Interim CRO (chief restructuring officer)

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Managing a company in financial distress is a challenging task. In addition to running the day-to-day business, managers must cope with a multitude of extra tasks requiring a great deal of attention. It often turns out that without the assistance of a distressed company expert, managers run into serious practical difficulties. This is particularly the case for debtor-in-possession management under insolvency proceedings. Those tasks can be taken over by an interim manager (Chief Restructuring Officer, or CRO) experienced in handling cases of companies in financial distress, which enables the management to focus on running the business of the company. The CRO is thus the pilot in the storm.
 
Like a pilot, the CRO guides the company and its management through that critical phase. The CRO is the specialist in handling distress and insolvency situations and the right person to put the company back on track. Only a CRO well-versed in handling insolvency, distress and regular management can be successful here.
 
In cases where a company is restructured under insolvency protection proceedings or debtor-in-possession management as part of insolvency proceedings, a CRO has become almost a 'necessary prerequisite'. Especially in the preparatory and in the initial phase of insolvency proceedings, a host of decisions outside the realm of day-to-day management must be made on short notice. Ensuring preliminary financing of insolvency benefits in cases of employer insolvency, maintaining good relations with suppliers, handling advance payments / deposits, or ('fictitious') debtor-in-possession financing call for prompt action. Customers, suppliers and financing partners must quickly receive an overall solution to their issues, and recurring individual problems must be efficiently solved because every delay carries an element of risk. Hands-on experience is thus an absolute 'must-have' when handling companies in distress and conducting insolvency proceedings.
 
Together, we can successfully guide your distressed company through the crisis and insolvency to get it back on track.
 

Contact

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Raik Müller

Associate Partner

+49 221 9499 095 11
+49 221 9499 099 00

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