Winter Harbor LLC

TBL Group, Inc.


TBL Group, Inc. is a transportation company created in 2015 from the merger between AFC Transportation and Echo Transportation, with $35 million in annual revenue.  They provide charter buses, shuttle buses, airport transfer vehicles and corporate transportation services primarily in the Dallas and Houston areas.  TBL’s clients include several fortune 500 companies and major universities.


Following the merger, TBL Group experienced integration issues resulting in six, different accounting systems, multiple reservation platforms, and several cash management systems. Because of these issues, TBL Group was unable to determine which locations were profitable, and thus, could not forecast cash flow or borrowing base visibility.

Scope of Work

Winter Harbor was engaged by the senior lending group to TBL Group to review, analyze, and provide a restructuring analysis of the Company.

  • Conducted site visits at Dallas headquarters.

  • Met with the Company’s management team in an individual setting to review contracts, financial statements and company reports in order to develop business assessment.

  • Performed a detail analysis of the Company’s operations including IT, account, client reservation, GPS, and vehicle inventory systems.

  • Reviewed current cash flow, account receivables and vehicle utilization rates.

  • Developed both a liquidation and alternative refinancing process plan which included the expected costs and risks of each financing option.

  • Presented financing options to senior lender.

Engagement Outcome

Winter Harbor was engaged by a senior lender to review, analyze and provide a liquidation analysis of TBL Group, in addition to reviewing and assessing other monetization options - either a sale of the business or refinance of their existing loan. We conducted site visits at their Dallas location and met individually with the Company’s CEO, CRO, Controller and Operations Manager. We reviewed sample contracts, financial statements, company reports and supplemental financial data, which were used to develop an operational and financial assessment of the Company’s current business structure. We presented our recommendations to the senior lender which included process plans for a possible liquidation, or alternatively, refinancing from other lender. Each process plan reviewed the expected costs and risks associated with its respective financing option. The senior lender elected TBL Group to be refinanced by a new lender.