Restructuring & Special Situations
Collateral & Borrowing-Base Integrity
The borrowing base is where stressed credits hide their problems first — aged receivables re-dated, ineligibles miscoded, inventory that exists on the certificate and not on the floor. We verify what actually secures the loan: field-exam-grade testing, fraud-aware (CFE-led), built for the moment when trust in the borrower's reporting is exactly the question.
Who calls us
The situations
- ABL lenders and credit funds with a borrower on watch — before advancing against the next certificate
- Lender groups negotiating a forbearance who need the collateral picture verified, not represented
- Banks needing independent collateral work their examiners will respect
What you receive
The deliverable
Findings written to support a workout negotiation or an enforcement decision: verified receivables and inventory positions, re-computed eligibility and reserves, and CFE-led exception work where the numbers do not reconcile. On site typically within a week.
Receivables, inventory, certificates, fraud posture
Receivables
Confirmation and re-aging testing, concentration and dilution analysis, contra and offset exposure.
Inventory
Existence and stage testing — raw, WIP, finished — with industrial-realistic recovery haircuts.
Certificates
Re-computation of eligibility and reserves against the actual credit agreement definitions.
Fraud posture
CFE-led exception testing when the numbers do not reconcile and the explanations keep changing. **Industrials note** Manufacturing and construction collateral is where generic field exams miss: WIP valuation, progress billing and retainage, tooling ownership disputes, consignment and pledged-inventory tangles. Our testing was built for exactly these.
Manufacturing and construction collateral is where generic field exams miss: WIP valuation, progress billing and retainage, tooling ownership disputes, consignment and pledged-inventory tangles. Our testing was built for exactly these.
Common questions
Straight answers
How is this different from our routine field exams?
Routine exams verify process on a schedule. We deploy when something is wrong — deeper sampling on the suspect areas, fraud-aware procedures, and findings written to support a workout negotiation or an enforcement decision.
How fast can you be on site?
Typically within a week of engagement for middle-market situations.
Do you work with our existing field-exam firm?
Yes — often as the escalation layer on the specific findings that matter to the credit decision.
Related capabilities
Where this leads
Lender-Side Workout Advisory
FL-2 · findings feed the restructure
Read more →13-Week Cash Flow & Liquidity
FL-1 · the cash truth beside the collateral truth
Read more →Recovery & Options Analysis
VC-2 · what the verified base means for each path
Read more →Forensic & Fraud Examination
When findings suggest diversion or misrepresentation
Read more →Verify before the next advance
On site within a week — findings your committee and your counsel can act on.