Balance-sheet reconstruction
A working studio for CFOs and outside directors who must re-cut facilities, equity, and intra-group claims before the next reporting date.
Syllabus and fees
Studio notes · North District
The capital structure is the client.
Panel FlowHub sits with boards when a listed group, a family holding, or a mid-market manufacturer in Taiwan must rearrange debt, equity, and operating units without turning the corridor into a rumor mill.
Open the reconstruction studio
17
closed mandates, 2024–26
NT$ 1.86bn
combined facilities re-cut
11
board workshops in Taichung
Recent work, anonymised
A plastics converter that could not wait for the next AGM
The holding company had drawn a revolving line to fund a delayed export cycle. Covenant headroom vanished in six weeks. We mapped related-party receivables, isolated a saleable coating line, and wrote a lender pack that treated the family office and the bank syndicate as two different audiences. The line was restated; no public announcement was required.
We do not sell optimism. We sell a sequence the treasurer can defend in the next credit meeting.
Programs
Rooms you can book, not slogans
Carve-out sequencing
How to peel a plant, a brand, or a JV interest without stranding working capital or IT access. Longer treatment on the carve-out page.
Read the method
Creditor committee language
Drafting packs that survive a credit committee in Taipei, a family office in Taichung, and a trade insurer in the same week.
See all programs
From the practice lead
Why the studio is small on purpose
I opened Panel FlowHub after watching well-meant “turnaround decks” collapse in the first lender call because nobody had walked the intra-group cash. Corporate restructuring consulting only works if the people in the room have sat with a general ledger that does not reconcile on the first try.
We teach and we staff mandates. The teaching keeps the language honest; the mandates keep the teaching from becoming theatre. If you need a courtroom advocate, we will say so on day one and introduce counsel. That boundary is part of the fee.
Voices from programs
What people actually used
The related-party map in module three stopped an argument that had been running for two board cycles. We still disagreed on valuation, but at least we were looking at the same graph. I would have liked more time on Taiwan tax step-ups; the studio is honest that tax is referred out.
★★★★☆
Creditor committee language was dryer than I expected and better for it. Our bank finally stopped asking for a “story” and asked for a 13-week cash view instead.