Forefront International Holdings

Forefront International Holdings is a Hong Kong-listed company with licenses for distribution and after-sales service of Scania-brand heavy trucks and passenger coaches in Taiwan, Hong Kong, Macau and the People's Republic of China (PRC). The company had accumulated HK $350 million in bank debt on HK $800 million turnover, and had negative cash flow stemming from fraud and other cash leakages. The company's shares were suspended from trade in May 2004 after the company's Chairman fled, leaving the board with a number of legacy issues to deal with, and with shareholders facing the prospect of a total loss on their investment.

Forefront looked to Alvarez & Marsal to begin developing and implementing a rescue strategy. Senior A&M professionals in Asia served as acting Chief Executive Officer and as members of the company's board. A&M stabilized operations, plugged cash leaks and implemented strengthened controls, cash management and governance. In addition, A&M secured new funding, renewed licenses from Scania and established a shareholder base. Other notable outcomes included: securing new investors, which recapitalized the business as a platform for resumption of trade in the shares on Hong Kong Stock Exchange. The shares resumed trading in April 2007, restoring more than HK$1 billion in shareholder value.