RESTRUCTURING SPECIALISTS
WE CAN TELL GOOD SOLUTIONS FROM THE BAD ONES. WE CAN NOT ONLY FIND THE GOOD SOLUTIONS, BUT ALSO SECURE SUPPORT FOR THEM AND EXECUTE THEM SUCCESSFULLY.
Who we are and what we do?
1998 - 2019
We are a team of economists and financial specialists. We assist distressed companies to restore stability, find and execute solutions for their challenges in financial, operational and strategic areas. We have been active in the field for over 19 years, since 2015 under the BVCE brand.
Economic and financial issues are typically addressed by our inhouse team. When addressing operational, technical, strategic and legal issues, we build on long-term relationships with both local and international experienced and trustworthy specialists.
We cooperate with the best experts in every field only, The network of professionals which we have cultivated based on our own experience we consider to be one of the most valuable assets for our company and for our clients.
100+ specialistů
Since 2002 we have been working exclusively for distressed companies and their owners. We have a hands-on experience with multiple industries, from webcommerce (video streaming, online insurance, online retail), accross services (mobile services, eating, hospitality), health care (IVF, senior housing, outpatient care, hospitals), agriculture (crop and livestock production, feed mixtures), construction (residential, commercial, industrial), light industry (footwear, clothing, ceramics, automotive) to heavy industry (steel production, rolling mills, wire mills, forgings, castings).
+ + $$$
+ +
+
For the first five years of our existence, we have been "one of many" advisory and consulting firms. Seeing the company, writing an analysis, elaborating on recommendations. Over time, we realized that the so called best practice is insufficient and limiting for our clients.
Since 2008, we enter the projects with personal responsibility linked to the success of the projects. As members of the management team and/or statutory bodies of the target company, we stay involved also during the time of implementation of our plan, with goal oriented incentives.
Since 2014, we cooperate with the internationaly renowned consulting group Alvarez&Marsal, especially on specific cross-country projects within the CEE region, where local expetise and global support offer the best possible outcome.
Since 2015, we enter into selected projects also as financial partners. Our financial support targets a wide range of needs, from working capital financing, to bridge financing, to debt settlement within the implementation of the restructuring plan, to capital increases.
Typical situations in which we can deliver value:
-
loss-making of the operations due to a drop in sales (ie. decline of overall demand) combined with an inability to reduce costs accordingly, resulting into a defaulted liabilities
-
declining profitability due to the development of the competition space
-
liquidity issues and inability to finance trade debt
-
overindebtedness towards institutional creditors
-
insolvency and pre-insolvency situations, ie. real threads of bankruptcy
-
lack of financing sources for critical investments vis-a-vis traditional credit institutions
-
the need to increase capital to cover growing investment or marketing needs
-
the need to finance patent filings or other forms of intelectual property
-
the need of an independent mediator in an out-of-court settlement with creditors
Restructuring
Our main field of expertise, on which we focus since the very beginning. We have a strong competence in both court and out-of-court distressed situations, be it insolvency or pre-insolvency scenario.
We provide the firms and its owners advisory services, prepare and execute crisis plans, and secure financing if needed.
Mergers and Acquisitions
Typically, we offer M&A services as an add-on to our restructuring efforts, especially in times of economic upturn. Boom periods accelerate consolidation ambitions on the market and align valuation expectations of sellers and buyers thanks to persisting optimism. We have a track record of dozens of successful transactions in the M&A space.
Services
Corporate Finance
We assist companies in performance improvements, productivity growth efforts, cash flow optimizing, maximizing profitability through active costs management, execution of strategic investments, optimizing of financing structures and validating of growth plans.
Our Team
We organize custom-designed teams for each project and transaction, taking into consideration its specific needs and challenges. These teams are managed by the below noted partners, who are also the founders of the BVCE company. Introduction of the partners' professional careers follow.
Over the years, Miroslav Zámečník has accumulated significant experience in international financial institution operations, public finance, financial sector development, financial and structural restructuring of large industrial conglomerates, corporate finance and investment banking. In 1994, he became assistant executive director of the World Bank, where he was responsible for overseeing bank operations in South East Asia and for the development of the private / financial sector. In 1998 and 1999, he worked as a senior consultant with Arthur D. Little in the Financial Institutions Department, where he served as an advisor to the Ministry of Finance for the restructuring of companies with financial or operational difficulties. From 1999 to 2001 he worked as Deputy Director and member of the Investment Committee of the Revitalization Agency, where he worked on Zetor, a.s. and Vítkovice, a.s. court-assisted settlements with creditors and on working capital financing schemes through "tolling" in size of over CZK 3 billion. Miroslav Zámečník graduated from the University of Economics in Prague. He also successfully completed a six-month Pew Fellow Program at Georgetown University (Washington, D.C.) in 1993 and a bankruptcy, insolvency and financial analysis training at the World Bank. MIroslav Zámečník is fluent in Czech and English.
Mr. Lhoták has over fourteen years of experience with financial analysis and special projects within the region of Central and Eastern Europe. While becoming increasingly active in the environmental projects, Mr. Lhoták continues to be involved in the area of financial restructuring and investment banking. While working for Lazard Freres and Latona Associates investment banking joint-venture in the Czech Republic, he helped develop a number of financial restructuring plans for large industrial companies, including Skoda Holding, Vitkovice Steel, Nova Hut, Adamovske strojirny and Skoda Steel.
Mr. Lhoták started his career as a financial specialist in the Strategy Department of Komercni banka Prague (today Société Générale), where he was actively involved in the areas of investor relations, capital raising (GDRs), macroeconomic analysis and group tax optimization. In 1998, he joined the Czech Securities Commission, where he participated in developing a new regulation and supervision environment for the Czech capital markets. In 1999, he was appointed as an adviser to the CEO of Konsolidacni banka Praha, s.p.u. vis-a-vis the Revitalization Agency. Mr. Lhoták holds a PhD. degree and a Master of Science degree in finance and accounting from the Prague School of Economics. He is fluent in Czech and English.
References
We started in 1998 on restructuring and reprivatisation of major Czech industrial companies,
such as ŠKODA Plzeň, Zetor Brno, Vítkovice Steel or Tatra Kopřivnice. These projects included
financial restructuring, operational and product changes and the search for new sources of funding,
including new capital from investors. Below are selected examples of dozens of cases and projects we have worked on so far
.
Restructuring of forging and foundry plant - approx. CZK 1.5 billion
We have designed a comprehensive program to reduce the company's liabilities, which included a series of liabilities write-offs, settlements and payment calendar schemes. The plan was approved by key creditors, including the Czech government, EBRD, commercial banks and shareholders. By successfully implementing the program, the total volume of bank debt decreased by 80% and the Company's operating activities were successfully stabilized.
Restructuring of protective footwear manufacturer - approx. CZK 200 million
We have prepared a proposal for financial and operational restructuring in cooperation with the creditors of the Czech footwear manufacturer. We have also negotiated a standstill agreement, a reduction in debt exposure and a new access to commercial loans. At the same time, the company adjusted its production program and focused on products with higher added value.
Restructuring of porcelain producer - approx. CZK 300 million
In a relatively short period of time, a newly devised plan of fundamental improvements was prepared and implemented in the company. The plan included operating cash flow stabilizing, new financing of necessary investments, changes in the finance management and a replacement of a large part of the management team. We also assisted in major management improvements in foreign subsidiaries as well as in a search for new strategic partners.
Restructuring of agricultural holding with crop and livestock production - approx. CZK 600 million
After preparing a comprehensive plan of financial and operational restructuring to achieve an out-of-court financial settlement with creditors, the elimination of loss-making operations and the plan approval by shareholders and lenders, we helped to implement the plan by directly participating in the day-to-day management of the group. and the subsequent negotiation of a change of control transaction under best possible conditions for the original owners.
Restructuring of the group of engineering and metallurgical enterprises - approx. CZK 200 million
We have prepared a plan to save key assets owned by interconnected group members. A specific feature of this project was the combination of out-of-court agreements with creditors for financial restructuring in one part of the group and insolvency solutions with an emphasis on a reorganization for the other.
Restructuring of a group of companies led by a producer of sheetfed offset printing machines - about CZK 500 million
In addition to the above-mentioned production of offset machines, the group was also active in the manufacturing of measuring instruments, paper cutters and fuel dispensers. We assisted the management in preparing the financial restructuring plan, which included a write-off of part of the debt, stabilization of operating finances, sell-off of unnecessary assets and parts of the group, and in negotiations with creditors.
Restructuring of bioethanol producer - approx. CZK 500 million
As part of the restructuring mandate, we assisted the investor in the preparation and implementation of a problematic project for the construction of a new production capacity for bioethanol production.
Printing company restructuring - approx. CZK 300 million
In agreement with the original owners, we entered into the role of shareholder of two overindebted companies engaged in commercial printing and books production in order to carry out a comprehensive restructuring. The restructuring involved a concentration of production into the region with a cheaper labor force, an agreement with creditors on debt relief of the manufacturing company, stabilization of operating cash flow and finding new business opportunities.
Restructuring of the Energy Holding - approx. CZK 150 million
For the holders of the holding, we have prepared a reorganization of individual production, sales and services divisions, including the determination of the necessary financial resources for its implementation, ensuring the consent of participating bank and non-bank creditors. The results included an elimination of cross-links between the members of the holding and the creation of favorable conditions for further independent development.
In the area of acquisitions and mergers, we have worked on a number of local and regional (CEE) mandates. We have purchased high-speed Internet assets and technology companies for clients, a manufacturer of specialized steel forgings, automotive component manufacturers, nonwovens manufacturers, steel rolled products manufacturers, renowned film studios, and more. For our clients we sold a successful construction company, engineering factories, glassworks, medical assets, construction development companies and more.
We look forward to getting in touch with you either through the contact form below, or through the below noted address, phone or email.
Address: Kubánské nám. 1391/11
Prague 10, ZIP 100 00
Email: info@bvce.cz
Tel: +420 603321500