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The HJH Companies Announce Q1 Results and Anticipated Bankruptcy Exit

The HJH Companies Announce Q1 Results and Anticipated Bankruptcy Exit

The HJH Companies Announce Q1 Results and Anticipated Bankruptcy Exit

— Released April 5, 2019 —
The HJH Consulting Group, Inc. dba The Salt Group (“HJH”), U.S. Tax Recovery Partners, LLC and B2B Prospecting, LLC (jointly, the “Company”) announced the United States Bankruptcy Court for the Western District of Texas issued the order (“Order”) to confirm the Debtors Amended Joint Chapter 11 Plan of Reorganization dated January 15, 2019, as subsequently modified, amended or supplemented from time to time, the “Plan”, on March 22, 2019. Pursuant to the Bankruptcy Court Rules, the Order become final on April 5, 2019.

As the Company pushes towards its exit from bankruptcy, it is also pleased to announce first quarter results: The company closed 297 deals for total revenue of $2.3 million and EBITDA of 20% for the quarter ending March 31, 2019. While these results cannot be compared to Q1 of 2018, they continue to exceed budget.

The Company has also added to its executive team: Carrie Griffin was officially announced as VP for Business Development, Tracy Rons as President and John Griffin as CFO. Harlan J. Hall continues as the CEO of HJH.

Said Hall: “We continue to move forward with strong performance and should be officially exiting bankruptcy in the next couple of months”

About the Company:
The HJH Consulting Group, Inc. (dba The SALT Group) was founded in 1988 and quickly became the leading provider of performance-based Sales & Use Tax Refund Reviews for manufacturing companies in the United States. In 2013, U.S. Tax Recovery Partners, LLC started providing Operating Cost & Expense Reduction services, which will continue under The HJH Consulting Group, Inc. name. U.S. Tax Recovery Partners, LLC, and B2B Prospecting, LLC are affiliated companies which will be discontinuing operations.

The Company was provided legal representation by Rosenblatt Law Firm and Willis & Wilkins, L.L.P., and financial services by Aventine Hill Partners Inc.

The HJH Companies Reorganization Plan Approved

— Released March 4, 2019 —
The HJH Consulting Group, Inc. dba The SALT Group, U.S. Tax Recovery Partners, LLC and B2B Prospecting, LLC (jointly, the “Company”) announced the United States Bankruptcy Court for the Western District of Texas has confirmed the Debtors Amended Joint Chapter 11 Plan of Reorganization dated January 15, 2019.

As previously disclosed, in March 2018 the Company discovered their accounts receivables had been fraudulently inflated by the prior president of U.S. Tax Recovery Partners, LLC. Based on that discovery, the Company was forced to seek protection from its lender.

“We are pleased to announce that the Reorganization Plan will enable the Company to exit Chapter 11 with a considerably deleveraged balance sheet, permitting us to focus solely on our operations in order to continue developing our business. This should reassure our clients of the Company’s ongoing ability to perform our services, meet our obligations and exceed the expectations of the individuals that place their trust in The SALT Group” said Harlan Hall, CEO of the Company.

The Company has continued normal business operations throughout the Bankruptcy proceedings and will emerge stronger and better-prepared to sustain the significant growth the Company was experiencing prior to March 2018. The Company has already begun the road to recovery with cash basis revenue from date of the petition to December 31, 2018.

The Company intends to exit bankruptcy as soon as possible as it continues normal business operations. To have completed such a large and complex restructuring process, in remarkably short time, was only possible because of the tremendous team effort by our lenders, partners, customers, associates and agents. The ability of the Company to meet its cash needs during the entire bankruptcy, while simultaneously adding accounts receivables, is proof of the strength of the Company’s business model and profitability, as well as a significant sign the Company is prepared to regain its prior stature.

Hall concluded, “While the Bankruptcy has been an unfortunate setback, we are ready to emerge as a stronger company and better-equipped to compete in the marketplace than ever before.”

About the Company:
The HJH Consulting Group, Inc. (dba The SALT Group) was founded in 1988 and quickly became the leading provider of performance-based Sales & Use Tax Refund Reviews for manufacturing companies in the United States. In 2013, U.S. Tax Recovery Partners, LLC started providing Operating Cost & Expense Reduction services, which will continue under The HJH Consulting Group, Inc. name. U.S. Tax Recovery Partners, LLC, and B2B Prospecting, LLC are affiliated companies which will be discontinuing operations.

The Company was provided legal representation by Rosenblatt Law Firm and Willis & Wilkins, L.L.P., and financial services by Aventine Hill Partners Inc.

 

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