Winter Harbor LLC

Mid-States Supply Company


Mid-States Supply Company (MIDCO) is a fabricator of pipes, valves, and fittings for the oil, gas and food industries. They manufacture bypasses, meter sets, launchers, traps, extensions, and hoses. In addition to fabrication, they provide maintenance and modification services to their customers. MIDCO generates $300 million in revenue.


MIDCO had been unable to meet its debt obligations under a credit agreement from a national bank dating back to 2011.

Scope of Work

Winter Harbor completed multiple engagements for MIDCO, specifically commissioned as chief restructuring officer to address the Company’s financial challenges.

  • Managed cash outflows including payroll, inventory purchases, and operational outlays.

  • Restructured Company into 22 locations, concentrating on most productive facilities in close proximity to top customers.

  • Explored recapitalization opportunities including equity investors, mezzanine debt, and sale of aged inventory.

  • Marketed the Company for purchase, attempting to keep the organization out of bankruptcy.

  • Worked the organization through bankruptcy including preparing DIP budgets, SOFA/SOAL, and miscellaneous schedules.

  • Facilitated the sale of the Company to a stalking horse bidder in bankruptcy by helping the firm with due diligence, and working with all the parties involved including the secured and unsecured creditors.

  • Managed the estate post sale to finalize the process.

Engagement Outcome

MIDCO voluntarily entered into Chapter 11 bankruptcy restructuring. Assets were sold through a stalking horse bid, Section 363 bankruptcy court auction, to a private equity firm.