EY provide Buenos Aires 2018 Youth Olympic Games with consulting services

18 July 2018 Consultancy.lat

The Youth Olympic Games which are to be held later this year in Buenos Aires, Argentina have teamed up with EY to provide consulting and professional services in regards to the planning and execution of the event.

EY Consulting have been brought in to provide professional services to Buenos Aires 2018. The consulting firm will provide a number of services in various areas including planning, risk management, functional area integration and process management.

The event marks one of the largest sporting events ever held in the city and is expecting to draw over 4000 athletes from 206 countries around the globe. Buenos Aires 2018 is the third Youth Olympic Games and the first ever to be held in the Southern Hemisphere. 

“We are very proud to announce our alliance with EY”, said Buenos Aires 2018’s executive director, Leandro Larrosa. “We will have consulting services from a leading global company for a project that, due to its scope and complexity, has never been seen before in Argentina”, he added.

EY has vast experience both managing and organising mega-sporting events including the Paralympic Games, the Commonwealth Games and the Pan American Games. The consulting firm also provided methodological support and experience gained from both the Olympic Games; London 2012 and Rio 2016.

EY provide Buenos Aires 2018 Youth Olympic Games  with organisational and management consulting services

“Their [EY’s] Olympic experience will help us to continue working in order to celebrate the largest multi-sport competition in the history of Argentina,” said Buenos Aires 2018 on twitter.

The Big Four firm has been operating in the country since the late-1960s and has over 2,500 staff located in its Argentina offices. On twitter EY Argentina commented expressing that they were exited to be a part of Buenos Aires 2018 “We support the values of sport and teamwork. #buenosaires2018 #BetterWorkingWorld.”

Previously, EY had commented on the organisational side of an event of this scale stating that there is no room for errors once the games starts. “Identifying the risks at an early stage and developing contingency plans to mitigate them is the best way to manage and prevent mistakes. Some answers will not be known until after the event is over, but the Games demand that progress is maintained and decisions will be taken based on assumptions.”

“In this context, it is a big challenge to manage all the potential operational risks but the Organizing Committee can successfully deliver the YOG. Processes should be implemented to capture new potential risks and adjust mitigations plans, capturing timely feedback from the different functional areas.These are just some of the necessary steps and considerations involved in delivering the Buenos Aires 2018 YOG,” the consulting firm concluded.

The gender equality games

Buenos Aires 2018 is also the first gender inclusive Olympics, having the same number of male and female competitors. The organisers of the event are dubbing the overall event ‘the gender equality games’ as there will also be a number of mixed disciplines including; diving, shooting, golf, cycling and breaking. 

“The Games will be a place to promote reflection about gender equality through different activities and content linked to sexual education, equal artistic participation of men and women in cultural and artistic activities and participatory activities with a gender perspective”, said Cielo Salviolo, the director of the cultural and educational programme at Buenos Aires 2018.

“Young people will be the protagonists for the Youth Olympic Games and we consider it fundamental to instil and promote gender equality as a right and as a tool to build a more equal and just society,” added Salviolo.

The opening ceremony of the games will be held at the Buenos Aires Obelisk on the 6th of October at 8:00pm. 

Avianca Brasil needs major restructuring effort to stay flying

18 February 2019 Consultancy.lat

Brazilian airline Avianca Brasil will need to sell 14 of its 50 aircraft and improve its operational efficiency, if it wants to continue flying while being able to repay its creditors, according to an analysis by Galeazzi & Associados. 

The São Paulo based management consultancy was hired by Avianca Brasil in December shortly after the airline filed for bankruptcy protection. Consultants of the firm have since assessed the financial performance of the company and crafted restructuring plans in a bid to turn Avianca’s fortunes. Galeazzi & Associados is also exploring future options for the airline, which include finding a partner, a buyer, or even filing for bankruptcy.

Following a number of payment defaults, Avianca’s main creditors, aircraft lessors Aircastle and General Electric Capital Aviation Services, sounded the alarm bells on the company’s financial position. The two creditors have in the meantime been seeking to repossess their planes, however, their attempts have so far been successfully fended off by Avianca, allowing the company to maintain its current flight schedule. According to Reuters, consultants from Galeazzi & Associados have visited the carrier’s creditors to discuss scenario’s and potential measures. Concrete results have though not materialised.Avianca Brasil needs restructuring effort to stay flying

In the background, Avianca is negotiating with Elliott Management, a hedge fund, about a 250 million real ($69 million) loan, sources close to the matter disclosed. As part of bankruptcy protection process, any investment would need to happen within the regulatory guidelines, likely in the form of debtor-in-possession financing. Brazil’s fourth-largest airline plans to ask the judge overseeing its bankruptcy for more time to reach a final deal, pointing at the progressive loan talks held with Elliott Management. 

In the analysis by Galeazzi & Associados, the advisors conclude that a major restructuring effort is required for Avianca Brasil to continue its operations. Around 14 of the 50 aircraft would need to be disposed, in order to optimise the capacity usage of the fleet. As per the plan, 36 aircraft would combined be capable of achieving 235 flights per day. The sale of the aircraft would provide a needed buffer to repay creditors.

On top of this, the airline will need to reduce its operational expenses and attract investments to the tune of $75 million to stay afloat.

Last year, another Latin American airline, Aerolíneas Argentina called in the help of an external consulting firm to reshape its loyalty program.