Daily News: April 9, 2013

AlixPartners Promotes Mesterharm to Co-Lead Turnaround Unit

AlixPartners, a business advisory firm, announced that James A. Mesterharm was promoted to co-lead the firm’s Turnaround & Restructuring Services unit in the Americas. Mesterharm, who is also a managing director at AlixPartners, is experienced in developing financial and operating strategies for underperforming and troubled companies, both as an advisor and a C-level interim manager. He is currently serving as chief restructuring officer of Eastman Kodak.

Fred Crawford, CEO of AlixPartners said, “Jim is not only one of the finest turnaround and restructuring professionals in the world, he’s also someone who personifies AlixPartners’ core values, starting with the importance of results-oriented client service. As our firm continues to grow and evolve, I know that Jim, along with our fellow Americas TRS leader, Lisa Donahue, will take a unit that is already the gold standard of the industry to even higher levels.”

Throughout his 17-year career at AlixPartners, Mesterharm has had extensive experience in a variety of industries. His roles have included:

  • General Growth Properties, where he served as restructuring advisor to one of the leading REITs in the shopping-mall industry, with more than 200 properties and $27 billion in debt;

  • Tekni-Plex, where, as CRO, he led the out-of-court restructuring and day-to-day operations of this leading manufacturer of garden products, food and medical packaging;

  • A leading manufacturer of plastic packaging, where, as chief operating officer, he led an out-of-court restructuring and ran day-to-day operations, resulting in a nearly 50% improvement in EBITDA on a year-over-year basis;

  • Silicon Graphics, where he led a team that implemented sweeping cost-reduction initiatives, which generated more than $130 million in savings, secured incremental financing and negotiated a pre-arranged bankruptcy – allowing the company to emerge from bankruptcy in five months;

  • Parmalat USA Corp., where, as CRO, he led the company’s day-to-day operations and its successful restructuring efforts;
    Zenith Electronics Corp., where he served as an advisor helping Korean giant LG Electronics take Zenith private through a pre-packaged restructuring;

  • Safety-Kleen, where he also served as lead restructuring advisor in that company’s restructuring.