Turnaround & Business Restructuring, Enterprise Performance Improvement
Overextended operations with overhead costs and equipment acquisitions and was unable to service debt when interim downturn occurred. Was further distracted by divorce proceedings and was uncomfortable downsizing operations after spending 20 years getting to revenue run rate. To preserve reputation, founder did not want to file Chapter 11 and wanted to provide acceptable settlement terms with trade vendors.
Served as Chief Restructuring Officer to help wind down operations to a core around which business could be reorganized.
Managed downsizing of operating units managed and updated change-order to obtain recoveries on selected projects and assisted with sale of non-core equipment.
Facilitated downsizing of business to allow reorganization around a much smaller core business.
Negotiated with trade vendors to facilitate an orderly downsizing of business where appropriate and wind-down of other business units.