Optimizing outcomes for distressed situations

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Kevin P. Clancy

CPA, JD, CIRA, CFF, Global Director, Restructuring and Dispute Resolution Practice

Contact Kevin View full biography
Cynthia Romano

Global Director, Restructuring and Dispute Resolution Practice

Contact Cynthia View full biography

Intelligence to help restructure, restart, and reimagine what’s next in today’s evolving and uncertain environment.

Law firms, lenders, investment firms, and business executives call on CohnReznick’s Restructuring and Dispute Resolution team to assist in transitional, stressed, and distressed situations. Today’s playing field has changed. As restructurings, turnarounds, and financial disputes accelerate, business leaders and their advisors need a team of highly skilled specialists on their side.

We know crisis.  We know recovery.

We are fierce advocates for our clients. Award-winning advisors help organizations preserve and create value by managing cash flow , bolstering operations, and resolving financial disputes. Our record of success is founded on industry expertise and rock-solid analytical skills, supported by the speed and agility of our process, and proven by results.

Cash, communication, and control: A ‘3 C’s’ mantra for a successful turnaround

9/11/2020

In a business crisis, an unrelenting focus on cash, clear communication, and carefully enacting solutions can make all the difference. Cynthia Romano explains.

Learn more

Case Study: Healthcare System

Increased cash runway from 8 weeks to 8 months, saved 1,300 jobs, increased EBITDA from (-$15M) to $7M, successfully negotiated sale to a non-profit strategic buyer. Learn more.

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Case Study: Energy Distribution

$4.3 million of EBITDA improvements, secured financing to restructure balance sheet, stabilize, and capitalize company, advised transition from first to second generation management: Learn more.

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Case Study: Manufacturing

Secured $12.5M in replacement debt, aged down significant AP while making scheduled debt payments, vastly improved financial reporting, company returned to profitability. Learn more.

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Case Study: Not-for-Profit

Client 25% leaner in 3 months, achieved operating surplus for first time in 5+ years, raised $3.2M incremental development to begin debt restructure, long-term debt pay down of 58% and short-term obligations reduced 40%. Learn more.

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Case Study: Hotel

Managed DIP financing process leading to an improved bankruptcy outcome, increased occupancy rates to 90-100%, during bankruptcy, white night provided DIP and exit financing to address satisfaction of all creditor liabilities, CAPEX funding to restart. Learn more.

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Case Study: Retail

Managed successful liquidation process, recovered significant value from miscellaneous assets and pursued fraudulent conveyance actions, made more than twice the projected dividend to general unsecured creditors. Learn more.

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Case Study: Transportation

Assisted in negotiating settlements with more than 10 banks, negotiated a plan of liquidation with the Debtors, the banks, and the Committee, monetized the remaining assets and made distributions to trust beneficiaries. Learn more.

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Case Study: Media

Client exited with brand intact, employees, customers, and service providers were treated honorably and respectfully, economically beneficial exit from the company’s contractual liabilities helped save $500 million in exit costs against budget. Learn more.

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Case Study: Construction

Achieved 36% profit improvement, 50% reduction in inventory, reduced sourcing costs by 20%, executed full-company reorganization while implementing performance improvement process, cut production errors by 80%. Learn more.

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Our thinking

Insight

RESTRUCTURING & DISPUTE RESOLUTION: A road map to recovery for businesses disrupted by coronavirus

Business interruption losses (a form of lost profit damages) from the COVID-19 coronavirus can be difficult to measure, and could be significant for many businesses.

4/1/2020

Insight

Cash, communication, and control: A ‘3 C’s’ mantra for a successful turnaround

In a business crisis, an unrelenting focus on cash, clear communication, and carefully enacting solutions can make all the difference. Cynthia Romano explains.

9/11/2020

On-demand

On-Demand Webinar: Distressed deals in a post-COVID-19 marketplace

Here, we’ll discuss the key considerations for dealmakers as they navigate through uncertain conditions.

6/30/2020 | Claudine Cohen, Cynthia Romano, Aaron Rosenstein, Geoffrey Richards

Video

Game plan for recovery- Out of court restructuring v. bankruptcy

If one of the portfolio companies owned by the PE firm is failing due to the current economic environment what is best for the PE firm. How do they maintain their reputation and what is the best use of the investor dollars in this circumstance?

Press Release

CohnReznick wins 2020 TMA Turnaround of the Year Award

CohnReznick LLP, a leading advisory, assurance, and tax firms in the United States, today announced that Cynthia Romano and Chris Creger of its Restructuring & Dispute Resolution practice have been awarded the prestigious Turnaround Management Association (TMA) 2020 Turnaround and Transaction of the Year Award for their success as Chief Restructuring Officer in the turnaround and sale of Allentown, Pennsylvania-based Coordinated Health (CH).

8/13/2020

Case Study

Case study: Increasing cash runway and improving performance for distressed health network leads to successful exit

Read how a CohnReznick Chief Restructuring Officer and team helped a company avoid bankruptcy and move forward through restructuring, workout, and a sale.

Video

Game Plan for Recovery: Reputational risks and wind-downs

Featuring Claudine Cohen, Eric Danner, and Michelle Hurst.

Our leadership team

Kevin P. Clancy

CPA, JD, CIRA, CFF, Global Director, Restructuring and Dispute Resolution Practice

View full biography
Contact Kevin
Chris Creger

Principal, Restructuring & Dispute Resolution Practice

View full biography
Contact Chris
Eric Danner

CPA, CTP, CIRA, Partner, Restructuring & Dispute Resolution Practice

View full biography
Contact Eric
Cynthia Romano

Global Director, Restructuring and Dispute Resolution Practice

View full biography
Contact Cynthia
Vincenzo Toppi

CPA, CIRA, CFF, CCFE, Partner, Restructuring and Dispute Resolution Practice

View full biography
Contact Vincenzo
Antony Walker

CIRA, Principal, Restructuring & Dispute Resolution Practice

View full biography
Contact Antony

Our solutions

Restructuring & Dispute Resolution

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This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.