New Growth Opportunity Leverages Bankruptcy, Turnaround Practices
ANNAPOLIS, Md., Jan. 24 /PRNewswire-FirstCall/ -- FTI Consulting
(NYSE: FCN), the premier national provider of strategic and litigation-related
consulting services, announced today that it has launched a crisis management
practice within its Financial Consulting Division, to be known as FTI
Corporate Recovery Services. Dan Scouler, longstanding senior member of the
FTI/Policano&Manzo management team, will lead this effort as senior managing
director. FTI Corporate Recovery Services will perform senior management
functions such as acting as chief executive officer, chief operating officer,
chief recovery officer, or chief financial officer within companies facing
turnaround, financial restructuring and bankruptcy reorganization challenges.
In tapping Scouler to lead these efforts, the company noted his over 25
years of experience assisting financially distressed companies, both in the
United States and in Canada. His assignments in literally hundreds of cases
for debtors, financial institutions, boards of directors and creditors
committees have included leading advisory roles in Wheeling-Pittsburgh Steel,
LTV, Ernst Home Centers, Mercury Finance Company, Grove Worldwide, Hechingers,
and Fishery Products Ltd., among others. Scouler has assembled a team of
individuals from both within and outside of FTI to work exclusively in this
area. The first assignment is under way, and an active recruiting plan is
being implemented to meet expected demand.
Commenting on the initiative, FTI chairman and chief executive officer,
Jack Dunn, said, "We believe this expansion of our bankruptcy and turnaround
consulting practices to include the management of financially distressed
companies represents an opportunity for complementary growth from our existing
relationships within the restructuring community. It also provides the
ability to leverage our traditional time-and-materials model with incremental
performance-based compensation. This expansion underscores the ability of FTI
and our professionals to provide service not only in the face of immediate
stress, but also during a business' transition and recovery cycle. With
significant barriers to entry and limited competition, this initiative should
be a particular beneficiary of any increase in economic recovery during the
latter part of the year."
FTI's president and chief operating officer, Stewart Kahn, stated,
"Everyone in our turnaround group is pleased to be able to offer these
additional, much-needed services to our clients. There is an extensive need
for experienced crisis management operating people to assume management roles
in turnaround situations. We are pleased to have someone of Dan's caliber to
lead our growth into this natural extension of our current service offerings."
About FTI Consulting
FTI Consulting is a multi-disciplined consulting firm with leading
practices in the areas of bankruptcy and financial restructuring, litigation
consulting and engineering/scientific investigation. Modern corporations, as
well as those who advise and invest in them, face growing challenges on every
front. From a proliferation of "bet-the-company" litigation to increasingly
complicated relationships with lenders and investors in an ever-changing
global economy, U.S. companies are turning more and more to outside experts
and consultants to meet these complex issues. FTI is dedicated to helping
corporations, their advisors, lawyers, lenders and investors meet these
challenges by providing a broad array of the highest quality professional
practices from a single source.
This press release includes "forward-looking" statements that involve
uncertainties and risks. There can be no assurance that actual results will
not differ from the company's expectations. The company has experienced
fluctuating revenues, operating income and cash flow in some prior periods and
expects that this may occur from time to time in the future. As a result of
these possible fluctuations, the company's actual results may differ from our
projections. Other factors that could cause differences include pace and
timing of additional acquisitions, the company's ability to realize cost
savings and efficiencies, competitive and general economic conditions, and
other risks described in the Company's filings with the Securities and
Exchange Commission.
FTI is on the Internet at http://www.fticonsulting.com and at
http://www.ftiwarroom.net .
SOURCE FTI Consulting
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Related links:
http://www.ftiwarroom.net
http://www.fticonsulting.com
CONTACT:
Jack Dunn, Chairman & CEO of FTI Consulting,
+1-410-224-1483, or General, Marilyn Windsor, +1-702-515-1260,
Analysts, Lisa Fortuna, +1-312-640-6779, or Media, Tim Grace,
+1-312-640-6667, all of FRB Weber Shandwick
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