President's Letter
Alan D. Holtz, CIRA
Dear AIRA Members:
Valuation has always been at the core of financial restructuring, mainly because it helps determine “how big is the pie?” and “how big a slice am I entitled to?” Valuation analysis is also used throughout a bankruptcy proceeding in such widespread ways as determining: (i) whether an equity committee should be appointed, (ii) if a lender is secured (iii) whether a company is/was insolvent at particular points in time and (iv) what the post-emergence balance sheet should look like.
Until two years ago, there was no professional designation to recognize those who are skilled and experienced in distressed business valuation work, including expert valuation testimony in bankruptcy litigation. AIRA saw the need for such a credential and in 2004 introduced the Certified Distressed Business Valuation (CDBV) program. In order to receive the CDBV designation, an individual must complete a 3-part course of study, pass exams for each of these parts and demonstrate significant experience in finance or accounting and distressed business valuation (waivers are available for parts 1 and/or 2 to certain qualified individuals).
The next big wave of bankruptcy cases is not yet here, many of us are involved in more and more litigation matters and valuation disputes seem to be playing a more significant part in chapter 11 proceedings. Now is the perfect time for you to enroll in the CDBV program and obtain the only credential of its kind. Information about the program and upcoming sessions can be found on the Association’s website at www.airacira.org.
Warm regards,
Alan
Author bio:
Alan Holtz is a Managing Director with AlixPartners based in New York. He has spent close to 20 years as a corporate restructuring and reorganization specialist and has managed all aspects of the financial restructuring process. Alan has provided services to companies, management teams and boards of directors, as well as to financial institutions and creditors’ committees, across a wide variety of industries. A frequent speaker on the subject of bankruptcy and reorganization, Alan holds a bachelor’s degree in economics from the Wharton School of Business at the University of Pennsylvania and is a CPA and a CIRA, for which he received the 1992 CIRA silver medal from AIRA.