We worked with the administrator and the Promarkt management team to investigate various funding and restructuring options, with a view to saving as many jobs as possible.  The withdrawal of a key supplier had forced the German electrical retailer into administration in early 2008.  We undertook a review of Promarkt’s business and funding options before implementing a solution that allowed more than 80% of stores to continue trading.  The subsequent sale of six stores to trade buyers, combined with cash generated by closure of non-viable stores, provided vital liquidity for the business.  In addition to this, we developed an innovative asset-based lending solution for an 18-month period, which was instrumental in gaining support from creditors to facilitate the restructuring plan.  This enabled Promarkt to continue trading on a smaller footprint, and financed the opening of one new store as well as the refurbishment of existing stores.  It also allowed for a much higher staff retention rate than would otherwise have been possible.  The restructure was a groundbreaking transaction in Germany, uniting all key parties, including administrators, shareholders and management.  Our financial and retail expertise helped to deliver a solution that brought stability to Promarkt, saved over 300 jobs and built a solid foundation for future growth.