Case Studies
Industries: Mission-Based, Utility
Primary Services: Turnaround Management, Interim Management, Business / Operational Assessments, Financial Forecasting, Strategic Advisory
Our client was the Nation’s Largest Municipally-Owned Natural Gas Utility with 6,000 miles of gas mains. The Company provides gas service to a half million residential customers and 19,000 industrial and commercial users within a major metropolitan city.
The Company was in imminent danger of defaulting on its $800 million in public bonds—a result, in part, of its operating without senior management in place for a number of years.
Our experts were appointed by the City to:
We placed a team of five full-time professionals on-site at the Company assuming the positions of Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Head of Customer Affairs, and Head of Strategic Planning. The team immediately tackled the financial and operational crises confronting the $550 million Company, while also managing the delicate political sensitivities presented by a government environment. The steps initiated, recommended, and implemented by our experts were aggressive, but necessary to restore the Company’s financial health and avoid bond default. These steps also positioned the Company for the impending deregulation of the natural gas industry.
Brian F. Gleason, CTP
Senior Managing Director
Strategic Advisory Practice
+1 610 659 8118
[email protected]
> Chief Restructuring Officer (CRO) & Interim Management Services
Our experienced C-suite interim executives advise and support companies in financial distress, experiencing hypergrowth, or that are challenged by critical vacancies among senior leadership. Whether the leadership void results from operating challenges, a recent officer resignation, the need for added support during busy periods, or during an extended job search for the right permanent hire, our experienced executives provide immediate relief and value.
> Turnaround & Restructuring Services
Navigating the many challenges confronting a company in transition requires an operationally focused approach that looks beyond the balance sheet to minimize further degradation and build a path to sustainable growth. Drawing upon decades of experience in the turnaround space, we help companies in transition identify practical strategies to improve profitability and liquidity for immediate relief, while concurrently developing and executing a comprehensive turnaround plan for long-term, sustainable value creation.