Insights > Transition Accounting and Back Office Standup for a Large Energy Company

Transition Accounting and Back Office Standup for a Large Energy Company


In recent years, declining electricity prices have squeezed margins for wholesale power generation companies. These cost pressures, amidst other challenges, contributed to one of the largest US wholesale power producers filing for bankruptcy and consequently needing to be restructured. The complex arrangement included a separation from its parent company, a debt restructuring, and transitioning into a fully-functioning, standalone business.

How we helped

Working with an ecosystem of partners tasked with helping the company through the restructuring, Riveron was engaged to provide transition accounting services, including running the accounting department on an interim basis, designing the future state accounting function, managing the cutover to the new company operations, and providing additional services in support of the restructuring effort.


Run accounting department on an interim basis

Operated all accounting functions during the transition

Developed model to support and reconcile balance sheet

Created, reviewed, and approved journal entries

Deployed budget and forecasting process


Design the future state accounting function

Developed roles and responsibilities for interim and steady-state staff

Redesigned processes

Established policies to strengthen controls

Defined new ERP system requirements and user security


Manage cutover to new company operations

Migrated data and performed master data clean-up

Trained permanent staff

Transitioned select processes offshore

Established KPIs

Stood up the finance and accounting functions in new

ERP environment


Riveron partnered with the company to successfully transition through the restructuring deal and operationalize a new, optimized accounting and finance function, with streamlined processes, automation of key tasks, and a new ERP system.

  • Completed the full month-end close process in 10 days
  • Onboarded and trained over 25 permanent employees and 50 offshore resources to takeover operations
  • Delivered the opening balance sheet and instituted fresh start accounting
  • Provided accurate and timely financial information to key stakeholders, including financial statements for auditors

“The Riveron team was instrumental in supporting our complex reorganization and fast-paced separation. The synergies afforded by Riveron’s integrated approach to standing up and managing our finance and accounting function and handling all accounting-related matters enabled me to focus my efforts on maximizing value for all constituencies in the bankruptcy and carve out.”

Chief Restructuring Officer & Executive VP of Finance

Ready to connect?

Our experienced professionals provide critical support during periods of transition, from operating the accounting function to designing the future state and managing the cutover. Contact us to learn more.