Esco Marine Inc. (“Esco”) operates recycling facilities and a marine shipbreaking yard in Brownsville, Texas. It engages in metals recycling, disposal of obsolete maritime vessels and vessel scrapping operations. Esco’s suppliers include the United States Navy.
We were engaged as Esco’s financial advisor to review potential projects, rationalize costs, assess a management accounting system, prepare financial models and deal with its secured lender. In that capacity, we attended Esco’s premises over an extended period and worked with its management. Thereafter, Esco, along with its affiliates, filed for reorganization under Chapter 11 of the United States Code. We were appointed by United States Bankruptcy Court for the Southern District of Texas as Financial Advisor to Esco in its Chapter 11 proceedings. In this role, we assisted Esco with a process to market its business and assets for sale, develop cash flow projections and assist Esco to work with its secured lender.