Canadoil Turnaround
Turnaround Management Services for a Distressed Pipe Mill
Case study: Canadoil Turnaround Management Services
Turnaround Management Services for a Distressed Pipe Mill
Background
2012 Canadoil was admitted to the Thai rehabilitation process with more than $2bn of debt
2013 Mr. Kelakos was appointed as Director and subsequently the Planner (akin to a Chapter 11 Trustee)
2013 Mr. Ross led the management team appointed by the creditors of Canadoil to provide interim management services until 2017
Business operating under severe financial constraints
Highlights
- Strategic business review to assess viability of an operational turnaround
- Renegotiated debt to $176m as part of a rehabilitation plan approved by the creditors and endorsed by the court in December 2015
- Asset sales of non-core equipment and inventory to improve weak cash flow
- Engaged financial partners (private equity) for buy-out solutions
- Legal delays and misalignment between creditors inhibited a commercial solution
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