Interim Crisis Management--Renaissance consultants

Interim Crisis Management

Type of Company:	Manufacturer of metal tubes
Type of Ownership:	Private Company
Position:	Interim COO (for Debtor in Possession through bankruptcy court-Chapter 11)

Problem:	Company was suddenly forced into bankruptcy-Chapter 11. Owner was personally liable for debt to bank and certain unsecured creditors.
Action:	Assumed full responsibility as COO for Company's two manufacturing operations--one in New Jersey, the other in Georgia; ran operations day to day. Analyzed the company's marketing, operations and cash flow to determine long term viability. Quickly and dramatically reduced cash drain.
Results:	Sold Georgia plant as an on-going operation. Closed NJ plant and sold off assets satisfying secured and unsecured creditors. This enabled owner to recoup $1.2 million (that he was personally liable for) from the bank. Additionally, his $800,000 liability to unsecured creditors was rescinded. Lastly, enabled him to sell his NJ building (that he owned personally).