Qualified Management personnel at the company is essential to the success of the reorganization. After all, the task is to diagnose impartially the root causes of the crisis under a high pressure to succeed and time pressure, to develop appropriate reorganization measures and to implement these measures. At the same time, market and financing partners need to be motivated to provide assistance. Last but not least, the task is to again create a spirit of optimism among the employees and to avoid any paralysis and apathy caused by the crisis, or even movement of labour. The existing top management is generally suitable to manage the company in "normal" business situations. Usually, however, they do not have any experience with reorganisation and no specific reorganisation knowledge. Accordingly, the management does not know the peculiarities and these peculiarities mean an additional hazard to the company and the management (e.g. liability risks near insolvency).
By contrast, as experienced chief restructuring officers (CRO) we are specialists, combining both managerial and restructuring competences.
We are in control of all the tools required for company reorganisation and, if necessary, make hard and fast incisions to guarantee the company's survival.
The use of a CRO offers the company and its creditors the following advantages: