CRG Featured Engagements
Explore our most recent engagements:
A $500 million retailer of innovative gifts, gadgets and specialty items, suffering from a continued softness in overall retail, further exacerbated by a weak holiday season, retained Deloitte CRG as its financial advisor. Deloitte CRG is actively working alongside management to facilitate a restructuring through thorough negotiations and interaction with the ad hoc bondholder group and senior lender with respect to refinancing and/or restructuring its bond and other debt.
Facing rising margin pressure, a leading designer and manufacturer of fixtures for retailers retained Deloitte CRG to help it better manage its working capital and transfer the majority of production from its California location to a Chinese supplier.
|International ship owning company
A shipping company that provides worldwide seaborne transportation services has retained Deloitte CRG to assist with various aspects of its restructuring efforts.
Explore our engagements library by clicking on the industries below:
- Agriculture / Food Processing
- Consumer Products
- Energy (Oil & Gas / Power & Utilities)
- Health Care / Life Sciences
- Media & Entertainment
- Process & Industrial Products
- Retail & Distribution
- Service Companies (Professional, Finance, Contracting)
- Travel, Hospitality & Leisure
Agriculture / Food Processing
|Food processing company
Deloitte CRG was hired as CRO for a $150 million protein processing company, servicing the consumer and food service marketplaces. The focus is on improving EBITDA and reducing inventory. Deloitte CRG is monitoring cash by utilizing a 13-week cash flow model developed for the company, improving productivity in operations, assisting with restructuring the balance sheet, and improving performance through a SKU/customer rationalization process.
Deloitte CRG was engaged by a very large grain cooperative that has recently experienced significant losses to evaluate and offer a report on the internal financial controls.
Deloitte CRG assessed the current liquidity of a protein processing company, evaluated the risks in their fiscal year budget, and assessed their plant operations to identify performance improvement opportunities. The client was recently acquired and now faces a liquidity crisis as its cash flow has dropped below its fixed charges. Deloitte CRG completed this assessment in three weeks and briefed all constituents in the capital structure on the results. The client has asked Deloitte CRG to provide assistance with implementation, cash management, and operations management.
Deloitte CRG currently serves as the financial advisor to the secured lenders for one of the country's largest greenhouse growers. The company, in the midst of a severe liquidity crisis after expanding its operations, suffered from poor weather conditions in the peak buying season, and overdrew its line of credit. Deloitte CRG evaluated the company's cash flow and operations to ensure ongoing financing and a restructured business plan.
|Food processing and packaging company
After experiencing a shortfall in liquidity, a $150 million food processing and packaging company engaged Deloitte CRG to serve as financial advisor and assist in cash flow management and evaluating strategic alternatives.
|Cottonseed oil processing company
Deloitte CRG was retained by a large cottonseed oil processing company to assess the business plan and projections, review the opportunities for cost reductions and asset sales, establish a financial sensitivity model, assess the risk management (hedging) practices, and offer recommendations for improvement.
|Consumer and commercial merchandiser
Deloitte CRG was hired as interim CEO and COO for a $200+ million consumer and commercial products merchandiser. The company is strongly positioned in the market, but was plagued by ineffective executive leadership, unrealistic strategic and operational plans, and waning customer fulfillment confidence. Over the past three months, Deloitte CRG reorganized the executive leadership team, reset operational priorities, and initiated a simpler, achievable path-forward that better serves the customer and greatly reduces organizational risk. Deloitte CRG has implemented improved order fulfillment processes, as well as operational metrics and management processes.
|Global consumer products company
After performing an operations assessment, a global leader in the manufacturing of consumer products for the hotel industry further retained Deloitte CRG to reduce logistics costs and improve manufacturing productivity. Since commencing the engagement, logistics costs have been reduced over 13%. Manufacturing productivity is being improved through the implementation of lean and six sigma manufacturing methods such as setup reduction, total productive maintenance and kaizen. Following the design and implementation of an operations management process focusing on the improvement efforts utilizing operations metrics and project management tools, Rick Thompson of Deloitte CRG has been appointed interim Vice President of Operations.
Energy (Oil & Gas / Power & Utilities)
|Oil field services
Deloitte CRG was engaged to perform an assessment of a mid-sized oil field services company. The company is evaluating alternatives to improve its liquidity profile and financial performance.
|Oilfield services company
Deloitte CRG currently serves as financial advisor to a debtor in a liquidity crisis. The company grew rapidly by using short-term capital for long-term projects. This negatively impacted their working capital and resulted in a severe over-advance position on their revolving line of credit. The company's sales remain strong and Deloitte CRG is leading various restructuring efforts on the ground. Deloitte CRG has negotiated a forbearance agreement with the bank and is leading a process to restructure the company's balance sheet with the appropriate tranches of capital.
Health Care / Life Sciences
|Critical access hospital
Deloitte CRG currently serves as the restructuring advisor to a not-for-profit critical access hospital in the Midwest. The hospital is exploring the strategic options available to address its multi-year decline in performance and liquidity. Deloitte CRG professionals are assisting management with evaluating operational performance improvement opportunities, and are also playing a key role in interacting with the hospital's stakeholders.
Medical action industries
As a result of the impact of Deloitte's and the company's work, MAI announced record quarterly gross profit results for the 3rd quarter of FY 2013.
|Large faith-based health care system
Deloitte CRG, as part of an engagement led by Deloitte Consulting, is currently assisting a large multi-site health system in developing and implementing an operational and financial performance improvement plan. The system, formed by a merger of two hospital networks, has experienced steadily increasing costs and declining revenue over the past year. The multi-disciplinary Deloitte team has been tasked with identifying and assisting management in realizing significant cost savings across the system, with Deloitte CRG leading the turnaround of the system's diverse post-acute businesses (e.g., nursing homes, assisted living facilities, home health agencies, hospice, etc.).
Media & Entertainment
Deloitte CRG was retained to serve as director of operations and to develop and implement an operational restructuring of the business, as well as to assist with the sale of the business.
The owner of 90+ community newspaper titles and associated websites has retained Deloitte CRG to assist them in developing existing and new revenue streams through a Sales Force Effectiveness program that is focused on developing increased sales capacity from the existing resources.
|The Kimmel Center
The Kimmel Center for the Performing Arts in Philadelphia engaged Deloitte CRG to assist with the development of an analysis of its short-term rental venues. This venue management analysis will be used to identify trends and value impacts to determine potential opportunities for the Kimmel Center to improve utilization, revenue, and contribution margin. This information will be used to develop a marketing strategy to potentially increase its third-party rental income to offset negative revenue pressures from the renegotiation of the Philadelphia Orchestra lease during the organization's bankruptcy.
Deloitte CRG was retained as CRO to monetize working capital, preserve liquidity, maintain supplier and customer relationships, and provide leadership to the organization while the sponsor conducted an expedited sale process for the company.
|Metropolitan newspaper group
A privately held group retained Deloitte CRG to undertake the operational and financial due diligence for the purchase of a major metropolitan newspaper and associated digital assets. Although our clients entered the bidding process late and had to work within a very short timeframe, they were the successful bidders in a very competitive auction process.
Process & Industrial Products
|Recycled paper manufacturer
Deloitte CRG was retained by a recycled paper manufacturer to assess operational improvement opportunities. The company, experiencing sales growth and production constraints, needed a rapid assessment to help them identify and prioritize productivity and inventory improvements. Deloitte CRG identified and quantified improvement initiatives to enable the company to meet the demands of its growing customer base.
|EZE trucking/rig runners
Deloitte CRG has been engaged as a financial advisor for Rig Runners, a heavy haul trucking operation that was recently acquired by private equity backed EZE Trucking. Deloitte CRG's work includes analyzing and advising on integration issues, improving/implementing financial accounting procedures, financial forecasting, and acquisition analysis.
|Interior space designer
An interior space design company facing sales declines, severe liquidity crisis, and unpaid sales tax obligation hired Deloitte CRG to develop a plan to deal with the changes in the business. Deloitte CRG helped management asses its business, whereby it was concluded that sales had declined so precipitously that they could not continue to operate in the NY, Baltimore and DC offices and that their business model was not viable. Deloitte CRG further advised that they should generate cash through collections of receivables, complete near-term contracts so as to maximize cash generation, release employees, close offices, enter into settlements to get rid of lease liabilities, pay down its sales tax obligations and evaluate the best option to wind down the operations. Both the company management and the lawyers were very pleased with the prompt results of our work.
|Benada aluminum products LLC
Deloitte CRG was retained by the Official Committee of Unsecured Creditors to advise them on the proposed restructuring plan. Deloitte CRG analyzed the financial projections, the debt capacity and liquidity. The unsecured creditors are projected to receive a 100% distribution.
|Specialty chemical company
A Private Equity client hired Deloitte CRG to assist with one of its portfolio companies engaged in the manufacturing of specialty coatings. Deloitte CRG was hired to review working capital procedures and assist in updating the client's material costing procedures. The Deloitte team developed proposed changes for management.
Deloitte CRG was engaged by a large, multi-national manufacturer of mining equipment to assess the operations of a recently acquired company in China. The Deloitte CRG team will develop a 13-week cash forecast along with an action plan focused on cash flow and operational improvements required for the Chinese manufacturing business to address the cash shortfall. This initial four week assessment involves client staff from the sales, product management, operations and finance organizations within the multi-national parent corporation.
|Plastic bottle manufacturer
One of the world's leading suppliers of PET plastic containers hired Deloitte CRG to review the impact of a large customer loss on their 2013 forecasted performance and associated liquidity. The analysis involved overhead, logistics, and plant rationalization.
Retail & Distribution
Deloitte CRG was engaged to provide litigation support to assess damages suffered by a restaurant retailer after the landlord of the lifestyle center where it operated violated an exclusive lease clause when they leased nearby space to a direct competitor.
|Specialty merchandising company
A $150 million design, procurement and distribution firm retained Deloitte CRG as Chief Restructuring Officer (CRO). Deloitte CRG facilitated the sale of the company.
|Building products distributor
A major distributor of wood products to the professional and DIY market retained Deloitte CRG to assess its cash flow forecasting and monitoring methodology and business operations. Deloitte CRG was engaged to make recommendations to improve the working capital liquidity to meet the growth in the home building and remodeling industry.
|Tandy brands accessories, Inc.
Leading designer and marketer of branded accessories engaged John Little of Deloitte CRG as Chief Restructuring Officer (CRO). As interim CRO, John will evaluate capital structure alternatives, develop and execute liquidity improvement plan and profitability initiatives, as well as manage all stakeholder communications.
|Mobile device accessory maker
A $100 million designer and marketer of high-end mobile device cases was facing a potential covenant breach on its revolving line of credit, and sought to proactively address the issue with its lender to minimize the potential for precipitous action that might cause a liquidity crisis. Deloitte CRG helped craft a communication strategy vis-a-vis the lender, developed a robust and user-friendly cash forecasting model that management was able to seamlessly take over, and advised on refinancing possibilities.
Service Companies (Professional, Finance, Contracting)
Deloitte CRG teamed with Deloitte's Business Valuation group on an engagement to analyze the underwriting of a proposed loan to an entity the lender would spin off in Q2, 2014 when concerns arose around the parameters. The Deloitte teams evaluated the transaction and provided the lender with observations and recommendations around the assumptions used to develop NewCo's financial projections, debt bearing capacity, financial ratios and projected credit metrics, as well as the terms and conditions of the proposed financing, including covenants, based upon a comparison with recent debt offerings by financial institutions or industry leading practices for loans of similar size, type, duration, and credit exposure.
|Community services company
Deloitte CRG serves as financial advisor to a $300MM community services company to assist in daily cash management, operational improvements, and analyzing strategic alternative.
|Mexico professional services firm
Deloitte CRG has been retained by a professional services firm in Mexico to develop a projection of their cash position and assistance in managing cash over the next year. In addition, Deloitte CRG has developed a revised monthly financial forecast and prepared a number of communications for this firm to use with their Board of Directors.
|Marketing services company
Deloitte CRG is advising a $300MM promotional marketing services company through a refinancing of its debt. The company, a longtime commercial borrower, has entered a transitional period after the loss of a major customer and the delayed ramp-up of a new high-growth and high-margin business unit. Deloitte CRG is helping the company effect a refinancing into an ABL facility with its existing lenders that will provide a better fit with the company’s new risk profile.
Deloitte CRG was retained by a portfolio company of a major private equity group to provide an analysis and recommendations for reporting metrics for the newly formed financial planning and analysis group.
A leading mobile marketing and advertising company with global operations retained Deloitte CRG to serve as chief restructuring officer (CRO) and provide assistance with liquidity management and lender negotiations. Heavy investment in a region that subsequently suffered a major macroeconomic shock has put the company in default on its credit facility, causing a severe working capital crunch. Deloitte CRG is helping the company better understand its working capital position and closely manage its cash, as well as working with the management team and board on strategic alternatives.
The board of directors of a $200 million staffing business hired Deloitte CRG to provide an operational assessment and a review of potential optimization and repositioning initiatives.
Deloitte CRG was retained as CRO by the county's largest roofing contractor. Tecta is evaluating strategic alternatives for recapitalization of the business. Deloitte CRG is evaluating alternatives for cost reductions, surety bonding, debt structures, and organizational enhancements that will promote EBITDA growth.
The Special Assets group for a large commercial bank approached Deloitte CRG for assistance in tracing and finding assets of personal guarantors of a large non-performing commercial loan. Deloitte CRG solicited the services of the Business Intelligence Services practice at Deloitte Financial Advisory Services LLP, a team of highly trained investigators and intelligence specialists with extensive experience in due diligence, litigation support, fraud and other investigations, to assist with this project. The results of these findings will determine the next steps for the bank in satisfying repayment of the obligation and future litigation.
|Mobile marketing company
A leading mobile marketing and advertising technology company with global operations has retained Deloitte CRG to provide guidance as it seeks to resolve a covenant default with its senior lender and address working capital issues triggered by rapid growth. Our ability to reach out to our colleagues abroad to put "boots on the ground" in the United Kingdom and European Union was a critical factor in the client's decision to work with us.
|Finance and leasing company
Deloitte CRG recently supported the Deloitte Consulting practice on a cross-functional pitch to a large multi-national finance and leasing company to assist them with the redesign of their vendor finance operating model. Deloitte CRG provided on-point qualifications and leasing industry experience to the pitch process, which resulted in a win for the Deloitte team, with phase 1 work set to begin shortly.
|Morris Brown college
Deloitte CRG was retained by Morris Brown College when they filed for Chapter 11 protection in August 2012. Deloitte CRG is advising Morris Brown in developing a plan of reorganization and negotiating with various stakeholders.
|National cellular company
A publicly traded, national cellular reseller and provider of custom billing and customer service engaged Deloitte CRG to assess liquidity and business plans to identify cost saving opportunities. Deloitte CRG identified several optional cost reductions plans, modeled future cash flows and worked with management, the Board of Directors and senior lenders to maximize value for all stakeholders and navigate the liquidity challenges.
An installer of fiber optic communications hired Deloitte CRG as an advisor in a severe liquidity crisis, caused by rapid growth. The company has successfully brought in additional investors and restructured their operations.
Deloitte CRG was engaged to advise the lender group for a multinational telecommunications company that had filed for bankruptcy protection and was seeking to sell its assets. Deloitte CRG assisted with an evaluation of the DIP loan and sale process.
Travel, Hospitality & Leisure
AMR Corporation, et al., parent holding company of American Airlines, filed for Chapter 11 bankruptcy protection in November 2011, representing the second largest airline bankruptcy in U.S. history by asset value. AMR Corporation retained Deloitte CRG as a bankruptcy consultant to assist with pre-bankruptcy planning, first day motion preparation, cash management procedures, developing/operating a trade partner response center, contract disposition process, and claims reconciliation.
As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.