Client Profile – Tier 1 Vehicle Component Supplier

The Need

  • Meeting the challenges of a complex Chapter 11 proceeding
  • A partner to team with the Client’s CFO team on corporate internal control remediation issues
  • Preparation of Trustee reports and SEC filings including FAS 123
  • Claims reconciliation, analysis and negotiations resolving liability claims
  • Support for Purchase Accounting and adoption of new FASB reporting requirements
  • Review of Liabilities Subject to Compromise
  • Integration of acquired foreign subsidiary
  • Interim Controllership Support

The Solution

  • A team to support the Client’s CFO team including project management and senior subject matter experts to address internal controls, and Trustee and SEC reporting
  • Client key employee attrition was offset by our SEC reporting team
  • Assure continuity of staff so client could complete its Bankruptcy and SEC reporting needs while achieving its internal control (SOX) remediation objectives
  • Prepared the Monthly Operating Reports for the Bankruptcy Court, 10-Q and 10-K filings and monthly status reports to Client lenders.
  • Provide key team members for Client’s claims reconciliation team and performed in-depth analysis of trade and tax claims, handling the subsequent negotiations to resolve liability issues

The Results

  • Our clients was enabled to successfully meet their objectives and remediate the critical internal control weaknesses, meet its Trustee and SEC reporting deadlines and has emerged from bankruptcy protection.