Charles Carnaval
Charlie Carnaval has more than 25 years of combined experience in public accounting, private industry and consulting. His restructuring expertise includes the assessment of economic models and business plans, the analysis of a company’s capital structure and management of all aspects of the Chapter 11 bankruptcy process. He has advised clients in a variety of industries including manufacturing, media, retail, and agri-business, with revenues ranging from $250 million to $1.5 billion. Charlie has also directed due diligence efforts for debt refinancing and has acted as lead contact for unsecured creditors committees in their due diligence. He has assisted in the development and negotiation of debt agreements and played a key role in cash management and forecasting processes.
Most recently Charlie served as the CEO of Cygnus Business Media. At Cygnus he instituted cost containment programs and property rationalizations, initiated integration of selling efforts across business lines, reinvigorated the process for technology development and promoted new sales initiatives. Previously Charlie was the CFO of Friedman’s Jewelers, where he enhanced board reporting, managed the audit process, improved the company's 4-wall store rationalization process and upgraded cash management and reporting. He also led both companies through the Chapter 11 process in concert with their respective legal counsel. In each of these engagements, he served as principal liaison for attorneys, consultants, bankers, public acountants, board members and unsecured creditors committee members and their professionals.
Other notable engagements include Agway, Synventive Molding Solutions, Collins & Aikman, S&S Worldwide, Calpine Canada and a $32 billion European utility.
Prior to joining Zolfo Cooper, Charlie served as CFO in several manufacturing companies and a passenger/charter airline. He successfully negotiated revolving credit facilities providing for increased working capital, reduced interest expense, and adequate capital expenditure and covenant levels. He has directed initiated and managed cost containment porgrams, spun off unprofitable operations and instituted downsizing efforts.
His experience also includes managing public filings, financial IT organizations, human resources and customer service in industries such as technology, manufacturing, government contracting and metal fabrication. Charlie began his career in accounting at KPMG Peat Marwick where he performed services for a number of clients, both public and private.
- Graduated from St. John’s University with an M.B.A. and B.S
- Certified Public Accountant
- Certified Insolvency and Restructuring Advisor