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Restructuring and Bankruptcy Services

From turnaround and workout services to restructuring and/or liquidation

The COVID-19 pandemic has caused an unprecedented and dramatic economic disruption, with serious ramifications for nearly all industries. Organizations that were healthy and thriving in January 2020 are now closely assessing and managing their cash flows with a sense of urgency and priority as they explore strategic alternatives.

Our turnaround, restructuring and corporate recovery professionals are a valued resource for distressed companies, secured lenders, bondholders, unsecured creditors, trustees and other stakeholders in a wide range of industries and situations. We have demonstrated experience leading turnaround and business transformation efforts; assisting stakeholders in debt restructuring; serving as a financial advisor in bankruptcy and reorganization settings; supporting lenders and creditors in corporate recovery efforts, and providing expert services in bankruptcy litigation proceedings. Our knowledge, experience and cost-effective methods enable us to be efficient, flexible and timely in order to deliver and implement a plan tailored to the needs of each unique distressed situation.

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Restructuring and turnaround services

RSM helps distressed companies, creditors, lenders and other stakeholders evaluate financial and operational performance, assess strategic options and execute those plans, from out-of-court turnaround and workout services to formal restructuring or liquidation. Services include:

  • Analyzing cash flow, short-term liquidity and capital adequacy
  • Identifying and modeling revenue generation and cost-reduction strategies
  • Optimizing business operations by evaluating options for improving, transforming, divesting or exiting noncore or unprofitable business units
  • Inventorying and analyzing debt agreements to identify terms and to assess when covenants may be violated
  • Developing short-term survival plans to achieve long-term strategic goals
  • Providing analysis pertaining to the CARES Act, the Payroll Protection Plan and other government relief programs
  • Providing consulting services related to tax consequences and accounting implications of restructuring decisions
  • Providing consulting services to participants in debtor, lender, supplier/vendor and/or creditor negotiations

Bankruptcy reorganization and liquidation services

RSM provides financial advisory services to parties in interest (debtors, creditors, lenders and other stakeholders) who are participating in the bankruptcy process. Services generally focus on financial consulting, accounting assistance and litigation support, complemented by regulatory compliance and tax services. Services include:

  • Serving as a financial advisor for debtors, lenders and unsecured creditor committees
  • Preparing required/necessary bankruptcy submissions, schedules and analyses, and when needed, providing staff augmentation
  • Providing ongoing tax and accounting advice, compliance and reporting, and assessing the tax and financial reporting impact of either restructuring or liquidating decisions
  • Providing financial and accounting support for trustees, examiners and disbursing agents
  • Assessing the fulfillment of liquidation plans and providing claims and trust administration
  • Providing litigation consulting and expert witness services, including avoidance actions, director and officer investigations, and other stakeholder litigations

Serving across the restructuring landscape

We serve a variety of clients in need of restructuring and corporate recovery services, including:

Distressed companies

Our team has deep experience assisting organizations from the first signs of liquidity issues through the completion of their path to recovery. We have significant experience providing services on behalf of debtors who are contemplating filing for bankruptcy protection and who require sound practical and technical advice through the reorganization and/or liquidation processes. This experience includes evaluating current operations, assisting with turnaround efforts, preparing required status reports and related schedules, assessing tax compliance and consulting needs, and offering technical accounting services.

Lenders

We assess and evaluate the historical and ongoing operations and financing needs of borrowers on behalf of lenders. This experience includes evaluating existing and prospective operations, assisting with debt modifications and restructurings, monitoring compliance requirements, conducting investigations of collateral use, and evaluating proposed divestitures to safeguard lender collateral interests.

Unsecured creditors

We have extensive experience providing services to creditors’ committees, bondholders, debtors, secured lenders, trustees and equity holders. This experience includes assisting with corporate reorganization efforts, monitoring and evaluating operations, valuing assets and assisting with divestiture considerations, pursuing avoidance actions, conducting investigations of improper transactions, and administering post-confirmation trusts.