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
Why a 2009 supply-chain framework is the right diagnostic for 2026 Igor Zaks, CFA, President, Tenzor Ltd. May 2026 The week the framework went on the record In the last days of April 2026, two senior figures running the largest PE-backed SaaS distress cycle in history said things in public that should have surprised no one — and yet did.… Read More »The PE-Backed SaaS Distress Cycle: A Layering Problem
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
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
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
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 , 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
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
“What you see now in SCF is the bigger concentration risk. And this is one of the reasons for the concentration in the trade credit insurance market,” Richard Wulff, Executive Director, ICISA. In the run up to the SCFS’22, Igor Zaks, President Tenzor Ltd, interviews Richard Wulff about the differences between the recent Covid crisis from GFC, the reasons for… Read More »Igor Zaks, President Tenzor Ltd interviews Richard Wulff, Executive Director, ICISA
Igor Zaks, CFA, President of Tenzor Ltd., presented at the FCI (Formerly known as Factors Chain International) 53rd Virtual Annual Meeting 2021 22-23 September 2021. The panel focused on Greensill situation and its impact on supply chain finance, credit insurance, platforms, and funds. PANEL DISCUSSION: POST-MORTEM ANALYSIS ON GREENSILL AND OTHER CASES STUDIES: EXAMINING THE RISK FACTORS, THE ROLE OF… Read More »FCI panel recording: Post-Mortem Analysis on Greensill.