Moulin Global Eyecare Group

Corporate Finance & Restructuring

September 18, 2013

“Never have I seen turnaround guys make so much out of nothing. This company was smoke and mirrors yet they made it real.” 

— Anshumann Woodhull, Managing Director, Pacific Alliance Investment Management (HK) Limited

We were appointed as Provisional Liquidators of Moulin Global Eyecare ("Moulin") in the middle of 2005. The Provisional Liquidation has been an innovative and cutting-edge exercise which has saved thousands of jobs.

The potential return to creditors is now in excess of 60¢ in the dollar compared to an initial estimate of 8¢. Moulin had retail operations in the United States, including the mega buyout of the 378 store Eye Care Centers of America ("ECCA"); retail operations in Asia, Italy, Germany and the Netherlands; and factories in the Czech Republic and Germany.

Getting Results

Our roles resulted in the following:

  • A M&A transaction on the "cash bleeding" Shanghai retail operation known as Redstar, saving 3,000 jobs and realising USD80M, which was significantly above market value and a sale of the operating factory in Zhongshan, saving numerous jobs and adding to the return;

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