Project CRO Star
Service Line
Creditor Support and Advisory
Project Overview
Our mandate was the implementation of the agreed court approved Composition Plan post PKPU as CRO and support for the creditor Steering Committee formed as an oversight function.
Challenges
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Our Approach
- Chief Restructuring Officer. Under this mandate we: (1) worked together with the BOD of the Client to implement and execute the restructuring terms under the Composition Agreement; and (2) conducted cash monitoring and payment review and approval work. A major component of the CRO role was the review and implementation of a new accounting system and initiation and oversight of non-operating asset sales, and support for the sale of the business operations.
- Steering Committee Support: Under this mandate we supported the Creditor Steering Committee in the execution and administration of their responsibilities under the Composition Plan, as well as assisting in the asset disposal process.
Outcome
- We issued monthly report which includes: implementation of cash control procedure, our review of month end cash position, our review of cash transactions during the month, and excess cash calculation.
- The Creditor Steering Committee was successfully established and has been effective in their role as defined under the Composition Plan.
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