Algon Group Research
Advisory Approach
Algon Group is a specialized financial advisory firm founded in 2002 that operates with a thesis-driven approach to complex financial restructuring and M&A advisory: the firm believes that sophisticated stakeholders navigating distressed situations require exhaustive financial analysis, creative structuring, and institutional-quality negotiation to maximize value recovery. The firm's sweet spot is stakeholders—lenders, equity holders, management teams, investment funds—facing complex, challenging, or financially distressed situations where capital structure optimization, asset repositioning, or strategic M&A can unlock value.
Algon's positioning reflects a deep conviction that distressed situations are not failures but opportunities for value creation through rigorous analysis, aggressive negotiation, and creative conflict resolution. They represent official equity committees seeking recovery in Chapter 11s, lenders maximizing recovery on troubled loans, management teams executing financial restructurings, and private equity firms navigating portfolio company distress.
Sector Focus
Algon Group's advisory practice concentrates on three primary sectors: real estate (including hospitality, multifamily, mixed-use, and commercial), energy (including utilities, power generation, solar thermal, and oil & gas), and diversified industrials including manufacturing. Within real estate, they have particular depth in distressed hospitality, resort operations, timeshare systems, mixed-use developments, and large-scale asset repositioning.
Their energy practice includes complex utility restructurings, power generation projects, and solar thermal development. Notable energy clients include BrightSource Energy (solar thermal developer with $800M+ invested capital), SolarReserve (maximizing recovery on $90M senior lender position), and various utility and infrastructure clients.
They also maintain active practices in retail and office restructurings, hospitality operations, financial services firm restructurings, and diversified manufacturing. The firm's deep experience spans dozens of industries, with particular institutional knowledge in high-capital, high-complexity situations.
Advisory Scope & Process
Algon runs institutional-quality advisory processes in three primary engagement contexts: Chapter 11 bankruptcy (as financial advisor, CRO, trustee advisor), out-of-court restructuring (consensual debt negotiations, refinancings, strategic alternatives), and M&A advisory for distressed assets and businesses. Typical engagement structures include:
- Financial Advisory roles in Chapter 11: advising equity committees, creditors' committees, debtors, or secured lenders
- Chief Restructuring Officer (CRO) positions: taking direct operational and strategic roles during distressed situations
- Out-of-court restructuring: negotiating with 10+ or 40+ financial institutions simultaneously on consensual debt modifications
- Section 363 asset sales: conducting and executing court-supervised asset sales
- Valuation and alternative analysis: evaluating go-concern value, liquidation value, and alternative strategic paths
- Strategic transaction advisory: identifying acquisition targets, strategic buyers, refinancing opportunities
Their process emphasizes exhaustive stakeholder analysis, rigorous financial modeling, negotiation strategy development, and litigation support when disputes arise. They have successfully managed "out of the money" engagements (where initial recovery seemed impossible) to positive outcomes for their clients.
Deal Track Record
Algon Group has advised on over $18 billion of restructurings, financings, and M&A transactions across its 23-year history. Major assignments include:
Real Estate:
- Peninsula Papagayo (Costa Rica): Restructuring and recapitalization of the largest resort in Costa Rica, anchored by Four Seasons. Winner of M&A Advisor Refinancing Deal of the Year for $250M+ transactions
- The Related Group: $2B+ restructuring across 21 separate loans with 40+ domestic and foreign financial institutions
- One Bal Harbour: CRO in $700M+ Chapter 11 of condo/hotel project, managed $363 sale process
- Tradition Land Company: 8,200 acres in Port St. Lucie, FL; nationwide M&A process yielded $27M sale of 3,028 acres to Mattamy Homes
- CABI Downtown: $256M Chapter 11 Plan for major condominium project
- The Altman Companies: Global restructuring of $475M+ debt for leading apartment developer
Hospitality & Timeshare:
- Bluegreen (NYSE: BXG): Strategic review and $29M sale of Bluegreen Communities
- Leisure Industries/Mego Financial (NASDAQ: MEGO): $185M publicly traded timeshare company; Chapter 11/7 trustee advisory
- BRP, LLC: $69M acquisition of 500+ bed senior living CCRC in contested Chapter 11
- Multiple resort and hospitality properties in complex distressed situations
Energy & Utilities:
- BrightSource Energy: $800M+ in invested capital; appointed Vice Chairman and Board Member at senior lender's request
- SolarReserve: Advising on $90M+ loan recovery with international liquidation across US, South Africa, Chile, Australia
- CESP: $1.9B acquisition of government-owned utility by Enron South America; subsequent restructuring
Financial & Manufacturing:
- Hyperion Bank: Vice Chairman; led $18.3M capital raise via Rights Offering
- Aura Minerals: $200M mining company; increased EBITDA by $40M annually through restructuring
- Broadwing: $900M telecom roll-up; $150M in annual operating cost reductions
- Advanced Lighting Technologies (NASDAQ: ADLT): Advised Official Equity Committee; $175M Chapter 11
Other Notable:
- IT'S Sugar: 100-store candy retailer; CRO and financial advisor in Chapter 11
- The Dress Barn: Sole independent director overseeing wind-down of 650 stores
- Norwegian Cruise Line: CEO role; led turnaround from $30M to $1.2B equity value
- Ocean Rig ASA: Financial/operational turnaround; market cap increased from $60M to $1.4B before sale to Dryships
These transactions demonstrate deep capability across capital structures, industries, and geographic regions. The firm has successfully managed complex multi-creditor negotiations, international restructurings, and situations requiring both financial expertise and operational leadership.
Team & Expertise
The Algon Group is led by Troy Taylor, Founder and President, who brings 25+ years of investment banking and restructuring experience. His track record includes senior roles at KPMG Peat Marwick (Corporate Finance), Oppenheimer & Co., Morgan Keegan, and Thomson McKinnon Securities. He holds an MBA and BS from Wharton and is a CPA.
Key team members include:
Robert Fishman, Vice Chairman — 40+ years as nationally recognized bankruptcy and insolvency attorney; former President and Chairman of American Bankruptcy Institute; recipient of ABI Lifetime Achievement Award (2018); advised in landmark cases including Toys-R-Us, Deans Foods, Nordic Aviation Capital.
Jim Bannantine, Chairman — Multi-industry CEO/President with experience in start-up, growth, M&A, and turnaround situations. Previously CEO of Aura Minerals (TSX: ORA), $200M revenue, 2,000 employees; President/COO of Broadwing Corporation (NASDAQ, $880M revenue); Enron South America CEO ($1.5B revenue, 4,500 people). MBA from Wharton (Distinction); BS from West Point (mechanical engineering); licensed PE; fluent in Spanish and Portuguese; 12 years US Army Corps of Engineers service.
Luis Liberman — Former Vice President of Costa Rica (2010-2014); 30+ years senior banking. Founded Corporacion Interfin (bank holding company); CEO until Scotiabank acquisition for $330M in 2006. World Bank experience in project financing. Board member of La Nacion (media), Plasticos para la Construcion (manufacturing), utilities, and finance firms. BS Economics UCLA; MS/PhD Economics University of Illinois.
Edward Weisfelner, Senior Managing Director — 30+ years bankruptcy and restructuring. Former Global Chair of Bankruptcy and Restructuring Department at Brown Rudnick LLP. Represented creditors' committees, shareholders, equity committees in landmark cases including Commonwealth of Puerto Rico, General Motors, American Airlines, Pacific Exploration & Production, Energy Future Holdings, Global Crossing, Neiman Marcus Group.
E.A. Kratzman III, Senior Managing Director — 20+ years distressed restructuring and real estate advisory. Led Puerto Rico Industrial Development Corporation (PRIDCO) advisory during Commonwealth bankruptcy (23M sq ft portfolio). Advised on Exide Technologies restructuring (25+ contaminated properties, environmental liabilities). Refinanced $175M multifamily/retail portfolio. VP, Senior Workout Specialist at MUFG; Managing Director at Ankura Consulting. MBA Rutgers; BA Hobart College.
Elizabeth M.K. Witko, Director — 15 years distressed and restructuring advisory at Armanino, Drucker & Scaccetti, Wells Fargo. Led multi-asset §363 sale winning 2024 TMA "Transaction of the Year." 30+ client engagements in industrials, real estate, construction, technology, life sciences. Master of Accounting/Finance Johns Hopkins Carey; BS Pennsylvania State (Schreyer Honors).
Stephen Douglass, Managing Director — Founder of Scramble Systems LLC; CRO and Board Observer for PE-backed Transportation & Logistics carrier. COO of distressed SBIR defense technology. Operating Partner of manufacturing/metal fabrication firm. M&A investment banker at BB&T (7 deals in tech/telecom). Portfolio company operator at Blackstreet Capital ($200M distressed PE fund). BA Economics William & Mary; MBA Babson.
The team combines investment banking pedigree, operational CEO experience, bankruptcy law expertise, and distressed real estate/energy specialization. Collectively, they bring 500+ years of combined experience navigating complex financial distress.
Buyer Network & Strategic Relationships
Algon Group has deep relationships across institutional capital, strategic acquirers, and distressed investment platforms. Through 23 years of transactions, the firm has worked with:
- Institutional lenders and workout specialists (MUFG, Deutsche Bank, Westpac, Starwood, Katonah Capital, CBRE advisors)
- Private equity firms and distressed investors
- Families and family offices executing strategic investments
- Strategic acquirers across real estate, energy, and diversified industries
- Financial sponsors seeking turnaround and add-on acquisition opportunities
Geographic Coverage & Capabilities
Algon Group operates nationally in the United States with offices in Miami, Atlanta, Philadelphia, and New York. The firm also maintains international capability with substantial experience in Latin America (particularly Costa Rica and Mexico) and cross-border transactions. They have advised on transactions spanning Europe, Latin America, and Asia.
Competitive Positioning
Algon differentiates from other restructuring advisors through:
- Proven track record in "out of the money" situations — Official Equity Committee in Advanced Lighting ($175M Chapter 11), Subordinated Noteholders in Southeastern Retirement, Equity holders in ocean-rig, Norwegian Cruise Line management leading value recovery
- Operational leadership capability — Multiple Managing Directors who have served as CEO or CRO, bringing both analysis and execution
- Sectoral depth — 23 years of specialization in real estate, energy, and capital-intensive industries
- International experience — Latin America, European, and cross-border restructuring expertise
- Creative structuring — Reputation for negotiating complex consensual outcomes across 40+ creditors
- Bankruptcy litigation support — Former bankruptcy judges and nationally recognized insolvency attorneys on team
Not a Fit If
Algon Group typically declines:
- Situations requiring traditional investment banking (buy-side M&A for solvent, growth-stage businesses)
- Businesses seeking passive advisor roles without deep stakeholder engagement
- Situations where management is not aligned with value maximization for all stakeholders
- Small distressed situations below $5-10M enterprise value where economics don't support engagement
Founded & Growth
Founded in 2002 by Troy Taylor. The firm has grown to approximately 20-25 professional advisors across multiple offices, with recent expansions in 2025-2026 reflecting increased demand for distressed restructuring advisory services.