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We helped a provider of advanced network communications and technology solutions navigate their way through bankruptcy courts and the complex web of inter-dependent workstreams commonly involved in bankruptcy.
Recent litigation had created a lot of unknowns for the firm, to which we applied our accounting and financial-reporting best practices, ensuring the client would be able to operate efficiently, meet current and future requirements and deadlines, and gain real-time insight into the progress of multiple, interdependent workstreams.
Our solution involved navigating a significant amount of complexity. We tied the work with the bankruptcy courts back to their financial accounting record, making sure there were appropriate reconciliation processes and controls for those components. When needed, we additionally scaled and provided a team of resources to help reconcile workstreams within the claims management processes.
This solution was built with foresight of what would be needed for bankruptcy emergence and ensured processes for ongoing quarterly performance were in compliance, appropriately stated and properly monitored. As more data was obtained through the bankruptcy process, the bankruptcy reorganization necessities were determined, and the roadmap defined. Upon emergence, we helped prepare, summarize and finalize fresh-start information through the firm’s systems so they could meet the challenging deadlines.
Our model created placeholders and tracked dependencies in advance of being finalized, which enabled teams to accurately process 40-plus iterations, as opposed to the average of 3-4. Our flexible model, built on the comprehensive understanding of the complexities of bankruptcy, provided valuable interim information as the process progressed.