Floris Iking is a corporate financial advisor with more than 20 years of experience in Mexico and the United States.

Professional profile

Floris Iking is a Managing Director with Alvarez & Marsal in Mexico City, Mexico. With over seventeen years of financial restructuring and corporate finance experience, he specializes in business diagnostics, restructuring plan development and implementation, cash flow forecasting, contingency planning for corporate turnaround and restructurings, and leading transformational projects for businesses such as M&A and capital raising and wholesale operational changes.

Mr. Iking has advised on numerous out of-court restructuring and Chapter 11 proceedings and has assisted clients in preparations for filings for both U.S. bankruptcy and the Mexican
Concurso Mercantil. He also advises non-distressed companies with the development of financial projection models, corporate finance projects such as M&A, debt and equity raising, preparation of consolidated audited financial statements, operational reorganizations and serving as an expert witness in arbitration and civil litigation processes.

Often, Mr. Iking serves as in an interim management capacity for his clients. He is currently serving as (i) Chief Financial Officer of Naviera Naranja, a shipping company with USD $250+ million in debt providing services to O&G exploration and production activities in the Gulf of Mexico and (ii) Asset Manager of Madero Reserve, a SPV established for a USD$ 600 million sale-and-lease back transaction for certain oil refinery assets in Mexico. Previously, he served as the Chief Restructuring Officer for Hipotecaria Su Casita and as Deputy CRO of Hines Nurseries.

Mr. Iking has significant experience in a number of industries including homebuilding, energy services, oil & gas, technology, financial services, agriculture, business services, entertainment & broadcasting, and manufacturing. His advisory assignments in Mexico include: M&G Polimeros, Desarroladora Homex, Madero Reserve, Naviera Naranja, Point Verde International, Urbi, Brother International, Hipotecaria Su Casita, and creditor advisory assignments on behalf of numerous multi-national banks. His advisory assignments in the United States are discussed later in this document.

Mr. Iking is a founding member of A&M’s Mexico City practice, which opened in January 2011. Prior to this, Mr. Iking served for three years in A&M’s Corporate Restructuring group in Los Angeles. Before that, he spent two years in the Investment Banking division of Credit Suisse, two years as an independent business consultant advising Chapter 11 liquidation processes, and four years in the Corporate Finance division of FTI Consulting.

Mr. Iking is the founder and chapter president of the Turnaround Management Association’s Mexico City Chapter (in formation). This chapter began its activities in August 2016 and to-date has held five events with attendance of 40+ professionals per event. Mr. Iking was also appointed to serve on TMA’s Board of Trustees with a two-year term expiring December 31, 2019.

Mr. Iking holds a bachelor’s degree in Business Administration with distinction from The University of North Carolina at Chapel Hill and an M.B.A. in Finance and Accounting from The Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate Page 2

University of Chicago Booth School of Business. He is a Certified Insolvency and Restructuring Advisor (CIRA) and is fluent in Spanish and English.

A detailed review of

Mr. Iking’s case experience, in reverse chronological order, is available here.

Case Experience

I.- M&G Polímeros México

Developed 13-week and 6 month cash flow used to size and model USD $60.0 million 2 nd lien (DIP-style) financing in order to re-start operations of a temporarily shut-down PET manufacturing facility. Support negotiation of terms and documentation of same. Advise debtor on finance and treasury matters per conditions of Stand-Still Agreement with its key creditors.
Prepare liquidation analyses and support development of long-term business plan and restructuring proposals.

Deal Size: USD $500.0+ million of debt

Dates: September 2017 – Present

Role: Financial Advisor to the Company; Overall Project Leader with team of 2 professionals

Location: Altamira, Tampico, Mexico

II.- Madero Reserve

Serve as Asset Manager of Special Purpose Vehicle established for sale and lease back of a PEMEX refinery in a transaction in excess of USD $600 million. Responsibilities include: (i) customer billing and collections, (ii) implementation and supervision of monthly financial
reporting and preparation of audited financial statements, and (iii) executing debt service, tax and supplier payments, and distribution of dividends to equity sponsor.
Vehicle has been functioning without exception in terms of customer collections and debt/equity service. Over USD$ 30.0 million returned to equity during the first 12 months of operations.

Deal Size: USD $500+ million of debt

Dates: January 2016 – Present

Role: Financial Advisor to the Company, Asset Manager; Overall Project Leader with team of 2 professionals

Location: Mexico City, Mexico

III.- Rabobank / Naviera Naranja

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate Page 3

January 2016 – present. Serve as interim Chief Financial Officer of Naviera Naranja on behalf of Rabobank, which is the secured creditor with operational control of the Company.
Responsible for: (i) complete financial and tax regularization of the legal entity which included (a) preparing financial statements from 2013 – present and obtaining audit for the periods 2013- 2015 and (b) making all tax filings for the period 2013 – present; (ii) financial planning and reporting; (iii) treasury management and customer/supplier management; and (iv) structuring a 2nd financial restructuring implemented in Q3 2017 designed to provide the vehicle with sufficient flexibility (and excess cash flow sweep) to service its debt.

April 2014 – December 2015. Advise Rabobank on workout of borrower with 9 off-shore oil &gas services support vessels as collateral (by-product of Oceanografia seizure by Mexican government). Activities included developing sale memorandum and marketing materials, and long-term business plan for re-start of activities required to achieve new money investments of over $US 60 million (funds were successfully raised) and approval of restructuring from the bank.

Deal Size: USD $250.0+ million of debt

Dates: April 2014 – Present

Role: Interim Chief Financial Officer, Financial Advisor to Secured

Lender; Overall Project

Leader with team of up to 3 professionals

Location: Mexico City, Mexico

Floris Iking

Floris Iking is a corporate financial advisor with more than 20 years of experience in Mexico and the United States.