Over the last few years, the competitive landscape of the Canadian household furnishings market changed substantially, with certain companies adapting, and others not adjusting their business models in a proactive, timely manner. In late 2011, a manufacturer and distributor of “green” products filed a proposal to seek protection from its creditors. Farber’s Insolvency & Restructuring team managed this process.
During the restructuring, the CEO determined that there was a need for a higher level, more strategic and experienced finance resource. A key aspect of the new role would be managing the heightened reporting expectations of new lenders – specifically a new asset-based lender (ABL).
The Result: Fast-Tracked Timely & Accurate Reporting for Home-Products Manufacturer
Our CFO Resource practice placed an interim CFO with the company within 48 hours. Due to the nature of the business and the severity of the situation, the company retained the leader of our CFO practice, who brings more than 20-years’ experience in profit enhancement and complex financial reporting.
Farber successfully provided a bridge for the company whilst an intensive recruitment search for a permanent CFO was conducted. Under the direction of our CFO Resources team leader, procedures were implemented to meet the stringent reporting requirements, complex financial and operational issues were resolved, and assistance was provided to the company to “keep the wheels turning” during a crucial time.
The ABL lenders were pleased with the alacrity and quality of service of the CFO Resources practice.