RSI can serve as a full-time, hands-on manager in the role of Chief Restructuring Officer, fulfilling the complete set of responsibilities. We can also act in a consulting capacity.

Chief Restructuring Officer (“CRO”)

In cases where a client is in a large Chapter 11 reorganization, it would be uncommon not to employ a CRO. A CRO may be hired as a senior officer of a debtor-in-possession to assist the current senior management. In cases where management has resigned or been terminated, the CRO can function as an interim Chief Executive Officer. A CRO should have extensive hands-on experience in the debtor’s industry as well as in the restructuring process itself.

Some of the objectives that should be accomplished by a seasoned CRO include:

• Altering the Company’s Culture – The CRO must work to establish control of the distressed company while creating a framework for rapid change and improvement.
• Adapting to the Company’s Culture – The CRO must understand the internal structure and dynamics, while establishing credibility and trust with management and employees.
• Identifying the Problems – The CRO must persuade management that problems exist, which may be the result of management’s actions and/or inaction.
• Identifying the Core Business – The CRO must determine whether there really is a core business that can be successfully reorganized.
• Identifying and Achieving the Reorganization Goal – The CRO must lead the company and its management toward reaching the identified goal.

A successful CRO shields the company’s officers from many of the detailed processes involved in reorganizing, freeing them to focus on implementing the new business model.

RSI President Barry L. Kasoff has extensive experience with the role and functions of a CRO, having served as CRO for many RSI clients.