Corporate Restructuring and Working Capital Management
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Testimonials-Igor Zax, Tenzor Ltd.

“Igor was appointed by EBRD to perform an independent business review of one of our clients in Ukraine and to develop a set of recommendations for improvement. Igor was able to establish a good rapport and working relationship with the company, and performed the job in way that was beneficial to all parties. He was later retained by the company itself to help them negotiate a restructuring of their loan facility with EBRD. The restructuring has been successfully completed.
I highly recommend Igor and would certainly be very happy to engage his services again”
Marina Snaith, Senior Banker, Risk Management – Corporate Recovery at European Bank for Reconstruction and Development (EBRD)

“Tech Data hired Igor Zax in May 2013 to support negotiations on Credit insurance in Europe.  Results were far beyond our expectations. This was achieved mostly thanks to Igor’s insider knowledge of both insurers and insureds practices, as well as to his dedication to this project.”
Frédéric Labey, VP EMEA Finance at Tech Data

“Igor worked closely with me to help a business evaluate and launch a new Pan-European Distributor Financing Program. Igor brought his extensive experience regarding credit insurance to the project with great success. He was diligent, timely and totally dependable. Should the situation arise to work with him again, I would be very comfortable doing so.” August 29, 2011
Eric Wright, Partner,Transaction Advisory Group – Working Capital Practice –Ernst&Young, US

“Igor’s expertise in UK legislation and financial practices combined with very high productivity helped a lot to turn an administration process of one of our partners into a great M&A deal. I am glad to recommend Igor on behalf of OOO “NPF “Materia Medica Holding” and personally.”
Daniil Epstein, Deputy General Director at OOO “NPF Materia Medica Holding

“I had a great pleasure working with Igor on a complex property project in a compromised legal and business environment. During our cooperation, Igor proved himself to be a top-notch crisis manager, who possesses an exceptional combination of fundamental knowledge and profound hands-on experience of acting and succeeding on emerging markets. Within a very short time frame, Igor managed to restore control over the business and stabilized it: made key HR decisions, established robust processes and controls, improved operational performance. Igor’s sharp wit, his encyclopaedic knowledge have always been of great use in structuring complex deals and finding nontrivial breakthrough solutions.
On a separate note, I would emphasize Igor’s loyalty and integrity. He has personally always been very honest, professional and straightforward in all his business dealings.
Igor is very pleasant person to work with, he is well received by both partners and counterparts. I would be happy to extend my best recommendation to Igor.” September 13, 2012

Rostislav Levinzon, General Director, Quinn Properties Ukraine LLC

Igor provided me with great assistance and support on a very challenging assingment in Ukraine and am happy to recommend him.
Robert Dix, Executive Chairman, Quinn Finance Limited

“Igor has deep knowledge of the Global supplier finance market place and products. He is very strong analytically and produces high quality analysis and written reports. He’s also enjoyable to work with!” October 15, 2012

Jon Male, Director, Cards, Payments and Banking segments, Ernst &Young, UK

We had the opportunity to work together with Igor on a working capital optimisation for one of our portfolio company with locations both in Europe and South America. He worked on site along with the CFO, helping him to identify the process bottlenecks, mostly in AR and AP, providing suggestions on how to eliminate them and impacting consequently on reducing the WC cycle
Igor also presented during our Portfolio event on Working capital. He covered extremely well the following points/
– Working capital management as part of organisational strategy and organisational structure
a. Cash conversion cycle and factors affecting it
b. Product mix, cash cycle and profitability
c. Objectives of credit management- risk and liquidity.
d. Credit management process and its interlinks with sales and operations
– Designing business model to optimise working capital
e. Supply chain structures, their evolution and objectives of the parties
f. Supply chain, value chain, risk distribution, working capital chain- framework for analysing a business model
g. Changing the model- distributor vs. agent, contract manufacturing, VMI, etc.

Fabio Pesiri, Operating Partner,  Head of Operating Team for Riverside REF funds

“Igor was external consultant to EY for an international vendor financing project I was the lead analyst on. Igor provided indispensable subject matter expertise in the realms of trade finance and credit insurance and provided valuable input on my financial models and final business case. Igor was a delight to work with and made a positive impression on the Fortune 500 CFO client as well as our internal team. If given the opportunity to work with Igor again I would jump at the chance.” October 19, 2012

Top qualities: Great Results, Personable, Expert

Ernest Rolfson, Senior Consultant, Ernst&Young, US
hired Igor as a Business Consultant in 2011

“Igor Zax is a regular speaker in my course on Mergers and Other Corporate Reorganisations at the London Business School. Through years of experience on corporate restructuring, Igor has developed a deep understanding of how to turn around businesses. Igor’s approach is truly holistic combining multidisciplinary insights from economics, finance, strategy and operation management. With these skills and experience, Igor is a valuable asset in dealing with any turn-around situations as the complexity of these situations benefits from a multidisciplinary approach: financial restructuring needs always to be combined with creative and sound operational decisions. Paolo Volpin (Associate Professor of Finance, London Business School.”

“I was working with Igor for several months on a full time basis on developing a concept and a business plan for turning my organisation into a full scale bank. I worked with a number of consultants before on this subject and found Igor as most professional and knowledgeable advisor. He has very solid academic background, and massive experience. He is extremely clever, logical, and original thinker. I highly recommend Igor.” January 8, 2010

Top qualities: Great Results, Expert, Good Value

Slav (Vyacheslav) Marin, CEO, City Investment Group
hired Igor as a Business Consultant in 2009, and hired Igor more than once

“I did work with Igor in a Structured Trade Finance deal for a British Multinational. Igor did effectively advice the CFO of the PE owned company with solutions for improving this company working capital. At all times, Igor demonstrated a very deep understanding of the different alternatives, pros and cons of these and terrific analytical skills. Definitely I would recommend Igor for any transactions involving turn around situations, distress markets and challenging business environments.” May 28, 2009

Bertrand de Comminges, Director Global Trade Advisory, Global Trade Finance & Supply Chain: London and Singapore, The Royal Bank of Scotland

“Igor has a ferocious ability to get the job done no matter what obstacles are thrown in his way. He has a vast depth of experience and contacts in the world of credit insurance and he is continuously looking for innovative solutions.” May 26, 2009

Top qualities: Great Results, On Time, Creative

Paul Woolf, CFO, Birds Eye Iglo Group

hired Igor as a Credit consultancy in 2008, and hired Igor more than once