Turnaround and restructuring work is for companies whose cash, debt or operations have moved from a planning problem to an urgent one. We provide senior financial leadership to small and mid-sized companies in that position: stabilizing cash, negotiating with lenders and vendors, and, where a court process is needed, serving as chief restructuring officer or interim CFO through Chapter 11, including Subchapter V. Most situations are resolved outside court; when they are not, the financial work done before the filing decides much of the outcome.

When companies need us

Cash is running out, or the next payroll or loan payment is in doubt.
A loan covenant has been missed, or a lender has issued a default or forbearance notice.
A refinancing has failed or is not available on workable terms.
Vendors are moving to cash-in-advance or stopping supply.
Losses continue and management cannot say which products, locations or entities are causing them.
Owners are weighing an out-of-court workout, a sale or a Chapter 11 filing and need numbers they can rely on to decide.

Out-of-court turnaround

Cash control first. We build a 13-week cash flow forecast, update it weekly and put daily cash discipline in place, so the company knows exactly how long it has.
Diagnosis. We measure profitability by product, customer, location and entity, and identify the fixed costs the business can no longer carry.
Restructuring plan. Cost reductions, exits from unprofitable lines or sites, working-capital release and a realistic operating budget.
Negotiations. We lead lender forbearance or amendments, vendor payment plans and lease renegotiations, backed by credible projections.
Options for owners. Recapitalization, sale of the business or selected assets, or a court process if it gives creditors and owners a better result.

Chapter 11 and Subchapter V

When a filing is the right tool, we serve as chief restructuring officer (CRO), interim CFO or financial advisor to the company, working alongside its restructuring counsel. We work in both standard Chapter 11 and Subchapter V, the streamlined Chapter 11 process for smaller businesses.

Preparation for filing: the 13-week budget that supports cash-collateral or debtor-in-possession (DIP) financing requests, and the financial information needed for first-day motions.
Court reporting: monthly operating reports and the other financial reporting the court and the U.S. Trustee or Subchapter V trustee require.
Running the business in the case: cash management under the approved budget, communication with vendors and customers, and stable day-to-day operations.
The plan: financial projections, feasibility and liquidation analyses, and the numbers behind negotiations with creditors.
After confirmation: monitoring plan payments and rebuilding the finance function so the company does not return to distress.

We provide financial and operational leadership, not legal advice; legal strategy and court filings are handled by the company's bankruptcy counsel.

From distress to a business worth growing or selling

The goal of a restructuring is not only survival. The same work that stabilizes a company (reliable numbers, a cost base that fits revenue, a credible plan) is what lenders, investors and buyers look for afterwards. Many of our turnaround engagements continue as a fractional CFO role, or lead to a sale once value has been restored.

For owners and finance teams in a Chapter 11 or Subchapter V case

If your company has filed and your team is now responsible for monthly operating reports, the 13-week budget and plan projections, we can do that work with you. We set up the accounting for the case, including the separation of pre-petition and post-petition transactions, work alongside your attorney, prepare the reports to the standard the court and trustee expect, and train your staff to maintain them. Attorneys: see For Restructuring Counsel.

Example of our work

We led the financial restructuring of a multi-entity hospitality portfolio through Chapter 11, stabilizing operations through cash-flow management and close coordination with counsel, and positioning the business for future equity fundraising and expansion.

How we staff engagements

A senior partner leads every engagement and stays accountable for the results. When the situation requires it, we add contract finance, accounting and operations professionals for as long as the work lasts, and coordinate with the company's legal counsel and tax advisors. Clients get the capacity of a full restructuring team without the cost structure of a large firm.

Questions owners ask

What is a chief restructuring officer (CRO)?

A CRO is a senior executive brought in to lead a company's financial restructuring, usually reporting to the board or owners. The CRO controls cash, leads negotiations with lenders and creditors and, in a Chapter 11 case, is responsible for the financial side of the process while management continues to run day-to-day operations.

What is the difference between Chapter 11 and Subchapter V?

Subchapter V is a faster, lower-cost form of Chapter 11 for smaller businesses. There is usually no creditors' committee, a Subchapter V trustee is appointed to help the parties reach a plan, the company must file its plan within 90 days, and owners can keep their equity if the plan commits the business's projected disposable income to creditors for three to five years. Eligibility is limited by a total-debt cap set by law; companies above it use standard Chapter 11. We work in both.

Can a company avoid bankruptcy?

Often, yes, if action starts early enough. A credible 13-week cash forecast and restructuring plan give lenders and vendors a reason to agree to forbearance, amendments or payment plans. The later the work starts, the fewer options remain.

Do we need a CRO if we already have a CFO or controller?

Frequently. Day-to-day finance teams are rarely sized for daily cash control, lender negotiations and court reporting on top of their normal work, and lenders often want an independent senior professional accountable for the numbers.

How quickly can you start?

Within days. The first priority is always cash: a 13-week forecast and immediate controls on spending.

Is this only for companies already in bankruptcy?

No. Most of our engagements begin before a filing, and many never require one. We cover early warning signs, out-of-court workouts, Chapter 11 and Subchapter V, and the period after a plan is confirmed.

Turnaround, Restructuring and Chapter 11 Financial Leadership