GREAT LAKES TELECOMMUNICATIONS CORP.
Industry
DSI'S Role
Interim Management
Services Provided
- Business Plan Analysis
- Crisis & Interim Management
- Financial Restructuring
- Sale of Assets
- Wind Down Management
GREAT LAKES TELECOMMUNICATIONS CORP.
Case Highlights
- Served as President, Chief Executive Officer and Chief Financial Officer of the company
- Funded plan through the sale of specific operating assets
Case Narrative
Bill Brandt and members of DSI were named President, CEO and CFO of Great Lakes Telecommunications Corp., which was in the business of aggregating and reselling long distance telephone traffic (primarily inbound toll free 800 service) and direct dial-out long distance telephone traffic (primarily outbound service) to small and medium size business customers. The company provided these services by extending the benefits of contractual volume discounts offered by such carriers as AT&T, Sprint and MCI. DSI oversaw the sale of the AT&T traffic to TelSave and its assignee GLD; this sale included the sale of warrants to TelSave. The proceeds were used to pay creditors up-front cash and provide start-up money for a new reorganized company that was partially owned by the creditor base. This case proved innovative and demonstrates DSI’s ability to “think outside of the box” as the debtor was reorganized and taken public through the bankruptcy process.