Case Study
Interim CFO/Restructuring
A manufacturer of luxury casino seating products, with 53% share of the U.S. market was challenged with post-Covid supply chain pricing issues, and failure to pass along those price increases, creating liquidity issues amid an upcoming debt maturity.
Client Challenges
- Outgoing CFO was not equipped to handle turnaround and restructuring responsibilities
- Sponsor brought in a CRO to focus on cost cutting and business model changing
- Based on cash position, the business was not able to meet vendor payment obligations, customer delivery schedules, and upcoming debt obligation
Project Requirements
- Manage a tight cash situation
- Manage calls from vendors who are not being paid on time
- Work with Controller to ensure timely and accurate delivery of monthly close
- Mange liquidation of excess inventory, sell off excess production equipment
Project Deliverables
- Led the auction and disposition of the warehouse equipment
- Moved location of warehouse operations from NV to CA and Mexico
- Oversee monthly close and finance reporting
- Work with lenders on tight cash liquidity and prepare business for debt restructuring

