Refractory Manufacturing

This client, in business for over 90 years, recently emerged from a four year bankruptcy process which allowed resolution of hundreds of millions of dollars of asbestos personal injury claims.  Historically undermanaged and unprofitable operationally, the company was sliding towards bankruptcy regardless of the asbestos litigation.  After floundering in bankruptcy for over two years with no end in sight, Promontory Point Partners was hired in March of 2004. Mike Barto took on the role of interim CEO and led the company through a dramatic turnaround in operating results producing back to back years of record profitability.  The company successfully exited bankruptcy in March of 2006 and is currently well positioned to capture market share and continue to increase profitability.  Not only did the creditors achieve their objectives but the company was saved along with approximately 800 jobs.
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