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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​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.

Upcoming events

PurpleStride New York 5k - THANK YOU!
We’d like to extend a huge THANK YOU to all Team Sheila supporters who contributed in some way - whether through a donation, fundraising efforts, attendance or any other form of support - to the Pancreatic Cancer Action Network’s PurpleStride 5k Run & Family-Friend Walk on April 11, 2015. We are proud to report that Team Sheila raised over $75,000 - with additional donations still being calculated - and Sheila Smith received special recognition at the event for representing the top fundraising team. Supporters came in from all over the US to participate in the 5k, including around 40 of Sheila's family, friends and colleagues. Check out a few photos from the event at our @DeloitteCRG Twitter account. Thank you for your support!


Sheila (in purple scarf) celebrating when Team Sheila was announced as the number one team

M&A Advisor 2015 Emerging Leaders Summit
June 29, 2015
Deloitte CRG’s Rudy Morando will be recognized as one of the “40 under 40” award winners on The M&A Advisor’s 6th Annual 40 Under 40 Emerging Leaders list.
Event Details

AM&AA 2015 Summer Conference
July 7-9, 2015
Deloitte CRG’s Tim Skillman will be speaking on “Collaboration to Closure” during the Alliance of Merger & Acquisitions Advisors 2015 Summer Conference in Chicago this July.
Event Details

ABI Northeast Bankruptcy Conference
July 7-12, 2015
Deloitte CRG is sponsoring the American Bankruptcy Institute’s Northeast Bankruptcy Conference to be held in North Falmouth, MA. Be sure to watch for Tim Hurley, Eric Danner, Ashish Shrestha and other Deloitte CRG team members at the conference this July.
Event Details

ABI Southeast Bankruptcy Workshop
July 24-26, 2015
The 20th Annual Southeast Bankruptcy Workshop is taking place in Amelia Island, FL at the end of July and Deloitte CRG is the “Friday Beach Day” sponsor. Kevin Barrentine, Chuck Kuoni, Lance Miller, Chris Pizzo and other Deloitte CRG team members will be on-site.
Event Details

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

Oilfield Services Company
An $80 million oilfield services provider retained Deloitte CRG to advise the company during the current market softness. The company has been impacted by the decline in oil prices and the resulting reduction in drilling activity. Deloitte CRG is advising the company in its discussions with its existing lenders to ensure the capital structure is appropriate for the anticipated market conditions going forward and to create tools regarding visibility into liquidity and operations. We are also assisting the company with improving its controls, policies and procedures and reporting.

Automotive Supplier
Deloitte CRG was engaged by an automotive components supplier that was involved in a commercial dispute with one of its major customers over claims that its prices for it components sold were uncompetitive. Deloitte CRG assisted in building the rebuttal to the claim and supported the story with detailed manufacturing cost analysis and supporting commentary on the manufacturing processes used in the construction of the goods.

Reed & Barton
Deloitte CRG currently serves as the financial advisor to the Unsecured Creditors’ Committee in the Reed & Barton Chapter 11 proceeding. Founded in 1824 Reed & Barton is one of the oldest privately held companies, designing and marketing fine tableware and giftware products which are sold through multiple distribution channels. A significant drop in revenue in 2014 coupled with an underfunded defined benefit pension plan resulted in the company seeking Chapter 11 protection to effectuate a sale of its assets. The sale process is expected to generate sufficient proceeds to pay the secured creditor in full and ultimately fund a distribution for unsecured creditors.

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.

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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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William Snyder

Principal | National Leader | Deloitte CRG

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Louis E. Robichaux IV

Principal | Deloitte CRG

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