MG Forge Division: Phoenix Management Services Client MG Forge is one of the largest pile driving companies specializing in municipal, state and large industrial projects. Located in New Jersey, it is owned by a private equity fund and an entrepreneur investor. Problem Phoenix was engaged by the Company at the direction of the investors who had purchased the pile driving division of another company a few years earlier. The acquisition was support by a working capital revolver and two term loans in addition to the equity capital provided. After a strong start an economic slump caused the company to show losses. The bank became concerned and requested cash flow and borrowing base projections from the company on a go forward basis. The CFO, having had limited experience in a leveraged banking

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