Century-old fish and seafood distributor M. Slavin & Sons, Ltd., based in New York City, filed for bankruptcy protection early in 2011. On November 30, 2011 the company received a confirmed Plan of Reorganization order from the U.S. Bankruptcy Court for the Southern District of New York. and simultaneously closed on an agreement with North Mill Capital that includes recapitalization and revised senior lending arrangements.
CoMetrics Partners, a financial consulting firm led by Managing Partner Gary Herwitz, was engaged by M. Slavin & Sons as its chief restructuring officer and led the firm through its bankruptcy filing and successful renegotiation of over $15M in unsecured debt and 7.5M in senior debt. CoMetrics and Gary Herwitz took on additional financial management responsibilities in the bankruptcy. In line with Herwitz’s advice, M. Slavin & Sons downsized its workforce, sold non essential real estate and other assets, discontinued several unprofitable operations, and refined its infrastructure and business model. Herwitz commends M. Slavin & Sons for its successful turnaround.