Restructuring & turnaround advisory — Singapore, est. 2011
Keel works with directors and lenders through covenant breaches, liquidity pressure and solvent wind-downs. Independent, senior-only, and engaged to say the thing the board has been avoiding.
01 — Mandates
We do not run a broad practice. Every engagement falls into one of these four, and a partner runs all of them personally.
A thirteen-week cash flow, built properly — for most companies, the first time anyone has genuinely done it. It changes the conversation within a week, because it replaces argument with arithmetic.
Standstills, waivers, amend-and-extend. We have sat on the credit side of the table and we know precisely what a committee needs to see before it can say yes — and what guarantees a no.
Cost base, working capital, and the two or three decisions that actually move the number. We do not deliver a hundred-page report; we deliver the short list and then help you execute it.
When continuing is the more expensive option. Handled early and deliberately, a wind-down protects directors personally and returns materially more to creditors than the forced version does.
02 — The first question
Boards discover two things at once: the runway is shorter than they believed, and the binding constraint is a date rather than a balance. Below is a simplified version of the model we build in week one. Move the cost reduction and watch the covenant test.
Runway remaining
6.8monthsMonthly burn
SGD 620kCash at covenant test
NilCost reduction — 0%
Illustrative only. Opening cash SGD 4.2m, base burn SGD 620k per month, dashed line shows the unmanaged path.
03 — Insight
Most companies do not fail from the loss. They fail from the eleven months spent hoping it reverses.
04 — Case notes
Clients rarely want a restructuring publicised. These three are described with permission.
Selected
engagements
2023 — 2024
05 — How we work
Rule one
Senior only.The person in the first meeting is the person doing the work. We do not staff mandates with a pyramid and we do not send juniors to learn on your crisis.
Rule two
Fixed fee for four weeks.You will know exactly what the diagnostic costs before it begins. A company under liquidity pressure should not also be buying an open meter.
Rule three
We will say if you don't need us.Roughly a third of first conversations end with a recommendation to do nothing yet, and a date to reconvene. We consider that a good outcome.
06 — Contact
If you are three weeks from a payment you cannot make, call today. If you are twelve months out, call anyway — the options available at twelve months are considerably better, and considerably less expensive.
Request a first conversation07 — Colophon
Keel Advisory is a fictional firm. This page is self-initiated concept work by KILN, a one-person web design studio in Singapore — not a commissioned project. Every figure on it is invented, and on a page like this that is the sentence that matters: the eighty-four mandates, the eleven jurisdictions, the nineteen-day standstill, all three case notes and the recoveries attached to them. There are no partners, no engagements and no practitioners. No client, customer, review, metric or result shown or implied here is real, and nothing on this page is financial or legal advice. The runway model works — move the slider and the chart, the readouts and the covenant verdict are all recomputed from the same two constants — but it is arithmetic on invented numbers, not a diagnostic. Built as one static file: the hull lines are drawn SVG, the chart is plotted from the model rather than picked from a chart library, and GSAP is loaded from a CDN for the scroll.