Winter Harbor LLC
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Cedars of Monroeville

 

Cedars of Monroeville (Cedars) is an assisted living and nursing home facility in Monroeville, PA. Provides 24/7 personal care to residents, short-term rehabilitation, long-term nursing care, and other senior healthcare services. Their facilities allow their residents to maintain a healthy lifestyle, encouraging movement and socialization among their peers in their common indoor and outdoor spaces.

Situation

At request of Cedars’ creditor, an assessment of the Company’s liquidity position was required. The creditor was concerned Cedars was no longer in compliance with the obligations set forth by the agreed upon financial covenant.

Our Role

Winter Harbor was hired by Finn Partners to perform a comprehensive assessment of operations and present findings to the Company's financial lender.  In detail, we:

  • Assessed the Company’s liquidity position and cash flow projections, including review and assessment of its forecasting methods.

  • Prepare a weekly liquidity projection to determine the Company’s working capital needs over a 13-week period.

  • Periodically update our developed assessment of the Company’s liquidity position and cash flow projections.

  • Provided expert testimony on behalf of the lender during trial or litigation hearings.

Engagement Outcome

Our developed assessment was delivered to Cedars’ creditor, and based on our finding, the creditor agreed to a recapitalization and amendment to Cedars’ existing credit agreement.