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.