Offshore Services Company
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Chief Restructuring Officer
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James Katchadurian
Partner, Partners
James Katchadurian has significant experience in several highly visible insolvency matters.
- Successful sale was completed, saving jobs and operations
- Improved efficiencies in the face of liquidity constraints
The company was an integrated offshore construction and diving company that serviced the Oil and Gas industry. As a result of sales decline due to industry-wide weakness, the company faced a severe cash flow shortfall and continuing default of its debt covenants. CR3 Partners was engaged as CRO to assist the company in creating an operating model and cash flow forecast, assist in negotiations with secured lenders, and negotiate the sale of assets. Within a short timeline and under significant liquidity constraints, CR3 was able to make cost reductions, improve efficiencies, and sell assets to generate liquidity.
The Situation
- Integrated offshore construction and diving company that serviced Oil and Gas industry with expertise in offshore marine construction of undersea pipelines and other structures
- Company had sustained significant losses in West Africa and Mexico and faced severe cash flow shortfalls
- Company had ongoing covenant defaults with its secured line of credit
- Customers impacted by industrywide weakness were slow to pay company, which led to an interruption in cash receipts
The Work
- CR3 Partners was engaged as CRO
- Assisted company in creating an operating model and 13-week cash flow forecast
- Assisted in negotiations with secured lenders
- Created communications protocol with key vendors to improve liquidity
- Ensured project milestones were completed and enabled the company to collect receivables due from customers
- Negotiated sale of company’s assets
The Results
- Successful sale was completed, saving jobs and operations at a time when marine construction industry was under severe price pressure and in decline
- Worked with company personal to execute cost reductions and improve efficiencies within a short timeline in the face of significant liquidity constraints
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