Perspectives

Deloitte CRG Newsletter

Hot topics and trends in corporate restructuring

The Deloitte Corporate Restructuring Group (Deloitte CRG) Newsletter addresses the current state and outlook for the Deloitte CRG practice, including recent engagements, announcements, case studies, and upcoming events.

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Upcoming events

ABI Southwest Bankruptcy Conference 
September 10-12, 2015
Deloitte CRG is sponsoring the 23rd Annual American Bankruptcy Institute (ABI) Southwest Bankruptcy Conference to be held in Las Vegas. Be sure to watch for Scott Avila and Allen Soong at the conference this September.
Event Details

NCBJ Conference 
September 27-30, 2015
The 89th Annual National Conference of Bankruptcy Judges (NCBJ) Conference is taking place in Miami Beach at the end of September. William Snyder, Michael Epstein, Scott Avila, Eric Danner, Kirk Blair, Tony Sasso, Sean Cunningham, John Doyle, and other Deloitte CRG team members will be on-site during the conference.
Event Details

​Fireside chat with Deloitte CRG’s new Senior Lender Advisory Leaders

In January, Deloitte CRG added two experienced senior lender restructuring advisers to enhance the Deloitte brand primarily in the New York City-centered lender market. Sean Cunningham and Bob Frezza were hired to co-lead the NY based senior lender advisory effort which rounds out the third leg of the restructuring “stool.” Deloitte CRG has further enhanced its experience and leadership to provide world class restructuring services to debtors and creditors throughout the capital structure as well as provide a full suite of investment banking services globally.

Read the full fireside chat here.

Distress deals present growing opportunity for senior living buyers

Featuring Louis E. Robichaux

Mid-sized senior living providers that are looking to grow have opted to build rather than buy lately, in part because they’ve been priced out of the acquisition market. But these operators soon could be seeing more opportunities to expand their footprints by purchasing—if they’re willing and able to navigate the more complex types of deals around distressed properties.

Read the full article here.

Warning signs of distress revealed: Steering by analytics tools and forecasting tools

By Vipul Adlakha and Kyle Richter

 

External pressures coupled with lack of planning/forecasting can lead companies to distress. See how these turnaround professionals view analytics as a vital tool to middle market companies as well as the importance of establishing strong data governance and financial planning strategies.

Read the full article here.

Cultivating employees often overlooked in turnarounds

By William Snyder and Sugi Hadiwijaya

 

The relationship between turnaround professionals and their clients’ personnel is delicate. Their interaction occurs on a day-to-day basis under difficult circumstances. While turnaround professional embrace the dynamics of a turnaround environment, most clients’ personnel find the situation highly stressful.

Read the full article here.

Recent engagements

Software Company
A $40 million software company that had been cash flow negative, with an expiring line of credit (which includes a foreign component guaranteed by EXIM bank) and deferred amortization payments on their term loan. The company hired Deloitte CRG to assist with its cost reduction efforts, development of a long term business plan, identification of potential options for a new working capital line of credit, and possible restructuring of their long term debt.

Apparel Manufacturer
Deloitte CRG was retained by a global financial institution to assist with its analysis of a European apparel manufacturer. The provider of men’s furnishings and other clothing, sold throughout Europe, was facing a significant liquidity need. At the request of the lender, Deloitte CRG oversaw a review of the company’s business plan, led on the ground by personnel from member firms of Deloitte Touche Tohmatsu Limited. The review provided the analysis and recommendations needed by the lender to make a decision on how to proceed with any future investment in the business.

Technology Company
A $300 million technology based company was operating with an inefficient general and administrative expense infrastructure, resulting in compressed operating margins. Deloitte worked with the company to improve margins by re-designing its quote-to-cash cycle, improving its supervisory structure and instituting formalized policies & procedures.

Hospital
Because of Deloitte CRG’s deep health care turnaround experience, our professionals were retained recently by a financially distressed hospital in the Southeast to explore an array of strategic options, including potential affiliation partners. Our work included interface with a wide array of potential partner candidates, as well as developing alternative restructuring plans in the event a partnership affiliation option is unavailable.

Explore additional noteworthy engagements at the Deloitte CRG featured engagements page.

Deloitte CRG news

We are pleased to announce that two new directors have joined Deloitte CRG to bolster our New York team. Sean Cunningham will lead CRG’s creditor rights practice. Bob Frezza will focus on financial restructuring and related advisory services.

Sean has more than 20 years of experience working directly for and providing restructuring advice and services to debtors, senior lenders, and unsecured creditors. He has advised lenders and companies in numerous complex Chapter 11 bankruptcy reorganizations, liquidations, and out-of-court settlements with a particular focus on advising senior lenders. Additionally, Sean has provided interim management services as chief restructuring officer (CRO) and chief operating officer (COO) of various entities.

Bob has more than 30 years of experience providing financial advisory services to clients across numerous industries in the US and Europe. He is highly experienced in leading creditors and debtors through complex restructuring engagements, both in out-of-court and in-court proceedings. Additionally, he has experience in M&A and refinancing transaction due diligence projects for private equity/hedge funds, private equity back portfolio companies, lenders, and acquisitive companies.

As used in this document, “Deloitte Advisory” means Deloitte & Touche LLP, which provides audit and enterprise risk services; Deloitte Financial Advisory Services LLP, which provides forensic, dispute, and other consulting services; and its affiliate, Deloitte Transactions and Business Analytics LLP, which provides a wide range of advisory and analytics services. Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm. These entities are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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Deloitte Corporate Restructuring Group (Deloitte CRG)

Deloitte CRG is a leader in helping organizations transform periods of financial difficulty into opportunities for rejuvenation.

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Scott Avila

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Principal | National Leader | Deloitte CRG

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