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.
24th Annual Northeast Conference
July 20-23, 2017
Deloitte CRG is pleased to be a sponsor the American Bankruptcy Institute’s 24th Annual Northeast Conference, July 20-23 in Newport, Rhode Island. See Michael Epstein, John Doyle, Mike Fleming, Ashish Shrestha, Matt Fleming and others at the event.
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22nd Annual Southeast Bankruptcy Workshop
July 27-30, 2017
Deloitte CRG is also sponsoring the American Bankruptcy Institute’s 22nd Annual Southeast Bankruptcy Workshop, July 27-30 on Hilton Head Island, SC. Kevin Barrentine, Lance Miller and others will be in attendance.
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Challenges facing the energy, shipping, and retail industries
By Kirk Blair
The restructuring market has been tumultous during 2016. This year saw many filings within the oil & gas sector, as well as several high profile shipping and retail filings. Through the next six to 12 months, continued activity is expected in the energy, shipping, and retail industries as we face uncertainty related to global markets, political changes, and technological disruption.
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.
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.
Label Printing and Converting Company
Deloitte CRG initially acted as financial advisor for a leading printing and converting company that has operated successfully since the early 1900s. The global manufacturing company specializes in prime decoration (labels, sleeves, sachets, and coupons) for branded consumer products primarily in the personal care, battery, and pharmaceutical end-markets. After several years of profitable operations, the company started having severe liquidity issues due to its global growth strategy. As liquidity issues worsened, Deloitte CRG was appointed chief restructuring officer (CRO), working closely with legal counsel in pursuit of alternate strategies for either a Chapter 11 or non-bankruptcy sale process. As CRO, Deloitte CRG assisted with many aspects of liquidity including unsecured creditor relationships to stabilize and maintain source of supply. We assisted the company in obtaining customer material support to mitigate supply chain disruptions, advised on secured lender issues, assisted the company to develop cash flow and borrowing base projections, assisted to improve working capital, implemented operating cost reductions, and assisted in the sale of assets and balance sheet restructuring on an out-of-court basis to preserve long-term customer and vendor relationships.
Oilfield Services Company
Deloitte CRG provided bankruptcy accounting and valuation services for a $525 million provider of well site services in the United States to oil and natural gas drilling and producing companies.
Deloitte CRG news
We are pleased to announce that two 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.