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 beginning in early 2004. As a result, the Company was faced with an overleveraged capital structure that it was unable to support. Gordian was engaged in the summer of 2005 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 in the fall of 2005, 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, 3% to management and 15% to existing equity holders - a miraculous outcome for old equity, more so given the discounted levels the Notes were trading at when the deal was negotiated.