Client: The Corporate Presence
Service: Restructuring, Interim Management
An international supplier of desktop commemoratives for the banking industry. Significant revenue impairment in 2009 resulted in solvency, cash flow issues and loan defaults. Annual revenues of approximately $24m.
- Retained to assess and recommend cost reduction plan, cash management and out-of-court restructuring.
- During agreed forbearance period, developed and successfully executed: out-of-court workout of debt restructuring, long term payment plans with unsecured creditors and tax authorities and operational cost reductions while ensuring business generated positive cash flow.