"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 publicly traded telecommunications company filed for Chapter 11 bankruptcy protection to reorganize its debt and capital structure after suffering from the downfall of the industry.
Reese Partners Role
When the company's Chief Financial Officer (CFO) left the firm three months into the bankruptcy proceedings, Reese Partners was engaged to serve as Interim CFO.
Client Success
Reese Partners assisted the company by: » Managing the accounting and finance department; » Managing work relating to the monthly financial statement closing process; » Managing work related to monthly financial bankruptcy reporting requirements; » Managing work relating to various other accounting and finance matters deemed necessary to support current and future operational matters as determined by the Chief Operating Officer; » Advising and assisting the company in the selection, implementation and transition to a new general ledger package and reporting structure; and » Advising and assisting the company in the evaluation of required changes in the financial processes and in the documentation of the changes.
Results
Reese Partners provided the telecom company with day-to-day financial support during its bankruptcy process.
