Lender Services Engagements

National Food Distributor
CVS was retained by both the lender and the client to maintain, monitor and service, on a day-to-day basis, a $60 million revolving Receivables Purchase Agreement. During our involvement, the DSO was reduced by 8 days. The Director of Treasury Operations for this food distributor has stated, "The difference between your organization and the previous administrator is very dramatic.... Your company is a very capable and professional organization, and I would gladly, without reservation, recommend you to anyone."

Health Care Provider
CVS was retained by a bank group to perform a review on a health care company and to oversee the orderly liquidation of their collateral, which totaled approximately $130 million. CVS was able to recover the entire loan plus related expenses.

Steel Company
CVS was retained by the bank group to conduct a review, and to monitor on a day-to-day basis, the $400 million collateral owned by the Receivables and Inventory Securitization Lenders.

Body Armor Manufacturer
CVS was retained by the secured lender to liquidate the A/R collateral of a company that manufactured body armor. Their exposure consisted of a $25 million loan. Projected return by lender was 25%. CVS were able to obtain a return of 52%.

European Corporation
CVS was retained by a bank as a team member, to assist them in conducting a review and examination of the accounts receivable management practices in conjunction with a proposed $450 million asset securitization. A review of policies, procedures and management practices with regards to lease receivables, lease balances, credit reviews and contract generation was performed. The review was conducted at the corporate offices in Europe and included interviews and inquiries with key management personnel.

Global Corporation
CVS was retained by a bank group, as a team member, to perform a review of the operations of a $4 billion company. The objective of this review was to ascertain the control environment at this global corporation and its related companies, regarding the accounts receivables function. The scope of this review was to determine whether or not the company’s procedures, systems and controls over various functions and locations were conducive to mitigating the risk of fraud.