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Corporate Turnaround

Igor Zaks to Moderate AWCF 26 Panel on Rebuilding Trust in Alternative Finance

Igor Zaks to Moderate AWCF 26 Panel on Rebuilding Trust in Alternative Finance Tenzor Ltd. President Igor Zaks will be speaking at AWCF 26 – the 12th Annual Alternative & Working Capital Finance event, taking place on 30 November 2026 at Clifford Chance in London. Igor will moderate Panel 2: “Lessons from the Major Credit Failures: Rebuilding Trust in Alternative… Read More »Igor Zaks to Moderate AWCF 26 Panel on Rebuilding Trust in Alternative Finance

Receivables Finance: The Verification Gap After First Brands

By Igor Zaks, CFA – President, Tenzor Ltd. In the 2022 World Supply Chain Finance Report, I wrote that the Greensill collapse had “served as a litmus test for policies and controls needed to operate supply chain finance and receivables businesses.” I argued that the industry needed to look behind the product’s name – SCF, credit insurance or securitization –… Read More »Receivables Finance: The Verification Gap After First Brands

When Courts Rewrite Factoring

What the First Brands Litigation Reveals About Industry Practice, Accounting Standards, and Investor Risk Igor Zaks, CFA  |  President, Tenzor Ltd.  The collapse of First Brands Group and the investor litigation that has followed is doing something beyond resolving individual disputes. It is generating a body of legal interpretation that may reshape how factoring and receivables finance structures are understood… Read More »When Courts Rewrite Factoring

Operational Restructuring and Turnaround: Why Supply Chains Matter More Than Most Lenders Think

Igor Zaks, CFA, President of Tenzor Ltd. recently updated a presentation on operational restructuring and turnaround that brings together several themes I have worked on over the years: working-capital diagnostics, supply-chain dependencies, business model redesign, and the growing role of asset-based and structured financing in distressed situations. The core argument is simple: in many restructurings, liquidity is necessary, but understanding… Read More »Operational Restructuring and Turnaround: Why Supply Chains Matter More Than Most Lenders Think

The Turnaround Take Webcast with Igor Zaks

Igor Zaks sat with Joseph Sarachek for a webcast “The Turnaround Take”. We discussed some recent cases like  Carriox / HPS and First Brands, the role and approaches to due diligence and structuring, and opportunities in the space for distressed investors. We also had a detailed discussion about the Software industry, the impact of AI, and the resulting valuation and… Read More »The Turnaround Take Webcast with Igor Zaks

Igor Zaks Quoted in Wall Street Journal on Invoice Fraud

We are pleased to share that Igor Zaks, CFA, President of Tenzor Ltd., was recently quoted by The Wall Street Journal in its in-depth investigation into one of the most striking private credit fraud cases in recent memory: “How Fake Invoices Duped BlackRock Unit Into a $400 Million Loan.” The article details how HPS Investment Partners, acquired by BlackRock in… Read More »Igor Zaks Quoted in Wall Street Journal on Invoice Fraud

The Year of the Cockroach: Financial Scandals and Industry Impacts

Igor Zaks , CFA, President of Tenzor Ltd, was quoted by 9fin, a debt market intelligence publication. The article “The Year of the Cockroach” examines recent financial scandals, such as First Brands, Tricolor, Stenn and others and their implications for the industry. Specific quotes from Igor: “In my view invoice financing is very good market, with attractive yields if it’s… Read More »The Year of the Cockroach: Financial Scandals and Industry Impacts

Igor Zaks quoted by Bloomberg about First Brands

Igor Zaks , CFA, President of Tenzor Ltd was quoted by Bloomberg’s CFO Briefing about Factoring and Supply Chain Finance implications of First Brands Bankruptcy:“”I don’t see anything fundamentally wrong with the product, if it is used and disclosed correctly,” said Igor Zaks, president of Tenzor, a firm that advises clients on working capital issues. “What I see is people… Read More »Igor Zaks quoted by Bloomberg about First Brands

First Brands bankruptcy – implications on trade credit insurance

Igor Zaks , CFA, President of Tenzor Ltd, published an article, First Brands bankruptcy – implications on trade credit insurance at BCR News, a leading receivables and trade finance publication After several years of strong results, trade credit insurance — a cornerstone of receivables finance — is entering a more complex phase. The recent bankruptcy of US auto-parts manufacturer First… Read More »First Brands bankruptcy – implications on trade credit insurance