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Rob Carringer
Partner, Partners
Rob Carringer held interim leadership roles and led projects in distressed and underperforming companies to improve operations, grow revenue, increase EBITDA, and reduce working capital in a wide variety of industries.
Mike Juniper
Partner, Partners
Mike Juniper has 20 years of experience in financial and operational analysis and improvement, turnaround and restructuring consulting, and interim management. He has served as an advisor to numerous companies through Chapter 11 proceedings.
Marc Patterson
Director, Other Professionals
Marc Patterson is a business professional with ten years of management consulting experience in strategic planning, operations improvement, turnaround, and restructuring.
William Snyder
Partner, Partners
With executive and entrepreneurial experience spanning close to 40 years, William Snyder has restructured, managed, and guided a multitude of companies in a wide variety of industries.
- Built weekly cash flow forecasting model
- Implemented cost reduction projects
The client is a $300MM heavy industrial construction company that experienced a decline in liquidity due to some significant chargebacks from customers related to disputed change orders, which pushed it into technical default with its secured lender. In addition, forecasted EBITDA was insufficient to cover fixed charges, support working capital and rebuild liquidity. CR3 was engaged to assess the 13-week cash flow, business plan and operations in support of a longer-term restructuring plan for the business; later retained as CRO. CR3 assisted the company in implementing a new weekly cash forecasting and management process, identifying EBITDA improvement opportunities, and identifying opportunities to raise cash.
The Situation
- $300MM heavy industrial construction company that provides engineering, construction, and fabrication services to various industries worldwide
- Company experienced a decline in liquidity due to some significant chargebacks from customers related to disputed change orders
- Company was now in technical default with its secured lender
- Forecasted EBITDA was insufficient to cover fixed charges, support working capital, and rebuild liquidity
The Work
- Engaged to assess 13-week cash flow, business plan, and operations in support of a longer-term restructuring plan for the business; later retained as CRO
- Developed a more detailed weekly cash flow forecasting and management process
- Identified EBITDA improvement opportunities
- Identified opportunities to raise cash, including settling outstanding receivables, selling assets, and raising equity
The Results
- Implemented new weekly cash flow forecasting with input from entire company
- Assisted with revised revenue forecasting using historical win conversion rates against current quoting volume and needed level of quoting activity to hit goals
- Implemented cost reduction projects to improve EBITDA
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