Like all things in life, everything evolves. But whether one believes in the Theory of Evolution, Creationism or some other founding principle of human existence, one will agree that some constants remain throughout time. Practically speaking, while restructurings may have evolved into more complex and special situations, the need for a strong hand to take charge and ensure a steady drumbeat to achieve the goal of a successful restructuring will always exist.
Hence the need for a Chief Restructuring Officer (“CRO”), not a Chief Risk Officer as the acronym might suggest, is critical in our opinion to the success of any restructuring. The larger or more complex the restructuring, the greater the need for such an intervention. The CRO concept started in America, and has slowly moved to other parts of the world (primarily Western Europe), but has still not become a recurring theme in several other parts of the world.