| Case Studies |      |
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 and to continue to trade positively and attract new OEM business whilst the parent company eventually exited from the USA bankruptcy process.
BM&T Principals were engaged to identify and implement a series of cost reductions and efficiency improvements for a Global printer manufacturer and distributor. The initiatives (including relocating production, centralising warehousing and support services, vendor assessment and headcount reduction) were implemented during the two stage assignment and impacted operations in Germany, France, UK, Italy, Spain and Austria. The result was an improvement in European EBITDA of $14m on revenues of $140m.
A Private Equity owned company with operations in the UK, Holland and Sweden had an opportunity to refinance €215 million of senior debt and PIK notes. The debt markets were tightening rapidly and time was of the essence. BM&T Principals worked with management to quickly organise a data room for the reporting accountants and handled all day to day enquires throughout due diligence. Late in this accelerated process the company’s lawyers advised that a Financial Assistance Whitewash was required. The reporting accountants estimated it would take three weeks minimum. BM&T Principals gathered all the necessary data, created a fully integrated financial model and the reporting accountants were able to sign off in five days.
