Deloitte Transactions and Business Analytics LLP
Managing Director | Deloitte CRG
1700 Market Street
Richard has more than 25 years of experience in a variety of senior management and consulting positions. In addition, he has served as crisis manager, chief restructuring officer (CRO), interim chief executive officer (CEO), and strategic advisor.
Representative engagements include:
- Served as CRO for distressed $100 million label printing manufacturer supplying three primary global customers; worked closely with legal counsel in pursuit of alternate strategies for either a Chapter 11 or non-bankruptcy sale process; managed all aspects of liquidity including unsecured creditor relationships to stabilize and maintain source of supply; assisted in obtaining customer material support to mitigate supply chain disruptions; advised on secured lender issues; developed cash flow and borrowing base projections; enhanced accounts receivable collections through confirmation process; identified inventory management issues for improvement; targeted and implemented operating cost reductions; work resulted in sale of assets and balance sheet restructuring on an out of court basis to preserve long-term customer and vendor relationships
- Assisted multinational original equipment manufacturer (OEM) with complex, global restructuring issues caused by a distressed Tier One supplier of safety restraints; conducted financial analyses of business plans and forecasts to identify trends including changes in customer composition, cash position, warranty claims, capital expenditures and liquidity; evaluated potential buyer/sponsor bids and term sheets; analyzed pros and cons of regional insolvency plans; assisted legal counsel in developing accommodation and restructuring support agreements; assessed funding requirements including debtor-in-possession (DIP) facility sizing; supported client’s resourcing plans and actions with iterative data analytics based on changing environment; represented OEM as financial advisor in 14-member customer group meetings and negotiations with various counterparties; provided ongoing updates on client implications; work resulted in client’s ability to proactively protect supply chain
- Advised OEM on distressed $200 million glass supplier to prevent free-fall bankruptcy and major disruption of supply chain; client sole sourced glass for 13 models and required over one year to qualify and resource to new supplier; assisted in maintaining operations and wind-down; work resulted in smooth transition to new source of supply
- Other representative engagements include advising: Fortune 100 beverage manufacturer on troubled packaging supplier; $50 million consumer products company with trade vendor issues and fatigued lenders; secured lender in a $60 million debt restructuring; court appointed receiver on a $255 million Ponzi scheme; Chapter 11 trustee on a $140 million fraud scheme; performing arts center on $45 million in debt forgiveness
Richard is a Certified Turnaround Professional (CTP) and a Fellow of the American College of Bankruptcy. He served as the past president and board chair of the Philadelphia Chapter of the Turnaround Management Association (TMA) and was the Vice President of Education and an Executive Board member of TMA’s global board of trustees in 2016-2017. Richard chaired the Chapter Presidents Council and Turnaround and Transactions Awards Committee.
- B.S., Wharton School at the University of Pennsylvania