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.
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