EngagedBT made it to the Top 4 for Business Rescue Transactions of the Year at the Ansarada DealMakers Annual Awards 2021 on Tuesday eve – thanks to our client, Consolidated Steel Industries!
We’re so proud of the work we’ve done for Consolidated Steel Industries (CSI), one of our most formidable Turnaround successes yet. Much praise to CSI’s management team, who took swift action to turn its fortunes around, and once again leads a financially strong business.
The shutdown of the construction and steel fabrication industries, as a result of a slowing South African economy and the COVID-19 pandemic, created liquidity issues for CSI, a leading independent construction materials conglomerate. In July 2020 the company’s management and the board took the decision to enter business rescue, the plan of which was adopted in September, having been approved by more than 98% of creditors present and voting.
The speedy implementation of the Business Rescue plan ensured that there was a meaningful business, in the form of Global Roofing Solutions, a leading South African roofing material manufacturer, to present for sale to Rockwood Private Equity.
Engaged is obsessed with achieving the best possible financial outcome for a distressed company, its staff, and its stakeholders. With the necessary skills and know-how, we formulate bold, effective, and practical strategies, which we expertly and professionally implemented.
As we look ahead, our goal is to continue building trust in the local turnaround industry, as a process that can and does work, if it begins while there is still a viable business to rescue. To restore businesses. Protecting investments. And saving jobs.