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Financial Overview Corliss Moore Group, Crisis Management by sherricide21: 10:46am On Aug 12, 2014 |
The Situation • The Department of Justice and Securities & Exchange Commission were investigating the company and its former officers for a variety of improprieties such as securities fraud and accounting fraud • The company was also under investigation by a group of 22 state attorneys general for alleged fraud in the sale of credit insurance • The company had no senior management • Lenders had lost confidence and begun to take large reserves against availability • Vendors were not shipping because they had not been paid and had lost confidence The Solution • Immediately addressed the "credibility crisis" by developing an aggressive communication strategy with all key constituents (the government, the lenders, the vendors and the employees) • Aggressively managed cash • Negotiated an agreement with trade vendors to support the company through the holiday season • Obtained incremental financing in the form of secured loan junior to the company's existing lenders The Results • Cooperated fully and completely with the government and state attorneys general and settled all matters • Executed a secured trade creditor agreement and vendors supported the company during the holiday season • Obtained incremental financing in the form of a junior secured loan |
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