Case Experience

 

A detailed review of Mr. Iking’s case experience, in reverse chronological order, is available here.

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

IV.- Desarrolladora Homex

Prepared valuation report and presented results to Company’s Board of Directors and Shareholders to substantiate share price being offered to current and new equity investors as part of an out-of-court restructuring whereby approximately (i) US$ 180 million of debt would be converted to equity and (ii) US$ 40 million of new equity would be injected into the business.
Out-of-court restructuring was approved by creditors and shareholders and the Company has a restructured balance giving it much more operating flexibility going forward.

Deal Size: USD $285.0+ million of debt (pre-restructuring)

Dates: August 2017 – September 2017

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

Location: Mexico City, Mexico

V.- Engenium

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Direct development of 13-week cash flow model for equipment leasing company to improve visibility on short-term cash fluctuations and treasury management. Tool used by financial
planning & analysis area to identify funding needs and communicate those needs in advance to the CFO and board of directors during Company’s stabilization and growth phase after being carved out of a large industrial conglomerate.

Deal Size: USD $100.0+ million of debt

Dates: June 2016 – September 2016

Role: Overall Project Leader with team of 2 professionals

Location: Mexico City, Mexico

VI.- Confidential Industrial Services Company

Prepare and defend expert witness report in which financial impact of contract breach (improper implementation in terms of invoicing and early termination) was analyzed, interpreted and quantified to support plaintiffs claims for damages for breach of contract.
Panel arbitration judge ruled in favor of my client, awarding the damages calculated by me for early contract termination. Furthermore, the arbitration judge ruled to reject the counterparty’s
claim that the contract was unduly burdensome and improperly invoiced/paid during the prior 10+ year period of performance.

Deal Size: USD $30.0 million of sales per year

Dates: December 2015 – August 2016

Role: Expert Witness; Overall Project Leader with team of 1 professional

Location: Torreon, Coahuila, Mexico; Mexico City, Mexico

VII.- Urbi Desarrollos Urbanos

  • Develop business plan and 13-week cash flow to support restructuring of over US$ 2.0 billion of secured and unsecured debt
    • Facilitate creditor due diligence of both
  • Support development of restructuring proposal including treatment of claims and development of management incentive plans
  • Plan for and execute Concurso Mercantil (Mexico equivalent of Chapter 11) filing, including monitoring required amounts of votes in favor of pre-pack, preparing Anexo 3, 4 and 5 (list of creditors, debtors and assets – Mexican equivalent of Schedule of Assets and Liabilities) and developing proposals for treatments of certain creditor classes (convenience claims, professional fees, etc.) Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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  • Urbi entered Concurso Mercantil in January 2015 and exited Concurso Mercantil one year later with a significantly restructured balance sheet. Today, Urbi is publicly traded again and continues to operate, albeit on a reduced scale relative to pre- Concurso Merantil

Deal Size: US$ 2.0+ billion of debt

Dates: April 2013 – January 2015

Role: Financial Advisor to the Debtor; Project Director with team of 2 professionals

Location: Mexicali, Baja California, Mexico

VIII.- Brother International de Mexico

Develop and implement operational reorganization plan which included:

  •  Consolidation of two (2) office facilities into one (1) new office facility (facility design and supervise construction of new office buildout);
  • Closing of existing warehouse operations and transferring those to 3PL (3 rd party logistics) provider;
  • Planning for and responding to estimated attrition upon office space consolidation; and
  • Supporting implementation of strategic reduction-in-force of certain key executives and identification of replacement employees (CFO and Head of HR)
  • All initiatives were achieved on-time and on-budget (except the 3PL implementation, which had delays due to the 3PL provider)

Deal Size: USD $50.0+ million of sales per year

Dates: September 2012 – March 2013

Role: Advisor to the Company and its Board of Directors; Overall Project Leader with team of 1 professional

Location: Mexico City, Mexico

IX.- Hipotecaria Su Casita

Serve as Chief Restructuring Officer.

– Analyze and prepare weekly cash flow forecast;

– Develop business plan, long-term financial projections and restructuring proposal for potential re-start of operations upon receipt of new funding;

– Conduct negotiations with creditors and facilitate due diligence of the business and business plan; and

– Execute reduction in size of organization – supervise closing of over 30 branches and corresponding reduction-in-force

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Re-launch of business after out-of-court restructuring did not take place (after a Mexican Development Bank did not honor a soft commitment to fund the business after the balance sheet had been restructured) and the business was ultimately liquidated.

Deal Size: USD $400.0+ million of debt (post restructuring)

Dates: January 2011 – August 2012

Role: Chief Restructuring Officer

Location: Mexico City, Mexico

X.- International Garden Products

Advise secured lender on feasibility of business plan in support of potential new money lending to distressed horticultural company.

Deal Size: USD $40.0+ million of debt

Dates: August 2010 – September 2010

Role: Project Director with team of 1 professional

XI.- Business Services Provider

Prepare quarterly and annual financial statements for audit of HoldCo entity through September 30, 2009 and December 31, 2009 included in multiple S-1 filings for initial public offering. Prepare technical memos to document accounting treatment of complex financial instruments. Value numerous debt and equity instruments for financial reporting

Financial sponsor was exploring dual path (initial public offering or debt recapitalization) to monetize its investment in this company. Due to capital market conditions, the sponsor chose to raise debt in excess of USD $500.0 million as a way to monetize its investment… postponing any initial public offering due to favorable conditions in the credit markets.

Deal Size: USD $1.0+ billion estimated total enterprise value

Dates: October 2009 – March 2010

Role: Project Director

Location: Monterey, CA, USA

XII.- Citadel Broadcasting Corporation

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Direct accounting and finance team on Chapter 11 bankruptcy filing and first day motion preparation. Develop rolling 13-week cash flow forecast and report budget-to-actual results against the same to creditor group Company filed for bankruptcy protection and restructured its balance sheet.

Deal Size: USD $2.2 billion of debt

Dates: July 2009 – October 2009; December 2009

Role: Senior Associate

Location: Las Vegas, NV, USA

XIII.- Component Manufacturer for Printed Circuit Boards

Evaluate operational restructuring initiatives and quantify cash impact and P&L improvement, support lender due diligence for proposed debt-to-equity conversion, prepare 13-week cash flow forecast and weekly variance reporting. EBITDA improved from $24.3M LTM Ended March 31, 2009 to $58M LTM Ended March 31, 2010, with $26.2M improvement related to restructuring initiatives. Recapitalization of business closed in September 2010.

Deal Size: USD $400.0+ million of debt

Dates: February 2009 – June 2009

Role: Senior Associate

Location: Chandler, AZ, USA

XIV.- Hines Nurseries, Inc.

Direct accounting and financing team on financial reporting and operational issues during Chapter 11 reorganization. Support 363 asset sale process (prepare 13-week cash flows, quantify liabilities subject to compromise, address creditor inquiries) and operational restructuring which resulted in the reduction of 273 FTEs 363 asset sale took place and the business acquired by a new owner and continued as a going concern.

Deal Size: USD $225.0+ million of debt (pre-restructuring)

Dates: August 2008 – January 2009

Role: Deputy Chief Restructuring Officer

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Location: Irving, CA, USA

XV.- Publicly Traded Entertainment Company

Develop three statement financial projection model to support cash flow forecasting, mergers & acquisitions and operational sensitivity analyses, and debt covenant compliance. Tool used by financial planning & analysis area to evaluate pro forma impact of numerous acquisition – including the impact of a novel contract approach in which this company would pay up-front for all future cash flows of certain entertainers (musicians and professional athletes).

Deal Size: USD $3.0+ billion of estimated total enterprise value

Dates: May 2008 – August 2008

Role: Senior Associate

Location: Beverly Hills, CA, USA

XVI.- Metricom, Inc.

Directed five person client team in the data gathering and analysis process to support the filing of voluntary Chapter 11 petitions and related First Day Motions for five (5) debtor entities. Advised client in the preparation of the Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports and other debtor-in-possession reporting requirements.

Identified over 2,600 real-property leases to be rejected under Section 365 of the Bankruptcy Code. Quantified maximum allowable lease rejection damage claim under Section 502(b)6.

Developed liquidation analysis model that quantified the range of estimated recovery for the creditors of the Debtors’ Chapter 11 estate.

Developed analytical tool to quantify the potential impact on the overall recovery to unsecured creditors in the event that over 2,000 contingent (and unfiled) claims became allowed claims of the estate.

Directed project team which performed preference analyses on over $120 million in pre-petition payments – this project resulted in recovery of over $10 million through 120 avoidance action law suits.

Effectuated five (5) distributions to allowed general unsecured creditors totaling over $130 million. At each distribution, identified the amount of (i) cash-on-hand, (ii) reserves required to fund all contingent and/or unallowed administrative claims, (iii) allowed unsecured claims and (iv) unallowed unsecured claims to determine the amount of cash available to be distributed on behalf of the claims of allowed general unsecured creditors.

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Deal Size: USD $955.0+ million of debt

Dates: July 2001 – August 2006

Role: Associate

Location: San Jose, CA, USA

XVII.- Kestrel Solutions, Inc.

Directed company finance and accounting team in the data gathering and analysis process to support the filing of the voluntary Chapter 11 Bankruptcy Petition and related First Day Motions. Advised client in the preparation of Schedule of Assets and Liabilities, Statement of Financial Affairs, Monthly Operating Report, and other debtor-in possession reporting requirements.

Established company’s procedures for the evaluation of claims filed against the estate and the post-bankruptcy accounting and financial reporting process. Developed financial model to forecast the percentage of recovery to the unsecured creditors of the Kestrel Estate, and presented such forecasts to the Official Committee of Unsecured Creditors and the Bankruptcy Court.

As Court Appointed Plan Agent:

  • Effectuated the multiple distributions of the Debtor’s $12 million estate in the first distribution to unsecured creditors,
  • Provided financial analyses to support a special counsel investigation into the pre-petition actions of the Debtor’s Directors and Officers to determine if there was a cause of action for a breach of fiduciary duty claim against these individuals, and
  • Supported the day-to-day wind-down and liquidation of the Debtor’s estate including the (i) disposition of remaining assets, (ii) compliance with the financial and tax reporting requirements of the reorganized debtor, and (iii) pursuit of recover of notes owed to the Debtor by its employees

Deal Size: USD $125.0+ million of debt

Dates: November 2002 – July 2005

Role: Associate

Location: Silicon Valley, CA, USA

XVIII.- Official Committee of Unsecured Creditors to Golden Northwest Aluminum

Facilitated the development of a competing Plan of Reorganization proposed by the Official Committee of Unsecured Creditors. Analyzed historical business performance and go-forward projections for purposes of preparing a disclosure statement to be attached to an offering memorandum to raise new money to fund the proposed Plan of Reorganization.

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Deal Size: USD $200.0+ million of debt

Dates: March 2004 – July 2004

Role: Associate

Location: Goldendale, OR, USA

XIX.- Lending Syndicate to Semi-Conductor Manufacturer

Completed pre-lending due diligence on behalf of lending syndicate for asset-backed loan to this semi-conductor manufacturing concern. Quantified eligible borrowing base for accounts receivable and inventory. Assessed strengths/weaknesses of company’s finance and accounting staff and its reporting capabilities. Completed sales concentration and inventory and accounts receivable roll-forward analyses on collateral base identified at four different operating locations.

Deal Size: USD $100.0 million of debt financing closed

Dates: February 2004

Role: Associate

Location: Fremont, CA, USA

XX.- Redback Networks, Inc.

Prepare company for Chapter 11 filing, $475M of debt converted to equity in plan of reorganization and company exited Chapter 11 and continued as a going concern

Deal Size: USD $475.0+ million of debt

Dates: September 2013 – November 2013

Role: Associate

Location: San Jose, CA, USA

XXI.- Lending Syndicate to Electronic Payment Services Provider

Served as financial advisor to the proposed lending syndicate for a USD $500 million loan to an electronic payment services company. Analyzed company’s business model and developed sensitivity analyses tools to evaluate multiple financing scenarios and the impact of changes in revenue growth rate assumptions on projected financial performance.

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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Analyzed company’s contractual obligations and forecasted long-term cash-flow of these off-
balance sheet, take-or-pay promotional and marketing contracts. Assessed impact of these obligations on the company’s ability to service the $500 million loan proposed by the lending syndicate.

Deal Size: USD $500.0 million of debt financing closed

Dates: August 2003 – September 2003

Role: Associate

Location: San Mateo, CA, USA

XXII.- OmniSky Corporation

Directed ten person client team in the data gathering and analysis process to support the filing of voluntary Chapter 11 petitions and related First Day Motions for four (4) debtor entities. Advised client in the preparation of the Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports and other debtor-in-possession reporting requirements.

Implemented the Plan of Liquidation approved by the Bankruptcy Court while serving as Court Appointed Plan Agent. Plan of Liquidation called for the distribution of the Estate’s proceeds and the settlement of all outstanding claims against the Estate.

Directed an outside consultant on the analysis of over 130 proof of claims filed against the bankruptcy estate which led to the filing of two (2) omnibus objections to claims and the settlement, allowance, and subsequent 100% payment of all claims. Advised debtors’ outside bankruptcy counsel and debtors’ management team on the appropriate strategy to settle claims based on the consultant’s analyses.

Authorized and directed the production of over 160 estate distribution payments to unsecured creditors totaling over $9.0 million. Completed the wind-down of the estate including the preparation of post-confirmation quarterly operating reports and a final claim status report filed with the Bankruptcy Court to confirm the satisfaction and 100% payment of the Debtors’ allowed Class C (General Unsecured) claims and Class C-1 (General Unsecured Subordinated) claims.

Deal Size: USD $10.0+ million of debt

Dates: 2002 – 2003

Role: Associate

Location: San Francisco, CA, USA

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate
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XXIII.- HealthCentral.com

Directed five person client team in the data gathering and analysis process to support the filing of voluntary Chapter 11 petitions and related First Day Motions for ten (10) debtor entities. Advised client in the preparation of the Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports and other debtor-in-possession reporting requirements.

Deal Size: USD $10.0+ million of debt

Dates: September 2001 – October 2001

Role: Associate

Location: Emeryville, CA, USA

XXIV.- U.S. Wireless Corporation

Directed five person client team in the data gathering and analysis process to support the filing of voluntary Chapter 11 petitions and related First Day Motions for three (3) debtor entities. Advised client in the preparation of the Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports and other debtor-in-possession reporting requirements. Advised client on its going-forward staffing needs and the design of an incentive compensation structure to reward staff for its involvement in the liquidation of the business.

Deal Size: USD $12.0+ million of debt

Dates: August 2001 – September 2001

Role: Associate

Location: Danville, CA, USA

XXV.- Multinational Construction Company

2001: Performed due diligence for emergency $40 million loan to prevent the filing of a Chapter 11 bankruptcy petition. Directed four team member client and advisor team which in the analysis of the company’s payable records and the identification of $40 million in current debts that were to be the used of funds for the emergency loan. Reported status of the due diligence process directly to the Chief Financial Officers of the construction company and to the lender.

2003 – 2004: Analyzed and authorized over $20 million of debtor-in-possession financing during company’s wind-down of operations and liquidation under Chapter 11 bankruptcy protection. Monitored company’s administrative costs and performed budget-to-actual analyses to inform client and Debtor management of management’s reporting and operating performance.

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Served as agent for FTI Consulting’s client, an insurance company, that guaranteed the completion of certain construction contracts and funded these projects’ operating losses during the liquidation process.

Developed cost accounting analysis model to identify and allocate the $110 million total loss incurred to each of the 30 projects funded during the pre and post-petition period. This ensured transparency in the lend/re-lend arrangement between the insurance company and the secured lender that jointly funded the administration of the company’s Chapter 11 case.

Dates: 2001; 2003 – 2004

Role: Analyst

Location: Dublin, CA, USA

XXVI.- Quokka Sports, Inc.

Directed five person client team in the data gathering and analysis process to support the filing of voluntary Chapter 11 petitions and related First Day Motions for eight (8) debtor entities. Advised client in the preparation of the Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports and other debtor-in-possession reporting requirements. Advised client on its going-forward staffing needs and the design of an incentive
compensation structure to reward staff for its involvement in the liquidation of the business.

Deal Size: USD $125.0+ million of debt

Dates: March 2001 – May 2001

Role: Associate

Location: San Francisco, CA, USA

XXVII.- Quintus Corporation

Directed five person client team in the data gathering and analysis process to support the filing of voluntary Chapter 11 petitions and related First Day Motions for three (3) debtor entities. Advised client in the preparation of the Schedules of Assets and Liabilities, Statements of Financial Affairs, Monthly Operating Reports and other debtor-in-possession reporting requirements. Monitored post-petition cash burn rate to ensure sufficient cash availability until
Section 363(a) asset sale was approved by the Bankruptcy Court and the debtors’ businesses were acquired by Avaya, Inc.

Deal Size: USD $55.0+ million of debt

Dates: January 2001 – March 2001 

Qualifications Statement of Floris Iking – CTP Industry Veteran Candidate 
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Role: Analyst

Location: Pleasanton, CA, USA

XXVIII.- Secured Lending Syndicate for an Industrial Laundry-Service Provider

Monitored the company’s financial and operational performance during a 20-week forbearance period. Activities included developing detailed analyses of each of the company’s 21 operating facilities’ accounts receivable, accounts payable and operational activities to evaluate the course of maximum recovery for secured lenders: (i) Chapter 11 reorganization, (ii) Out-of-court piece- meal asset sale of individual laundry services facilities, and/or (iii) new equity play by P.E. sponsor to buyout the secured lenders’ position.

Monitored weekly cash flows and prepared analyses of variance in budgeted-to-actual results.

Loan was acquired by the private equity sponsor and the business continued as a going concern with a “restructured” balance sheet.

Deal Size: USD$ 160 million of debt

Dates: September 2000 – January 2001

Role: Analyst

Location: Houston, TX, USA

Floris Iking

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