"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."
Business Case
A global consulting firm offering e-business solutions filed for bankruptcy protection when they began to experience rapidly eroding revenues and the need to close several unprofitable U.S. offices. Its seven-member creditors' committee required professional assistance from a firm experienced in bankruptcy law and administration that also could work with both the committee and the company management team. The goal was to understand the overall financial position of the company and identify opportunities to collect outstanding revenues while preserving operating capital.
Reese Partners Role
Reese Partners was retained as financial advisor to the unsecured creditors' committee to monitor the company's wind down process and help maximize the recovery to the unsecured creditors. Reese Partners professionals reviewed key financial data, evaluated accounts receivable collectibility, and developed various financial analyses and recommendations for use by the unsecured creditors' committee.
Client Success
The committee received quality information and sound advice, including: » A full complement of business and financial management and control recommendations focused on collecting outstanding receivables and preserving assets; » Suggestions for executive retention and bonus arrangements to create incentives for maximum recovery to the unsecured creditors; » An established relationship with the debtors-in-possession to ensure the overall integrity of financial data and ongoing reporting processes; and » Representation of the financial interests of the committee in court.
Results
Reese Partners provided the financial information, tools and analyses needed to support oversight by the unsecured creditors' committee throughout the bankruptcy process. Reese Partners was later named Trustee to the Estate.
