Chief Restructuring Officer

Interim CRO - Technology

Chief Restructuring Officer

1.6x
revenue
Successful
transition
Displosal
of remaining assets
Cerius Insights: Anatomy of a Turnaround - Once a decision is taken to begin a turnaround, planning and direction must replace the void caused by inaction and lack of leadership. New direction and achievement goals must be communicated through leadership. The old status and emotional baggage must become a “So What”.
Company Profile
Technology, Govcon
$15 million in revenues
Position/Timeframe
Interim Chief Restructuring Officer
5 day/week for 10 months
Situation
Pending legal issues
Federal insourcing mandate
Unble to attract new federal customers
Running at a significant losss with no clear path to profitability
Loss of direction, staff was complacent
Implementation
Immediate measures put into place to reduce & prioritize costs to enable restructuring of business
Seek and effectuate a sale of company or its assets
Identified, developed and negotiated sell of company's IP and transition of workforce to a new government vendor
Guided remainder of company through bankruptcy
Negotiated and settled with Justice

Results

  • Sale of portion of the company for 1.6x revenue in a severely restructed market
  • Successful transition of team to new company
  • Successful conclusion of all legal issues
  • Successful conclusion of remaiing company assets via chapter 11