A private equity owned manufactured of tissue paper products had its CFO resign unexpectedly and needed an immediate replace. Company was facing operational and financial challenges as well as meeting the financial reporting requirements of the private equity firm. Company was in need of short-term cash management, so a 13-week cash flow was developed. In addition, operations issues impacting financial reporting had been identifies that required the CFO to participate with the management team in identifying and implementing operational solutions.
A manufacturer of pulp, paper and related products was struggling as they navigated increased competition and falling paper prices
This custom packaging company was experiencing declining financial performance. This, combined with an unwieldy ownership and management structure and an overreliance on a single customer, created uncertainty with its senior lender. After a covenant default, the senior lender requested that the company find alternative financing.
In 2016, 80% of a centrifuge manufacturer was acquired by a Chinese firm with a put option given to the seller for the remaining 20%. In 2018 the put option was exercised and demand was made of the Chinese parent to purchase the remaining 20%. However, the Chinese parent was unable to raise the funds and defaulted on the demand. Litigation ensued and the matter came to ahead in early 2020. As the 80% shareholder, the Chinese parent looked to put the Company into Chapter 11 to resolve the dispute. With the guidance of Harney, the parties ultimately resolved their differences and reached agreement on a restructuring and the purchase of the 20% interest.
A private equity-owned manufacturer of plastic storage containers, floor protection mats, office products and point-of-sale display holders had its CFO resign unexpectedly and needed an immediate replacement. The Company was facing operational and financial challenges as well as having trouble meeting financial reporting requirements of its Board. Due to the 2020 pandemic, the Company was in need of short-term cash management expertise, as well as operating budget updates. In addition, management of the accounting staff and financial reporting function needed to be managed and improved while a permanent CFO replacement was recruited and trained.