Case Study Spotlight
$120 million Public Internet Company
AFS was engaged by this client to perform a security and risk assessment related to online payments and receipts MORE>
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Case Studies
Accounting and Finance
$2.6 billion Public Home Building Company
AFS was retained by a public $2.6 billion home builder to help bring a $500 million joint venture (JV) out of a highly leveraged debt position. AFS provided the client with an interim Chief Financial Officer and a supporting team of professionals. The accounting records and related reporting were four months behind schedule and their fiscal year-end had just passed. AFS was requested to bring the overdue closings up to date while simultaneously providing large amounts of information to three different consulting groups involved in the restructuring as well as prepare for the year-end financial audit.
The AFS team performed the following:
- Assessed the situation and established an action plan to restructure the accounting operations
- Brought the accounting records current through year-end, prepared auditor schedules, and completed the JV annual report in nine weeks in conjunction with internal personnel
- Brought the accounting records forward to achieve an accurate first quarter close in six weeks
- Provided all of the information to the various consulting teams
- AFS’ interim CFO negotiated with the creditors to bring the JV out of default
- Supported the reorganized JV and was successful in helping them avoid bankruptcy proceedings
- Completed acquisition analysis studies, reports and accounting technical memorandums and implemented an employee benefits programs
The parent company was able to successfully restructure the JV and their debt and the JV was merged into the parent while eliminating the other partner in the JV. Finally, the AFS team was engaged by the parent company and completed the accounting and reporting for the merger of the former JV within six weeks.
