Optimizing outcomes for distressed situations

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Kevin P. Clancy

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

Cynthia Romano

Global Director, Restructuring and Dispute Resolution Practice

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.

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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

Our leadership team

Kevin P. Clancy

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

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Chris Creger

Principal, Restructuring & Dispute Resolution Practice

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Eric Danner

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

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Cynthia Romano

Global Director, Restructuring and Dispute Resolution Practice

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Vincenzo Toppi

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

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Antony Walker

CIRA, Principal, Restructuring & Dispute Resolution Practice

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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.