A chief restructuring officer (CRO) is a senior officer of a company given broad powers to renegotiate all aspects of a company's finances to deal with an impending bankruptcy or to restructure a company following a bankruptcy filing.
The use of CROs, who usually have an expertise in the field of business in which the company operates, has been increasing in popularity since the 1990s.
CROs are sometimes seen as an alternative to using a trustee in bankruptcy in a reorganization bankruptcy, because the trustees may not be knowledgeable in field of business conducted by the company.
[1] While CROs officially report to the company and its board of directors, they are considered to have greatly strengthened the hand of creditors since the CRO can make executive decisions following a direct meeting with the creditors.
[1] On occasional instances, the CRO can oust the chief executive officer (CEO) or president of the company, as happened in 2012 when Gregory F. Rayburn replaced Hostess Brands CEO Brian Driscoll as CEO a month after being appointed CRO.