Hilite Automotive Group

Service(s): Restructuring Services
Sector: Automotive

Hilite International, Inc. wasa rapidly growing supplier of automotive components with design and manufacturing capabilities in North America, Europe and Asia. 

The group, based in Cleveland, Ohio, was concerned about poor performance in its French business, EBEA SAS. EBEA was suffering from changing market conditions, quality issues, pricing pressures and dwindling cash levels. Customers were over dominant, suppliers were holding the company to ransom and trade insurance cover was lost, something that in France can be life threatening. 

Adrian Doble, Head of FRP Advisory’s Restructuring Team, was engaged as Chief Restructuring Officer in 2007 in one of the most challenging European jurisdictions - France. 

Following a full review of profitability, Adrian and his Restructuring team member created a comprehensive budget and integrated pricing and costing plan, additionally introducing 13 week cash planning and controls. A new pricing/quotation system was introduced, enabling the business to confidently pitch for new work. 

Having established new business streams as a supplier to its German sister company, the FRP Advisory Restructuring Teamconducted successful negotiations that led to cash settlements from previous legal disputes.  Meanwhile, the President of the company worked on an asset realization plan.  Significant sums were returned to the parent, notwithstanding the massive downturn in the automotive market that arrived in September 2008. 

As a consequence, the work carried out by FRP Advisory’s Restructuring Teamwas voted International Turnaround of the Year in 2008 by the Institute for Turnaround, Europe’s leading professional body for the operational, funding and advisory community.

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