Core Viewpoint - The R&R Family of Companies faced severe financial distress leading to its collapse, with lenders urging a wind-down of operations due to insolvency and unpaid invoices, despite ongoing freight operations [1][2][5]. Financial Condition - R&R and its affiliates were reported to be insolvent and deeply in default, with a significant lack of liquidity while continuing operations into late 2025 [1][3]. - By 2025, R&R's financial condition deteriorated sharply, reporting approximately $25.9 million in net operating losses, with actual losses potentially higher due to accounting practices [4]. - The company accumulated around $65 million in unpaid trade payables by late 2025, indicating a critical liquidity crisis [4]. Lender Actions - Huntington National Bank and S&T Bank extended multiple credit facilities to R&R in March 2022, including an $85 million revolving credit line and a $3.7 million term loan [3]. - By mid-December 2025, Huntington recommended an orderly wind-down due to insufficient liquidity, but R&R continued operations despite accumulating unpayable debts [5]. Turnaround Efforts - In November 2025, R&R hired G2 Capital Advisors to develop a restructuring plan, which estimated a need for at least $25 million in new capital to survive [6]. - The proposed plan was deemed unviable by lenders after review, leading to further financial deterioration [6]. Allegations of Fraud - The lawsuit includes allegations of a fraudulent property transfer involving a Florida property owned by R&R Express Properties LLC, raising concerns about insider actions during insolvency [8].

Core Insights - Teneo has agreed to acquire PwC New Zealand's Business Restructuring Services unit, further expanding its Financial Advisory business in the Asia-Pacific region [1][4] - The acquisition will involve 22 employees from PwC New Zealand, including key partners and an executive director [1][2] - The deal is expected to be finalized by the end of next month, pending standard closing conditions [3][4] Group 1: Acquisition Details - The acquisition will enhance Teneo's capabilities in restructuring and insolvency matters, focusing on both domestic and cross-border situations [4] - Teneo's CEO Paul Keary emphasized that this acquisition is a significant milestone in the company's global growth strategy [4][5] - Teneo previously acquired PwC Australia's Business Restructuring Services unit in July 2025, indicating a strategic trend in expanding its advisory services [5] Group 2: Operational Impact - The New Zealand team will continue to provide advisory services in business restructuring, corporate insolvency, and related areas [6] - Teneo currently employs over 1,800 people globally, with its Financial Advisory business growing to nearly 650 staff [5] - The acquisition aligns with Teneo's commitment to invest in the Asia-Pacific region and expand its range of advisory services [5][6]