Quoted International manufacturing group
headquartered in Switzerland
17 month project
ending mid 2003 with executive responsibility
for lender liaison and cash flow management for a loss making CHF400m turnover
group of 35 companies spread throughout Europe, North America and Asia. The
group was financed by US noteholders, a syndicate of 20 banks and bi-lateral
bank facilities.
Key achievements:-
- Installed cash management systems and
trained existing personnel to operate them.
- Stabilised cash flow and gained lender
confidence.
- Led working capital reduction and other cash
generative programmes resulting in a 2002 CHF15m cash inflow despite a CHF142m
loss.
- Led negotiations for initial debt
restructuring and managed all lender documentation issues. The final
restructuring stage involved CHF100m of equity from new investers, partial
debt repayment and a large debt for equity swap.
- Ensured the group did not run out of cash.
Current status - group restructured, still quoted and trading
profitably with positive cash flow.
Return
to Recent Projects
© Stephen R Smith Associates
Limited 2007