References

Context

Dans le cadre de son redressement judiciaire, pour une société de promotion immobilière, la revue technique et opérationnelle indépendante des bilans prévisionnels des 15 programmes en cours et 60 programmes à démarrer, en France et au Luxembourg, afin d’évaluer le prévisionnel de trésorerie et donc la capacité de la société à poursuivre ces programmes.

Mission

Restructuring

Objectives

• Independent external review of financial forecasts for ongoing and upcoming programs;
• Site visits to ongoing construction projects.

Stakes

• 15 ongoing operations and 60 programs yet to be launched;
• Coordination with co-developers when required.

Result

Transfer of SCCV (French real estate development company), follow-up on the completion of certain programmes and enforcement of the Completion Guarantee.

Context

In the context of the liquidation of a contractor holding a construction contract for an office building in Paris region: delay analysis and quantum, and assistance in the defects rectification.

Mission

Restructuring

Objectives

• Delay analysis using the As Planned versus As Built Windows Analysis methodology
• Quantum assessment
• Assistance to the liquidator in negotiations with the Employer and in the defects rectification

Stakes

• Lump sum contract - Total amount : € 100M
• Final account submitted by the contractor: balance of € 113M including a claim of € 77M
• Final account notified by the Employer: debit balance of - € 26M

Result

The ARGOS report enabled the liquidator to conduct amicable negotiations with the Employer and reach an agreement of a balance of €23M, including €2M of provisional retentions pending the defects rectification.

ARGOS assisted the liquidator in the defects rectification and 95% of the provisional retentions were finally released.

Context

Describe the project context in 3 to 5 sentences: nature of the project, stakeholders, issues encountered and the value added by Argos Construction.

Mission

Restructuring

Objectives

• Review of contractor procurement procedures (tendering, contract award ad execution);
• Verification of works accounts and identification of discrepancies between initial contracts and final settlement certificates (modifications) ;
• Identification and classification of anomalies by project and by phase (Tendering, Contract Execution, Works execution);
• Assessment of financial stakes and cost management effectiveness.

Stakes

• Portfolio of 9 real estate projects (offices and retail) across Francen for a total contract value of 12 m€;
• Anomalies identified on over 50% of the audited contract value;
• Governance challenges for the client.

Result

Two-phase audit report covering 100 works contracts, highlighting financial anomalies on 50% of the audited amount (6,2m€). The findings enabled our client to identify dysfunctions in their internal procedures and implement the necessary adjustments for improved management of the real estate portfolio.

Context

A company specialising in electrical works (high and low current), Heating, Ventilation and Air Conditioning (HVAC), electrical and climate engineering maintenance, and fire protection — primarily for private clients (commercial, industrial and residential real estate) — entered into court-supervised rehabilitation proceedings with an asset disposal plan.
The company's assets were transferred and the company was subsequently liquidated.
Argos Construction intervened (i) in the context of the asset transfer, by carrying out a cut-off assessment of the works executed by the transferred entity, and (ii) in the context of the liquidation, by settling the accounts of outstanding contracts.

Mission

E.g.: Restructuring

Objectives

• Carry out a cut-off assessment;
• Conduct site surveys to determine the progress of works executed by the liquidated entity;
• Analyse any disputes raised by clients and proof of debt filings;
• Review or establish final accounts with subcontractors;
• Review accounts relating to receivables financing, repayment of advance payment guarantees and interim payment retentions;
• Obtain releases of any outstanding bonds and guarantees.

Stakes

• Total accounts receivable: €4.1M

Result

Amount recovered: €3.2M

Context

Faced with severe difficulties marketing second-home developments in the middle of a downturn, the developer needed reliable completion forecasts for its 14 programmes and a financing plan for its banks. The engagement led to a winding-up followed by a programme-by-programme rescue.

Mission

Diagnostic

Objectives

• Completion forecasts for the 14 ongoing programmes with financing needs
• Project management support to continue the works

Stakes

• €30M of commitments across 10 banks

Context

The Independent Business Review carried out by Argos Construction defined a three-year business plan, but the funding requirement proved too high for the shareholder, who withdrew. The company entered receivership, leading to two separate sale plans for the utilities and earthworks businesses.

Mission

Diagnostic

Objectives

• Economic and financial diagnostic (organisation, risks, business plan)
• Funding-needs study and information memorandum for sale

Stakes

• €150M revenue, 850 employees

Context

At the guarantor's request, Argos Construction prepared the forecasts that supported a takeover as interim manager. The firm then guided the recovery over two years, co-building the action plan and operating the management dashboards.

Mission

Diagnostic and steering

Objectives

• Operational and financial diagnostic
• Development of dashboards and modelling tools

Stakes

• €135M revenue, 55 employees

Context

Initially called in for a claim review, Argos Construction convinced the shareholder to place the subsidiary under ad hoc mandate rather than launching a hasty social plan. Two acquirers were found and, despite subsequent judicial liquidation, Argos's technical assistance allowed two major public works to be completed and creditors to be repaid in full.

Mission

Diagnostic, claims, client disputes

Objectives

• Diagnostic and review of ongoing matters
• Handling of claims and validation of bank facilities
• Assistance with contract management and client disputes

Stakes

• €50M revenue, 350 employees

Result

Creditors repaid

Context

The Independent Business Review carried out by Argos Construction set the divestment strategy and persuaded the owner not to pursue a recovery plan that would have been personally risky. Talks with a potential buyer could then begin on a clean footing.

Mission

Diagnostic, claims, client disputes

Objectives

• Diagnostic and business plan review under ad hoc mandate then receivership
• Financial assistance and works-stoppage closures during the sale plan

Stakes

• €45M revenue, 455 employees