Current Position

Michael DuFrayne is a seasoned restructuring professional with more than 35 years of financial management and business advisory experience serving debtors, creditors’ committees, banks, funds, trustees and other parties of interest. His strengths include assessing organizational viability and strategic alternatives; assisting organizations in preparing for and proceeding through the bankruptcy process to achieve operational and balance sheet restructuring; and crisis management skills to enable distressed companies to continue operations near-term while positioning them for long-term stability and profitability. He is also adept at negotiating mutually acceptable results in litigation situations by tackling the issues in a creative manner and moving divergent parties to compromise.

Michael has led the successful operational and/or financial restructuring of dozens of companies facing challenging or complex situations with his unique hands-on approach. His assignments have included out-of-court restructurings and liquidations, Chapter 11 and Chapter 15 proceedings with public and privately held companies of all sizes, post confirmation litigation and/or liquidation trustee, and as an advisor to trustees and receivers.

Professional Experience

In Michael’s past interim management assignments, he has served as President, COO, CRO and CFO, giving him front-line experience leading companies through strategic reorganizations and operational and financial restructurings, liquidations, and sales of assets. As Interim President of a contract manufacturer of precision parts for the aerospace/defense industry, he led the company through a federal investigation, successful negotiations with the U.S. Army Judge Advocate General’s office avoiding debarment; implemented a strategic reorganization and operational restructuring, and a financial restructuring with its lending institution. His broad experience in financial positions in a wide variety of industries gives him a depth of expertise that benefits all ESBA clients.

Representative Transactions

Michael has been instrumental in a number of prominent, complex restructurings with varied responsibilities, including:

• Served as Crisis Manager and Financial Advisor for Chiyoda America, a preeminent gravure printer for its Chapter 11 filing and debt restructuring.
• Served as Financial Advisor to the Debtor for Fansteel, a $175 million revenue public company engaged in metal parts fabrication.
• Served as Financial Advisor to the Debtor for SubMicron Systems Corporation, a $170 plus million revenue company with international operations that designs, manufactures and markets a broad line of advanced wet surface preparation and cleaning equipment used in the manufacture of microelectronic devices.
• Served initially as Chief Liquidation Officer and then as post-confirmation Trustee for DeCoro, Ltd. (Ltd) and DeCoro USA, Ltd. (USA), a Hong Kong based furniture manufacturing company with mainland China operations, with approximately US $225 million in consolidated sales.  Ltd was a Chapter 15 filing and USA was a Chapter 11 filing.
• Served as Financial Advisor to the Creditor’s Committee for Med Diversified and post-confirmation as Trustee of the Creditors’ Trust, a provider of home healthcare, skilled nursing, and pharmacy management services to more than 175,000 patients in 37 states.
• Served as Crisis manager and Financial Advisor to RCMI and its affiliates in its out-of-court debt restructuring and asset sales.
• Served as pre-petition Crisis Manager and Financial Advisor to Texas Hematology/Oncology Centers, a $100 Million revenue medical practice.
• Served as pre-confirmation Litigation Trustee and post-confirmation Liquidation Trustee for Waters Edge Liquidation Trust, a condominium development management company.
• Served as a team member of the Financial Advisor to the Official Committee of Unsecured Creditors to the Allegheny Health and Research Foundation, a chain of hospitals.
• Served as Financial Advisor and Liquidation Trustee to Trico Steel, a mini mill located in Alabama. Trico was a joint venture of The LTV Corporation (United States), Sumitomo Metals Industries, Ltd. (Japan), and Corus Steel (United Kingdom).
• Served as Financial Advisor for Trans Health, Inc., a $1.2 billion revenue nursing home operator with facilities in Maryland and Ohio.