Alvarez & Marsal

Founded over 100 years ago, JA Jones, Inc., is a provider of development, finance,
engineering, construction, operations and maintenance services. The Company filed for
protection under Chapter 11 in 2003 after losing its largest bonding source (following the
bankruptcy of its German parent) and attempts to sell the company failed. Alvarez & Marsal
was hired to execute a recovery process and work closely with the board to develop and
implement a restructuring plan. When it became clear that JA Jones – at one time one of the
largest construction companies in America – could not emerge intact as a going concern,
Alvarez & Marsal developed a liquidation plan that involved the sale of the company’s
units – a decision that saved thousands of jobs nationwide. Alvarez & Marsal negotiated
with creditors to provide additional capital to keep several companies operational as the
process unfolded and entered into funding arrangements with bonding companies. Within
months, Alvarez & Marsal had succeeded in producing value recoveries that exceeded the
expectations of both the banks and bondholders.