TY - JOUR T1 - Anatomy of a Turnaround JF - Turnaround Management SP - 61 LP - 72 VL - 2003 IS - 1 AU - Jill Fraser Y1 - 2003/03/20 UR - http://guides.pm-research.com/content/2003/1/61.abstract N2 - This article offers an inside look at the complex and challenging process of turning around a large industrial contracting firm plagued by deteriorating financial results, excessively high leverage, and multiple problems tied to a family ownership structure. During the course of one intense year, a team of four experts from Glass & Associates restored profitability by redesigning this company's operating and financial structure, while providing everything from management guidance to emotional support for an aging pair of owner-managers and nearly 100 offspring, in-laws, and other relatives who were also tied to this business. Glass's efforts resulted in an extraordinarily effective recent refinancing, which repaired the company's troubled relations with the lending community, deleveraged its balance sheet, and drastically reduced costs. ER -