Areas of operation:
BM&T Principals were engaged to advise on the operational viability and insolvency exposure of a complex group of Western and Eastern European trading and non trading subsidiaries of a $2.4 billion US Auto parts supplier being positioned for a Chapter 11 filing. The European Group with over €1 billion in revenues was managed from a German HQ. BM&T Principals advised on German Directors’ liability issues, UK COMI and other European insolvency issues and took over the monitoring of European group cash flow management. BM&T Principals positioned the European Group to the point that it was able to avoid an insolvency event in any European jurisdiction upon the parent company’s Chapter 11 filing. By avoiding a European filing the European Group was able to remain outside formal process, to continue to trade positively and attract new OEM business whilst the parent company eventually exited from the USA bankruptcy process.
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Notes, insights and reflections from Matthew, one of our directors and turnaround experts, as he works with companies during Lockdown.