B, asset-backed, and capable of producing positive normalized EBITDA.
We analyze operating liquidity, funded debt, priority obligations, creditor treatment, and post-emergence capital requirements as an integrated transaction.
We target fee-owned, completed, income-producing properties where the underlying real estate remains viable but the existing debt structure, arrears, tax obligations, or ownership capitalization require restructuring.
We move from preliminary screening to transaction underwriting, capital-structure design, and plan execution only when the facts support a credible path to control and sustainable emergence.
We evaluate viability, normalized earnings or NOI, creditor pressure, ownership willingness, and preliminary emergence funding requirements.
We map the capital structure, cash-flow requirements, financeable assets, valuation, creditor treatment opportunities, and proposed control structure.
Qualified opportunities move into a committed diligence process with transaction underwriting, documentation, and coordination with counsel and financing sources.
We coordinate the recapitalization architecture with counsel, creditors, and capital providers, with a focus on sustainable post-emergence capitalization.
Where appropriate, the transaction is structured to align Effective-Date funding requirements with operating cash flow, secured financing, negotiated creditor treatment, and other available sources of capital.
Retained cash, receivables financing, rental income, equipment monetization, customer deposits, and operating cash generation.
Plan notes, creditor term-outs, tax installments, mortgage arrearage treatment, DIP restructuring, and staged capital expenditures.
Vendor support, preferred equity, junior capital, strategic capital partners, and other transaction-specific capital sources where appropriate.
Send the case name, current status, approximate revenue or NOI, senior debt, material arrears, and whether existing ownership is open to a sponsor-led change-of-control transaction.