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Chief Restructuring Officer

Chief Restructuring Officer (“CRO”) Services

VRS guides a company through a restructuring process as an officer of the company, not just an advisor. VRS’s founder, Jeffrey T. Varsalone, has served as a CRO for over 20 companies ranging in size from $5MM to $500MM in revenue, delivering in excess of $2 billion in transaction value.

  • As CRO, we act as a fiduciary to all creditors and seek to maximize recovery for the fulcrum security in a consensual restructuring process.
  • We work collaboratively with management, allowing management to run the company while we run the restructuring process.
  • We understand the risks facing boards of distressed companies and we insulate boards against these risks by executing restructuring initiatives based on sound business judgment, giving directors and officers business judgment rule protection.
  • VRS delivers its full suite of restructuring services through the CRO, with the team supporting the CRO in providing Crisis Management, Financial Advisory Services and Bankruptcy & Insolvency Services.
  • We seek to maximize creditor recovery through consensual out-of-court transactions, and guide companies through chapter 11 bankruptcies when necessary, acting as the estate fiduciary and exercising business judgment for the debtor.
“[A] debtor and its CRO are not given automatic and advance approval for all their actions. Instead, they must come back to the Court to seek authority as appropriate, including for actions outside the ordinary course of business like the sale at issue today. In this particular case, the evidence overwhelming supports that the ACS CRO Jeffrey Varsalone has acted in good faith in carrying out his fiduciary duties, which include running the sale process for ACS' assets, reviewing the Debtor's books and records, and managing the financial affairs of ACS. His oversight and actions have been and will continue to be a crucial safeguard in this case given the issues raised by the District Court Decision.”

-U.S. Bankruptcy Judge Sean H. Lane

In re Advanced Contracting Solutions, LLC 52 B.R. 285, 304-305 (Bankr. S.D.N.Y 2018)