P. Michael Kain, CTP


Partner

Mr. Kain is a senior finance and restructuring professional with over forty years of experience working with a wide variety of businesses.  For twenty years Mr. Kain worked as a commercial and asset-based lender.  For the past twenty years he has functioned as a Chief Restructuring Officer (CRO), interim manager, and financial advisor to business owners, boards of directors and senior management.  He has served in court-appointed roles including CRO, Financial Advisor, and Receiver in bankruptcy court and state court proceedings.  He has provided services including company assessments, interim crisis management, operational/profitability improvement, and financing/refinancing services in both court-appointed and out-of-court roles.

Mr. Kain has worked in a broad range of industries including retail, manufacturing, distribution, restaurant, food services, printing, construction, nonprofit, service, agricultural, healthcare, telecom, real estate, transportation, software/technology, professional services, and aviation.

 

Some select assignments and experience include:

  • Financial Advisor in Chapter 11 for a manufacturer of connectors used in the electronics and cable tv industry.  An industry downturn resulted in a dramatic downturn in revenues leaving the Company operating below breakeven in both its Virginia manufacturing facility as well as its overseas facility.  We were able to stabilize the Company at breakeven and negotiate a sale of its assets under the auspices of Bankruptcy Section 363.
  • Court-appointed Receiver for a furniture manufacturer experiencing a cash crisis due to declining revenues, excessive fixed costs, and ballooning inventory. needed to be at least partially liquidated to generate cash for operations.  Made decisions that ushered the company into a controlled Chapter 11 process and was ultimately sold in a 363 process.
  • Financial advisor for a multi-location furniture retailer relying on financing revenues for profitability and hampered by poor management information. Lack of capital to implement solutions lead to the sale of the business to a strategic buyer in an out-of-court process.
  • CRO for a bankrupt petroleum products distributor servicing the coal and gas exploration industry. Returned the Company to profitability and arranged a 363 sale of the assets that provided significant additional recovery for the various classes of creditors.
  • Court-appointed Receiver for an assisted living facility that was successfully wound down after an attempt at reorganization in Chapter 11.  Navigated all pertinent regulations while residents were transitioned to alternate facilities.
  • CRO for a troubled staffing company. Worked closely with its secured lenders to avoid bankruptcy, created positive cash flow, identified potential buyers, and negotiated a sale of the business and its customer contracts to provide additional recover for its creditors.
  • CRO of a commercial construction management company. Prepared it for Chapter 7 bankruptcy proceedings after a reorganization was deemed untenable.
  • Financial Advisor for the secured lender of a struggling manufacturer. Worked closely with management, vendors, and other creditors to restart production and successfully run out production in an orderly wind down that avoided major losses for the secured lenders.
  • Court-appointed Receiver for a healthcare provider consisting of multiple physicians’ practices.

 

As an asset-based lender Mr. Kain developed the skills that provided the foundation for his career as an advisor to challenged companies.  He served in loan administration as well as business development before becoming a portfolio manager.  Mr. Kain ultimately managed all asset-based lending for Crestar Bank in Richmond.

Mr. Kain earned a bachelor’s degree in Economics from the College of William and Mary and a Master of Business Administration degree from William and Mary’s Raymond A. Mason School of Business.  He holds a Certified Turnaround Professional (CTP) designation.

Mr. Kain currently serves on the Board of the Chesapeake Chapter of the Turnaround Management Association (TMA).  He is also a member of the Risk Management Association (RMA) and the American Bankruptcy Institute.

P. Michael Kain, CTP
Richmond, VA Office
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