Igor Zax, founder and MD of Tenzor Ltd., published a new article,
Working Capital – Seeing a Broader Picture , in Global Treasury Briefing, flagship publication of GT News/AFP. The article discusses strategic approach to working capital management within changing economic and industry environment, its links to supply chain, distribution and industry models.
Igor Zax, founder and MD of Tenzor Ltd. will be presenting at a major conference, Corporate Financial Restructuring in Russia & CIS, 1-2 December 2009
Current outline of the topics for the presentation:
Corporate Turnaround- looking beyond just banks and the creditor.
-Company’s “ecosystem” – how does supply chain affect company’s chances of recovery. Working capital problems, role of suppliers, distribution, credit insurers and asset backed lenders-their interests and possible actions.
-Changing the model- what can turnaround manager do and what support he/she needs to seek? How can creditors help turnaround manager to help them?
-Investor’s view- where is the exit?
<Igor Zax published a new article “Taking a holistic approach to working capital“.
Igor Zax just posted two new articles at Tenzor.co.uk about corporate restructuring
“Mind the Chain-Lessons for Firms in Distressed Markets”
Roundtable: “Restructuring the survivors as the economy melts”
Recent economic developments made working capital even more essential part of turnaround and corporate restructuring. It is no longer just stretching your payables and quick collections (although both are helpfull 
)-we have to look at a very broad range of issues, such as:
1. Role, strategy and behaviour of supply stakeholders, such as suppliers, buyers, retailers, distributors.
2. Working capital is ultimately tight to corporate strategy, marketing and sourcing and value chain issues. Often change of the business model may resolve many working capital issues.
3. We need to be efficient working with finance players directly involved in working capital financing, such as credit insurers, factoring, invoice discounting, trade finance, etc.
4. Companies need to be able not only manage but also to present their story from risk standpoint- receivables risk is largely misunderstood, and companies are not getting credit for robust management and operational process.
Building upon my 18 years experience including major blue chip corporate, banks and specialised boutiques, I set up my company, Tenzor Ltd. to help companies, their investors and financiers to deal with these and many other issues. Please visit my site, www.tenzor.co.uk for more information, publications, presentations, etc.
Kind regards,
Igor Zax, CFA, Sloan Fellow (London Business School)
Managing Direcor and founder of Tenzor Ltd
