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Case Studies


Manufacturing and Industrial

Adobe Stock 237505929


  • Diverse (the Com­pa­ny”) was an equip­ment mar­ket­ing com­pa­ny that made progress billings and ITS was a whol­ly owned man­u­fac­tur­ing subsidiary
  • The Com­pa­ny was sub­stan­tial­ly over-drawn on 1st Lien work­ing cap­i­tal loan
  • The Bank of North Dako­ta was not lend­ing addi­tion­al funds
  • The Com­pa­ny faced a liq­uid­i­ty crisis


  • Nego­ti­at­ed with lenders on Real Estate and Equip­ment to defer 4 months of lease payments
  • Orig­i­nat­ed DIP loan with Fam­i­ly Office investor
  • Resolved shar­ing ratio on first pro­ceeds from prim­ing DIP loan
  • Suc­cess­ful­ly closed Sec­tion 363 sale to Turn­bridge Cap­i­tal with­in 150 days of fil­ing for Chap­ter 11. The com­pa­ny was merged into their port­fo­lio com­pa­ny, Cimar­ron Energy

Chi­ron did a fan­tas­tic job secur­ing DIP financ­ing for ITS (and its affil­i­ate Diverse Ener­gy) to achieve the nec­es­sary oper­at­ing cap­i­tal to run a suc­cess­ful Chap­ter 11 and 363 sale process in the South­ern Dis­trict Texas Bank­rupt­cy Court under Judge David Jones. The sale process was suc­cess­ful in pro­vid­ing a recov­ery for cred­i­tors, preser­va­tion of the busi­ness as a going con­cern, and con­tin­ued employ­ment for its per­son­nel.” — Cary Gross­man, CRO

Diverse logo web

The Challenge

Diverse faced a liquidity crisis.

The Chiron Solution

Negotiated with lenders on Real Estate and Equipment to defer 4 months of lease payments.

The Result

Successfully closed Section 363 sale to Turnbridge Capital within 150 days of filing for Chapter 11. The company was merged into their portfolio company, Cimarron Energy.

Is your com­pa­ny per­form­ing like it should?