14/07/2015
CRC Business Solutions is pleased to advise that it has now finalised a deal to secure the future of WA mining services company, Viento. Under a deed of company arrangement signed between the company and the its voluntary administrator, CRC has negotiated the financial support of CarVal Investors in a deal to secure the jobs of 250 employees and a financial return to the company’s unsecured creditors.
Negotiations included a debt restructure with Viento’s bankers and creditors as well as assisting the company to win $47m in new Pilbara contracts with BC Iron and Rio Tinto, while the company was in voluntary administration.
The reorganisation saw Viento unload its interest in its switch room making subsidiary, HVLV, after a contract blowout at the giant Chevron Wheatstone LNG project.
CRC was successful in bringing long term mining executive, John Silverthorne together with distressed debt player, CarVal Investor, a company with over $10billion under management.
CRC Business Solutions is a business consultancy firm established by Chartered Accountant, Richard Croaker. The practice provides professional advice to company directors and business owners throughout Australia on problems facing business leaders in the areas of leadership development, business growth strategies, business restructuring and recovery, exit planning and management succession.
Our extensive experience assists company boards, CEO’s and business owners who wish to:
• Refocus their business goals
• Develop strategic processes for company growth
• Build management information systems that emphasise business performance
• Implement their business plans
• Implement acquisition and divestments programmes
CRC is continuing to work with Viento and its partners to capitalise on further opportunities in the mining services sector.