Fresh Start Accounting and SEC Reporting Sets Path After Emerging from Bankruptcy
The client, a publicly traded company manages and maintains interests in a wide variety of energy related assets. The company restructured and emerged from bankruptcy in 2012. The majority of the company is owned by a venture fund.
- Fresh Start Accounting
- SEC reporting
- Outsourced accounting function
- Solution & Benefits
Our accounting team gathered the information and began preparing a fresh start accounting package based on the transactions that had occurred as the company emerged from bankruptcy. The PKF Texas Information Technology group upgraded the accounting package and moved it along with other critical data to the cloud, which allowed the remaining employees to work remotely from Denver and for the main accounting team to work from Houston. PKF Texas’ SEC team began working with the accounting and financial reporting group and completed the 10Q on time. The project is still ongoing after 15 months of service.
The company emerged from Chapter 11 with income producing assets and quickly needed an interim accounting solution for reporting and SEC filing purposes.
There was little structure in the organization, the financial records were in disarray and there were very few accounting personnel available to provide background information. The general ledger accounting package was complicated and had not been updated for several years. We needed to move the reporting functions from Denver to Houston and prepare for a 10Q filing that would be due in six weeks.