Formal restructuring was identified as the must in this particular case. The entire process ended up with a debt reduction of circa 2,2 mil. EUR, from the pre-engagement amount of 3 mil. EUR, that is 74% debt reduction. The remaining part was broken down into parts and paid in accordance to the restructuring plan over a period of five years. The entire turnaround process facilitated the change in ownership of URANPRES. In 2017, URANPRES generated cumulative revenues of around 34 mil. EUR, with circa 250 employees.

SABAR got into difficulties after many years of successful operations, which were well diversified. These were mainly caused by the reduction in new oil and gas drilling activities in CEE, price pressure from alternative suppliers of baryte, especially from Morocco and Turkey, as well as general downturn in the construction industry. All of this pushed market prices of baryte down.

This was one of the most complex and challenging restructuring engagements carried out by DRS. Nevertheless, the formal restructuring, carried out under the watch of the court and trustee, resulted in the debt reduction of 65%, with the payment calendar of the remaining part spread over a period of five years.

One of the prerequisites of DRS to begin the turnaround and restructuring process was significant change to the management and shareholders of KRIZIK. Once that happened, DRS filed a petition in court for creditors protection, which was granted. After long and difficult negotiations with creditors (and a bit of good fortune), KRIZIK’s pre-restructuring liabilities of 1,5 mil. EUR were reduced just to 51k EUR, giving the company debt reduction of 97% and a new life. During the formal restructuring process some significant turnaround actions were deployed, involving scaling down through space and employment reductions, refocus of manufacturing from electricity meters to production of metal parts and goods with the use of CNC machines, with a big orientation on auto-moto industry in Slovakia and Germany. Third phase of the engagement involved sale of part of the KRIZIK’s business to one of the customers.

ELTEC become yet another victim of the latest economic crisis, which culminated in Slovakia in 2012-2015. Through the engagement of DRS and deployment of formal restructuring proceedings, over a period of less than a year, ELTEC’s total debt was slashed by 69%, with the remainder spread over a period of 7 years. Scaled down business of ELTEC operates successfully and continues the 70 years of hard work and Slovak engineering traditions.