A farrow-to-finish commercial hog business had cash flow problems and defaulted on debt, which was primarily collateralized by the hog inventory. The Minnesota-based business was a large operation, with 30,000 breeding sows and 166,000 wean-to-finish hogs at approximately 20 different locations in five states. During the forbearance period, Cordes & Company was engaged by the lender to assess business operations and to inspect, assess and improve financial and other information – and its flow to the bank. We went on-site to inspect, review, analyze and provide guidance on the financial reporting and analysis processes. We visited all significant facilities and developed detailed financial projections of future operating results along with an assessment of business operations and facilities. On the basis of our results, the business was placed into receivership. Cordes & Company acted as industry expert providing advice and guidance to the receiver during the successful liquidation of the animals and wind down of all operations.