Integrated Electrical Services, Inc. ("IES")

IES is a publicly-traded company that is one of the leading national providers of electrical services in the United States. With approximately $1 billion in annual revenues, IES provides a large range of services, focused primarily on competitive bid design and building, and the maintaining and servicing of electrical data communications and utilities systems for commercial, industrial, and residential customers.

Accounting misstatements, poor project management and reduced access to surety bonding, among other things, contributed to a significant deterioration in IES's operating performance. As a result, the Company was faced with an overleveraged capital structure that it was unable to support. Gordian was engaged to assist the Company in evaluating and implementing its restructuring alternatives.

Gordian was able to successfully organize and negotiate with an ad hoc committee of the Company's Senior Subordinated Noteholders for a debt-for-equity exchange at a time when the Notes were trading at less than 60% of par and the Company had negative trailing twelve months EBITDA. Through a pre-arranged bankruptcy that lasted less than three months, the Company implemented a plan of reorganization that provided 82% of the pro forma equity to the Noteholders, and 18% collectively to management and existing equity holders (primary stock, not options or warrants) - an obviously excellent outcome for old equity, all the more so given the highly discounted levels the Notes were trading at when the deal was negotiated.