Corporate Turnaround- looking beyond just banks and the debtor

Corporate Turnaround- looking beyond just banks and the debtor. Igor Zax, CFA Tenzor Ltd © Tenzor Ltd 2009 www.tenzor.co.uk

Five “C” of Turnaround ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Why Turnaround? ,[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Industry structure and Supply Chain ,[object Object],[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Supply Chain- Distribution of Risk and Reward © Tenzor Ltd 2009 www.tenzor.co.uk Component Manufacturers Contract Manufacturers Component Distributors OEM Distributors VARs Customers! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Credit Insurance and Receivables Financing ,[object Object],[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk Trade Receivables % Insured % Financed Europe 35 5 UK 30 6 US 5 4

Working Capital Management ,[object Object],[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Redesigning the Model -Distribution example Supplier Distributor purchase Sell Payment Provides: Marketing/Sales Logistics Service Working Capital Finance? Risk mitigation??? Risks: Distributor credit risk This risk may be highly concentrated Customer credit risk (if distributor has little capital) Product liability (any case) Credit Insurance? Factoring? Securitisation? What credit limit? Diversified risk? Low concentrations? Single vs multi tier? How do you finance receivables in Russia? © Tenzor Ltd 2009 www.tenzor.co.uk

Distribution example Supplier Distributor-now agent? Sell Provides: Marketing/Sales Logistics Service Collections? Performance risk mitigation? Credit Insurance-easier to obtain? Invoice discounting? Factoring? We are in Europe! Diversified risk? Low concentrations? Single vs. multi tier? No need to finance in Russia? Low working capital needs! © Tenzor Ltd 2009 www.tenzor.co.uk

Why Do You Need Working Capital-Business Model? ,[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Supply Chain and Turnaround Financing ,[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Supply Chain-its importance to creditors and turnaround investors ,[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Supply Chain-its importance to creditors and investors- cont. ,[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Exit Strategies- Vertical Integration? ,[object Object],[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Thank You and Good Luck! ,[object Object],[object Object],[object Object],[object Object],[object Object],© Tenzor Ltd 2009 www.tenzor.co.uk

Corporate Turnaround- looking beyond just banks and the debtor

Recommandé

Recommandé

Contenu connexe

Tendances

Tendances (20)

Similaire à Corporate Turnaround- looking beyond just banks and the debtor

Similaire à Corporate Turnaround- looking beyond just banks and the debtor (20)

Plus de Igor Zax (Zaks)

Plus de Igor Zax (Zaks) (9)

Corporate Turnaround- looking beyond just banks and the debtor