Deloitte Transactions and Business Analytics LLP
Managing Director | Deloitte CRG
1700 Market St.
Richard has more than 25 years of experience in a variety of senior management and consulting positions. Richard has assisted legal counsel, receiverships, Chapter 11 trustees, lending institutions, company management, creditor committees, and other stakeholders on a variety of financial, strategic, and operational issues. In addition, he has served as crisis manager, interim chief executive officer (CEO), and strategic advisor.
Representative engagements include:
- Currently assisting multinational OEM dealing with complex restructuring issues associated with a distressed Tier One supplier, one of three in the world, that is on the verge of financial insolvency
- Served as chief strategy officer (CRO) for distressed label printing manufacturer supplying three primary global customers; sale of assets out of court resulted in secured debt restructuring
- Advised borrower on analysis, framework and negotiation strategy for achieving a debt restructuring plan with two major banks providing credit enhancement on $121 million in outstanding tax exempt bonds; work resulted in agreement to forgive $45 million in debt repayment
- Retained as consultant by major bank to assist in developing a plan to mitigate a $60 million loss because credit enhancement was unsecured and borrower did not have capacity to pay debt service or principal
- Advisor to automotive client on critically distressed $200 million glass supplier; assisted in cash management and wind-down
- Financial advisor to Fortune 100 manufacturer with troubled packaging supplier posing supply chain disruption risks
- Turnaround advisor to $50 million consumer products’ company with trade vendor issues and fatigued senior lenders
- Restructuring advisor to court-appointed receiver of diversified real estate investment company whose owners committed fraud in a Ponzi scheme resulting in $255 million in investor and creditor losses
- Financial advisor to Chapter 11 trustee, providing litigation support, forensic, and cash tracing analyses of 1,200 bank accounts, achieving $100 million recovery for 300 creditors with $140 million in losses from 1031 tax deferred exchanges
- Developed a cost and business model analyses of a highly visible, financially distressed non-profit cultural organization on behalf of potential donors, resulting in $25 million in new endowment and a financial and operational restructuring
Richard is a Certified Turnaround Professional (CTP). He served as the past president and board chair of the Philadelphia Chapter of the Turnaround Management Association (TMA) and is the Vice President of Education and an Executive Board member of TMA’s global board of trustees. Richard chaired the Chapter Presidents Council and Turnaround and Transactions Awards Committee.
- B.S., Wharton School at the University of Pennsylvania