Monitor under the CCAA in Cygnal's restructuring
Cygnal Technologies, a communications provider offering voice, video and data solutions over traditional and next-generation converged Internet Protocol networks, suffered financial losses for several years and risked losing their business operations if the company without protection from its creditors and time to restructure its operations.
Our offers of assistance were initially turned down but, we continued to monitor the company for 18 months. Eventually, our Corporate Advisory and Restructuring team were engaged by Cygnal. The company chose to work with us thanks to our restructuring experience and our strong business contacts with their legal counsel.
Our team helped Cygnal streamline and restructure their operations quickly, which allowed them quickly achieve financial break-even and build a solid business platform for future growth.
Cyngal’s primary debt provider reorganized the company and turned the company into a privately own subsidiary, which allowed Cygnal to reduce its costs and target growth areas that complement the owners’ portfolio of companies.
Andy Wilczynski is an Advisory Services partner in the Toronto office of PricewaterhouseCoopers LLP. He has extensive experience in restructuring of financially-troubled companies, business rescues, turnaround and administrations. He is also experienced formulating and implementing creditor realization and downsizing strategies, as well as reorganizations and operational turnarounds for corporate clients. He has acted as an advisor to lenders and to management and directors of national and multinational corporations.