Turnaround, Bankruptcy Consulting, CRO and Crisis Management
Financial Advisors to Companies & Secured and Unsecured Creditors
Interim and Transitional Management
Trustee and Examiner Services
Purchase / Sale Diligence Services
Forensic Accounting Services
Our Background and Qualifications
Turnaround, Bankruptcy and Crisis Management expertise combined with Forensic Accounting and Expert Testimony experience to provide comprehensive support to our clients.
Experience from accomplished careers in Big Four Accounting, International Consulting and Commercial Banking Risk & Restructuring, working with both privately held and publicly traded companies, primarily in the middle market.
Our professionals have served in roles including Chief Restructuring Officer; Responsible Officer; Interim Management and Board Member.
In Bankruptcy cases, our professionals have served in various roles, including Liquidating Trustee, Chapter 7 Trustee, Plan Administrator and Examiner.
Certified Insolvency Restructuring Advisor; Certified Fraud Examiner; Certified Public Accountant; and Chartered Global Management Accountant.
Security Clearance from the Department of Justice.
Robert S. Rosenfeld, CPA, CFE
Mr. Rosenfeld has been a hands-on strategic advisor on financial and operational issues in the corporate restructuring field. He has over 33 years’ experience advising and managing publicly held and private companies. He has restructured and assisted companies both in bankruptcy and out-of-court, assisted in the development and growth of companies, implemented controls, developed and executed strategic business plans and has assumed responsibility for overseeing operations and right-sizing companies’ balance sheets.
Mr. Rosenfeld has served in many aspects of distressed company situations including: financial advisor to corporations, lender and unsecured creditor groups, trustees and bankruptcy examiners. Financial advisory services include: strategic business planning, operational and debt restructuring, solvency analysis, evaluating feasibility of restructuring plans, developing and implementing divestiture strategies and identifying fraud and/or misdirection of assets. Mr. Rosenfeld has served as a Chief Restructuring Officer, Chapter 7 and Liquidating Trustee, Examiner, Responsible Officer and Plan Administrator. He received security clearance from the Department of Justice and is on approved list of Receivers for the New York State Office of Court Administration. He has provided expert testimony in both bankruptcy and non-bankruptcy matters.
Examples of some of Mr. Rosenfeld’s assignments include: Private College – Chief Restructuring Officer (Eastern District of NY), International Multi-Billion-Dollar Seafood Harvesting and Distribution Company – Restructuring Advisor (Southern District of NY), National Mail Order Diabetes Healthcare Provider - Chief Restructuring Officer (District of Delaware), Institutional Long-Term-Care Pharmacy– Plan Administrator of Plan of Liquidation; Chief Restructuring Officer (District of Delaware), Fine Jewelry Designer and Manufacturer – Plan Administrator of Plan of Liquidation; Chief Restructuring Officer, Prepaid Phone Card Company – Chief Restructuring Officer, (Southern District of NY), Commodities Trading firm - Chapter 7 Trustee (District of Chicago), Specialty Gourmet Food Chain Retailer - Chapter 7 Trustee (District of Delaware), Specialty Tile and Brick Retailer - Examiner (Eastern District of NY), Derivatives Software Company – Trustee (Southern District of NY), Personal Response Monitoring Company (3rd Largest in Industry) – Chief Executive Officer; Board member (District of New Jersey), Multi Ethnic Program Provider for the DirecTV Satellite Television Network – Responsible Officer (District of New Jersey), Retail Women’s Apparel Chain (90 locations nationwide) – Responsible Officer (District of Connecticut), Retail Auto Parts Chain (30 locations – metro New York area) – Chief Restructuring Officer; Board member.
From 1990 through 2000, Mr. Rosenfeld was a Managing Director of FTI Consulting and its predecessor firm Kahn Consulting, Inc. He subsequently founded his own firm Cherpock & Rosenfeld, LLP in 2000, which was later sold to Protiviti, a wholly subsidiary of Robert Half International. Prior to forming RSR, Mr. Rosenfeld was a Managing Partner of a financial advisory firm specializing in financial restructuring, bankruptcy advisory, capital raising and mergers and acquisitions.
Mr. Rosenfeld holds a Bachelor of Science degree in Accounting from Indiana University, Bloomington and is a Certified Public Accountant, Certified Fraud Examiner and a Chartered Global Management Accountant.
Neil J. Bivona
Mr. Bivona is an accomplished commercial banking and restructuring professional with 25 years of hands-on experience managing individual lender and large lending syndicate interests in out-of-court negotiations as well as in Bankruptcy, State and Federal Courts. Mr. Bivona’s broad experience encompasses a wide spectrum of products and structures including cashflow and asset-backed lending, leveraged transactions, project finance and other non-recourse/off-balance sheet structures, securitizations and other structured financial transactions, trade finance, credit enhancement and derivatives in many diverse industries including, healthcare, automotive, energy/project finance, shipping, printing/publishing, directory services, retail/consumer goods, diamond & jewelry, chemicals/industrials, real estate, structured finance, telecommunications/media, educational institutions and insurance.
Recent projects include serving as Interim Chief Operating Officer, Interim Treasurer and Interim Property Manager of a Private College on Long Island with multiple campuses and other real estate holdings and a complex financing structure that was being liquidated in a Ch. 11 process. While working on this project, Mr. Bivona prepared the DIP budget & negotiated DIP financing with secured lenders, managed the College’s real estate holdings, closed-out of Title IV Federal Student Financial Aid programs with U.S. Department of Education, created and implemented hardcopy and electronic records retention policies in accordance with applicable Federal and State laws and regulations, developed exit plans for vacating and transferring two campus properties to new owners including relocation of IT servers to an offsite secure location, managed accounts payable and created a recovery model to calculate and track the allocation of asset sale proceeds from several distinct and shared collateral packages under a multi-waterfall settlement agreement negotiated among the creditor constituents.
Mr. Bivona was formerly Managing Director of The Royal Bank of Scotland’s Capital Resolution Group, a separate business within RBS established to wind down the bank’s highest risk and most capital-intensive assets consisting of corporate loan exposures and related derivative and GTS/cash management exposures. He managed the largest and highest profile cases in the Americas portfolio. Prior to his work in the Capital Resolution Group, Mr. Bivona was Managing Director of RBS’s Global Restructuring Group. From 1999 to 2008, Mr. Bivona was a Senior Vice President for ABN AMRO Bank N.V. in the Commercial Loan Restructuring Group.
Mr. Bivona has extensive asset management and sale experience including in his role as President of Brazos Valley Energy, LP where he lead a multinational Bank syndicate in taking ownership of a mid-construction 600 MW gas-fired powerplant outside Houston, TX when the original sponsor experienced financial distress and defaulted on its loans. As President of Brazos Valley Energy, LP Mr. Bivona arranged financing and negotiated with the EPC contractor to complete construction of the project on time and on budget, negotiated operating contracts and developed an interim operating structure to bring the plant online. Once commercial operation was established, Mr. Bivona retained an investment bank, managed the sale process and negotiated a sale transaction to a strategic buyer, maximizing recovery to the lending syndicate. He also served as President of AA Genco, LLC, where he managed a Bank-owned subsidiary established to hold a $2.3 Billion portfolio of life insurance policies obtained by the Bank via a credit bid at the Ch. 11 section 363 auction. Mr. Bivona coordinated transition of the portfolio from the bankrupt estate of the former owner with no policy lapses or missed premium payments. Mr. Bivona then established operational and risk management controls, policies and procedures and negotiated contracts with third-party providers for policy servicing, custody, legal and accounting services. Mr. Bivona then engaged and worked with industry expert advisors to develop a value-maximizing marketing and sale strategy. He subsequently negotiated and closed the sale of the portfolio to a financial investor at the bank’s targeted price under a tight (eight business day) deadline.
Mr. Bivona is formally credit trained and holds a Bachelor’s degree in Business Administration from Adelphi University and an MBA (cum laude) in Finance from Hofstra University.
Nelson J. Andrade
Nelson J. Andrade is an experienced professional with more than 17 years of restructuring, and financial and operational advisory experience. Mr. Andrade has advised companies, financial sponsors, lenders and creditor committees across a wide range of industries, including: transportation logistics, healthcare, retail, home building products, life insurance, healthcare, food and beverage, media, textiles and pulp & paper. These projects have ranged from $50 million to over $6 billion in revenue.
Mr. Andrade’s experience includes managing short term liquidity and cash flows under distressed environments; preparing and presenting budgets and cash flow models; developing business plans and analyzing businesses’ viability; creating complex financial models to analyze alternative restructuring scenarios; executing bankruptcy preparation and contingency planning; evaluating cost structures and identifying return-to-profitability opportunities; implementing and assisting the execution of various turnaround plans; overseeing M&A processes from the Company and the lender perspectives.
Prior to joining RSR Consulting, Mr. Andrade served as a Director at Alvarez & Marsal’s North American Commercial Restructuring practice (“A&M NACR”). He most recently advised the Lenders of Noble Americas, Inc., a trader of Oil & Gas commodities in North America, where he oversaw analyzing and reporting on cash flow projections. Other notable engagements included advising Payless ShoeSource, Inc., a $2.3 billion footwear specialty retailer, in its in-court financial restructuring, where Mr. Andrade’s responsibilities included cash flow projections and assisting in cash management, analyzing and reporting on borrowing base calculations and preparation of bankruptcy filings and first day motions.
Prior to A&M, Mr. Andrade served as a Director at Loughlin Management Partners, a national boutique turnaround and restructuring advisory firm, where his responsibilities included in-court and out-of-court restructuring and operational turnaround assignments. Some of Mr. Andrade’s notable restructuring assignments include the restructuring of Masonite International Corporation, Caribe Media, Inc., Interstate Bakeries Corporation, Dan River, Inc., Blockbuster, Inc. and others. Mr. Andrade’s notable operational turnaround assignments include the merger integration of Cardinal/Greatwide, a dedicated transport and logistics services provider, and the operational and process improvement assessment of Panolam Industries, a manufacturer of decorative laminates.
Mr. Andrade earned a bachelor’s degree in Agricultural Engineering from the University of São Paulo, Brazil and an MBA with concentration in finance from Cornell University. He is a member of the Turnaround Management Association (TMA) and a Certified Insolvency and Restructuring Advisor (CIRA).