Profile: Steve Russell

Steve Russell

Steve Russell

Office: London
Specialism: Pensions credit advisory

Steve has 13 years' experience in advising and assisting troubled companies.Steve has worked both in the UK and US Business Recovery practices of PwC,providing support to both lenders and corporates. Steve specialises in advisoryand remedial work in corporates, both in crisis situations and before mattersget this far.  In the last two years, Steve has also advised bothCorporates and Trustees on some of the highest profile pension schemes in theUK, in transactions and scheme funding negotiations.

Highlights of Steve's recent experience include:

  • Steve led the accelerated sale of Netherlands based telecommunicationsprovider Via Net.Works.  Despite having an annual turnover of approx$100m, the company's recent acquisitions programme had left it in severefinancial crisis. After adopting an unusual triple-track approach, PwC achievedan $18.1m sale to Interoute of Luxemburg.
  • Over the last two years Steve has advised several Pension trustees boardson negotiating scheme funding and setting recovery plans in place. Mostrecently Steve took on the role of Financial Advisor to several trustee boardswhere he provides ongoing covenant advice. Recent clients include P&O andBritish Airways.
  • Steve led the biggest independent review undertaken by PwC BRS. This wasthe business review of a Swiss-based worldwide engineering group with turnoverof $24bn and $10bn of debt. The work was in two phases - a review of short-termliquidity followed by a broader review of the financial prospects for thegroup. Steve was the lead project manager with responsibility for managing thework streams across all lines of service, liasing with the Group at the highestlevel. This work led to the successful refinancing of the Group's $1.5bnfacilities.
  • Advised and assisted the Board of a German manufacturing group in cashcrisis on a short-term cash management and stabilisation plan to mitigate thethreat of impending insolvency. Steve then worked with the Company team toprepare and deliver many detailed plans to realise annualised cost savings of£30 million to return the group to profitability.

Principal recent industry sector experience:

  • Manufacturing
  • Entertainment & Media
  • Engineering
  • Technology