Transition Accounting and Back Office Standup for a Large Energy Company
Challenge
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.
Results
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
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