Turnaround and Crisis Management Assignments

“A day in the life of a company in crisis is like a month in a healthy company.” Harvey Kibel, Kibel  Green, Inc.

Having been the CEO of both healthy companies and turnaround situations, it is clear to us that the above quotation fairly represents the difference in the speed at which one has to deal with events in a turnaround.  Troubled companies are generally created over many years through bad decisions, poor management and the inability to react to changing business conditions.  Once the company’s owners or creditors finally take action, the company is in crisis and immediate action is required on all fronts simultaneously.  Such was the case with almost all of the following assignments.  T&Co’s multi-discipline skills all are put to use in these situations.   

U.S. Experience

In addition to multi-year turnaround of the Bridgewater Resources Corporation and its subsidiaries (see Domestic Case Study), Thornburg's domestic client engagements include:

  • metal fastener company
  • commercial printer
  • movie theater chain
  • industrial seal manufacturer
  • demolition company
  • snack foods manufacturer and distributor
  • pet food retailer
  • jewelry manufacturer
  • wire products manufacturer
  • specialty chemicals producer
  • cement tile manufacturer
  • 54-store restaurant group
  • automobile and truck lift manufacturer
  • plastic injection molding company
  • clothing manufacturer and retailer

The companies range from startups facing cash flow problems, to mature businesses requiring extensive re-engineering and new strategies to cope with rapidly changing markets. Two companies with large real estate obligations were taken through Chapter 11. Several of the companies were offered for sale after the operations and financial condition were improved.

International Experience

International clients include a steel foundry in Mexico and the restructuring of a consumer and industrial products marketing company in Thailand . Developing countries provide a special strategic planning challenge. Their business cycles are more extreme and exchange rate fluctuations can have major impacts on both imports and exports. The Thai company involved both retail and wholesale sales (see International Case Study). To cope with rapid changes in the Thai market, a new MIS and distribution procedures were implemented.

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