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After emerging from bankruptcy and completing a merger, a newly formed multinational chemical and refining company faced a complex post-bankruptcy transition. The company needed to execute fresh-start accounting, prepare SEC-compliant financial statements, re-establish SOX compliance, and consolidate financial data across 242 legal entities.
High turnover and gaps in talent—including the lack of a Hyperion Financial Management (HFM) administrator to run monthly consolidations and address long-standing intercompany reconciliation issues—added urgency and complexity to the situation. Simultaneously, the Assistant Controller needed project management leadership to oversee eight concurrent bankruptcy emergence projects.
We deployed a senior-level multidisciplinary team with expertise in HFM, technical accounting, internal controls, regulatory compliance and project management for bankruptcy emergence to address the client’s challenges across multiple workstreams. Our blend of advisory and execution support was critical in building a compliant, scalable financial infrastructure and enabling long-term stability.
Key actions included:
With our support, the client emerged from bankruptcy with the financial clarity and operational structure needed to function and scale as a public company. Our work enabled the accurate execution of fresh-start accounting across 242 legal entities and the preparation of three years of SEC-compliant financial statements, including detailed footnotes supporting a business unit divestiture.
We established a stable, transparent consolidation environment using HFM, significantly improving intercompany reconciliation and reducing risks during close cycles. Our team’s leadership across eight concurrent emergence projects ensured smooth coordination between internal stakeholders, external auditors and compliance functions. The rebuilt SOX processes not only enabled timely certification but also enhanced audit readiness and control reliability. As a result, the client gained lasting confidence in their reporting accuracy, internal controls and overall financial governance.