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.

Results

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

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

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

Results

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

Mission

Acquisition audit (in bonis)

Objectives

• Detailed review of cash-flow plans and organisation
• 5-year business plan and development plan for partners

Stakes

• €225M (portfolio)

Mission

Review of ongoing matters and cost structure

Objectives

• Review of project-by-project cash flow and organisation
• Control of receivables assignments and contractual assistance

Stakes

• €40M revenue, 180 employees

Context

As part of an in bonis acquisition, Argos Construction was engaged to assess the ongoing projects and forecast margins of this company specialising in structural works on historic monuments, in order to enable a fair valuation of the disposal.

Mission

External review of ongoing matters

Objectives

• Review of organisation and cost structure
• Review of forecast margins and budget

Stakes

• €9.5M revenue, 60 employees

Context

Engaged to validate the opportunity of acquiring a company with complementary activities, Argos Construction assessed costs before and after the takeover and prepared the budget forecast based on the existing order book.

Mission

Technical assistance — review of the situation during acquisition

Objectives

• Review of organisation and cost structure
• Review of forecast margins, customer accounts and budget

Stakes

• €5.5M revenue, 37 employees