Parmalat USTurnaround Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

Senior managers in the U.S. subsidiary Parmalat SpA (Parmalat in the U.S.), many of whom were from the Italian company Parmalat parents or other persons, uprooted, clean their offices, and left as the value of the parent company of fraud became known in late 2003. Parmalat USA filed for bankruptcy in October 2003. With the urgency and desperation, Enrico Bondi, Extraordinary Commissioner of Parmalat SpA, Milan office contacted AlixPartners, a global restructuring, consulting and financial advisory firm. Bondi for assistance AlixPartners "in the definition of the monetary situation in the U.S. subsidiary, and helps combat division, which is now devoid of top management. Jim Mesterharm, managing director of the Chicago office AlixPartners, was asked to lead this initiative as a major restructuring. Parmalat SpA, commonly referred to as the Enron of Italy, was the appointment of a trophy turn in at the beginning to AlixPartners: for them, the worse the economic problem, the better the job. ninety days was enough time to Mesterharm and his team to determine what can be cut and that the discussion it was necessary to sellers USA, customers and employees. Mesterharm team changed GAAP accounting methods from the base on a cash basis. They built a 13-week cash flow model. Aggressive efforts have been made to delay the payables and receivables to accelerate the creation of money. Boy keep afloat Parmalat USA has begun. "Hide
by James Shein, Nathan Haines, Matthew Horstmann, Tobias Kaulfuss, Craig Koester, William Koo, Juan Lariz Landin Source: Kellogg School Management 21 pages. Publication Date: January 1, 2008 . Prod. #: KEL356-PDF-ENG