"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 major international airline filed for bankruptcy and sold the majority of its assets to another airline. In conjunction with the asset sale and general closure of operations, it was necessary for the company to develop a wind down plan taking into consideration their unique bankruptcy requirements.
Reese Partners Role
The airline's bankruptcy attorneys recommended Reese Partners to serve as financial advisors to the debtors. Reese Partners was responsible for developing a wind down project plan addressing: » Transition from current legacy system for general ledger, human resources and cash management; » Closure of cash management relationships throughout the world; » Filing of final income, property, sales and use and other tax returns; » Management of the claims process; and » Management of records
Reese Partners was also engaged to execute certain aspects of the plan including transition of financial systems and consultation for income tax-related issues.
Client Success
Reese Partners developed a project plan to identify the actions, timeframe and resources necessary to execute this bankruptcy transition and wind down. Reese Partners was also responsible for overseeing the company's conversion to a new general ledger system that enabled the company to produce timely and accurate financial reports when the company's legacy systems were shut down.
Results
The transition plan was developed and delivered to management for use in winding down the operations of the estate. Key income tax issues, including resources to complete returns on a timely basis, were resolved. The estate's financial operations functioned effectively and efficiently with the remaining employees. The client was able to file timely financial reports to the bankruptcy court, which was never done before.
