EUR 60m

May 2019

CNC

Advisor to the Executive and Supervisory Board

  • In 2016 the cooperative CNC, active in amongst others the production of substrate, received additional financing from its lenders for investments in a new production facility. As a result of lower than expected cost savings and product quality issues the projections of the initial business plan were not met;
  • Following replacement of the Management Board, Avaxa was engaged, to assist interim management of CNC in its discussions and negotiations with the incumbent lenders to restructure the current multi-layered financing package;
  • Given the complex governance structure (a.o. Management Board, Board of Directors, cooperative members, lenders) Avaxa streamlined discussions and negotiations with all stakeholders and coordinated the Independent Business Review; and
  • In the second half of 2019 financial performance of CNC and product quality improved, which helped in finding common ground and coming to a solution satisfactory to all stakeholders involved.