"Reese Partners helped Huhtamaki realize significant cost savings of over $2 million a year. The expertise provided by Reese Partners was superior to what we could have done internally, with respect to both quality and time. They brought an objective view that couldn't be replicated internally, worked within a tight timeline and presented what made the most sense given both current and future business trends."
"Reese Partners assessed our current state of effectiveness and efficiency at our Grant Park Engineering Center, benchmarked us to similar operations and recommended opportunities for improvement. They brought great industry knowledge that supported the benchmark, plus brought a fresh set of unbiased eyes to the assessment."
Managing the estate winddown of a subprime finance company
Business Case
A publicly held finance company specializing in sub-prime auto loans carried a loan portfolio in excess of $1 billion with eight securitizations and multiple domestic locations. Due to financial instability and external pressures, the company filed for Chapter 11 bankruptcy. The bankruptcy plan provided for an orderly liquidation of the Estate.
Reese Partners Role
Reese Partners was named liquidating agent for the Estate, responsible for winding down all operations within a five-year time frame.
Client Success
Reese Partners helped the company achieve a timely wind down process by: » Managing the liquidation of assets; » Transitioning to a new general ledger, loan accounting and accounts payable system; » Performing monthly financial reporting both internally and externally; » Maintaining the books and records of the Estate including preparation of required tax filings; » Managing cash including distributions to creditors; » Handling bankruptcy filing requirements, preferences, proof of claims and causes of action; and » Shutting down the company's operations, including the closing of offices, benefit plans, record retention, etc.
Results
Reese Partners managed the affairs of the liquidated Estate, winding down operations in a timely and efficient manner.
