The event was organized by the Turnaround Management Association (TMA), Romania, and the RBI to mark the launch of TMA Romania, which aims to support companies in their efforts to restructure, effectively manage their businesses during the recession and revitalize their enterprises.
Petru Rares, chairman of the RBI, emphasized the importance of knowledge of workout and turnaround technologies both by banks and entrepreneurs and stated the RBI’s commitment to continuing with this kind of event for the benefit of the banking and business environments in all regions of the country. The RBI also plans to organize training courses with the TMA and KPMG to help the banking industry become more familiar with the subject.
KPMG is actively involved in the current development of the TMA, supporting the growth of the association by sharing the experience of its experts on turnaround. Serban Toader, Senior Partner at KPMG in Romania, and Speranta Munteanu, Partner in KPMG in Romania’s Advisory Department and Head of Restructuring Services, who is also one of the charter founders, gave keynote speeches.
As Toader commented: “KPMG plays an educational role in the business community, and shares its knowledge on key issues. In particular we like to play an active part in business organizations, so it was a pleasure to help with the setting up of the TMA, which will be a forum for turnaround-specialized professionals to come together, share their experience and debate hot topics.” In his presentation, Toader outlined the difficulties faced by banks in the eurozone and in Romania, particularly focusing on the growing problem of non-performing loans, commenting that “restructuring of credits is a certainty which must be managed.”
Speranta Munteanu adds: “We have supported many companies, helping them to adapt to the current economic climate and focus on their core, profitable services. During the boom years, many businesses over-diversified, taking on assets and activities which became difficult to manage when the recession set in. KPMG’s restructuring team has helped companies get through a difficult period and ultimately to become stronger. I enjoyed participating at this event and hope that participants found our presentations useful.”
The case study presented at the end was International Leasing Company which last year carried out a successful restructuring process developed by a team of KPMG and BCR specialists.