Project Name:
Financial Restructuring of SMACK Feedmill : Samoa |
Country:
Western Samoa |
Project Location within
Country:
Apia, Western Samoa
_________________________________________
Name of Client
South Pacific Forum Secretariat (Fiji) |
Professional
staff provided by your Company:
Principal Consultant
Senior Consultant
Management Accountant
No. of Staff: 3
No. of Man-months: 2 |
Start Date: (Month/Year)
February 1994 |
Completion Date: (Month
/Year)
April 1994 |
|
Name of associated
firm(s) if any:
N/A. |
No. of
man-months of professional staff provided by associated firm(s):
N/A. |
Name of Senior Staff
(Project Director/Coordinator: Team Leader)
involved and function performed:
Principal Consultant
Senior Consultant
Management Accountant
The financial statements for SMACK Co. were first compiled by the
Management Accountant before the rest of the team started their analysis of the financial
and technical issues which led to the closure of the SMACK Feedmill operations. To assist
in the technical survey of the plant and equipment of the feedmill an AESOP expert was
hired. The consultants were to assist the owners of SMACK Feedmill in negotiating with
their creditors. However, this was not possible when the relations between the creditors
and the SMACK Feedmill owners deteriorated to a level whereby only a legal solution was
the only option available. In the light of this development, the consultants proceeded
with preparing a restructuring plan to be activated if and when the creditors and the
owners reached some agreement to revive the operations of the feedmill. |
Detailed Narrative
Description of Project:
The project was requested by the owners for SMACK Feedmill to
revive their feedmill operations following extensive damages from the 1990 and 1991
cyclones. The project highlighted the main weaknesses in the financial management systems
of the company which were compounded when the factory facilities were extensively damaged
by the cyclones. The impasse in the negotiations between the owners of SMACK Feedmill and
their creditors has held back any further progress in the restructuring of SMACK Feedmill. |
Detailed Description of
Actual Services provided by your Company:
Refer to above |
