Corin Group is a global medical technology company focused on innovative orthopaedic solutions. In 2019, it acquired OMNI Orthopaedics Inc., a U.S.-based pioneer in robotic-assisted knee replacement technology. Corin USA Limited (CUSAL), the direct shareholder of OMNI, inherited various contractual liabilities arising from the acquisition. However, due to an ongoing group-wide restructuring process, CUSAL was unable to meet these obligations as they fell due. FRP was engaged by the directors to provide advice on the options available, including both solvent and insolvent solutions. Addressing post-acquisition liabilities for Corin
After undertaking contingency planning and reviewing potential outcomes, FRP advised that a moratorium was the most appropriate route to stabilise the situation. This approach offered immediate protection from creditor action while enabling discussions with key U.S. stakeholders to progress in a structured environment. FRP was appointed as joint monitors of CUSAL and worked closely with the business to develop a backup administration strategy, ensuring that the company was prepared for any scenario should negotiations fail. Stabilising the business through a moratorium process
The breathing space afforded by the moratorium allowed for constructive negotiations between CUSAL and its creditors. As part of a broader Restructuring Plan for the Corin Group, the moratorium process proved critical in avoiding administration and maintaining business continuity. With creditor support secured, the company was preserved as a going concern, safeguarding its operations and future contribution to the wider group. FRP’s leadership throughout the moratorium was instrumental in achieving a successful resolution under complex and time-sensitive circumstances. A successful outcome within a broader restructuring
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