RSM International is a global top 10 network of international accounting and consultancy firms offering professional services, international corporate finance, corporate recovery, international tax and business advice services and forensic audits. These services are offered to companies in their own markets and internationally in over 70 countries.

Worldwide offices

London 20:54 New York 15:54
Hong Kong 03:54 Tokyo 04:54
Worldwide time zones

Did you know?

When the University of Nebraska Cornhuskers play football at home to a sellout crowd, the stadium becomes the state's third largest city

Leisure - Lifestyle and Hospitality

Type of assignment: Financial Advisor to the Official Unsecured Creditor Committee and Financial Advisor to the Chapter 7 Trustee

Region: United States of America
RSM firm: RSM McGladrey, US
RSM contact: Scott Peltz

Company Circumstances

After significant operational missteps the billion dollar company, which was engaged in the recreational boat industry, was faced with substantial pending interest payments that it was unable to satisfy. As a result it filed for Bankruptcy protection under Chapter 11 of the US Bankruptcy code.

Scope of the assignment

We advised the Official Unsecured Creditor Committee as to the value of the underlying businesses, identified preferential transfers occurring 90 days prior to bankruptcy, served as an expert witness in various litigation matters, and assisted the Trustee in analysing tax claims. Services included providing business valuation services regarding potential transfers and potential avoidance actions against insiders.

Outcome

RSM achieved favourable settlements relating to the litigation matters, facilitated the sale of substantially all of the company’s assets, identified preferential transfers exceeding US$100m, and assisted the Trustee in significantly reducing amounts owed to federal and state taxing authorities.