Effective December 31, Ron Turcotte, who had been the managing partner of Aurora Management Partners for the past 11 years, left Aurora to start Cratos Advisors.
Turcotte stated that, “The entire Aurora team did a lot of great restructuring work over the last 11 years and many of those engagements were focused not only on fixing the business but more importantly, on enhancing recovery for the various stakeholders by cleaning up a bloated and complex capital structure. I’m now going to focus on pursuing these complex distressed debt opportunities and enhancing recovery through creative operational and balance sheet restructuring. Not every distressed company is truly distressed; in many cases through the sale process and in some cases multiple sales transactions, the company gets burdened with a debt and equity structure that it just can’t support.”
Scottsdale, AZ-based Cratos Advisors has professional staff throughout the U.S. and Canada that will continue to provide traditional financial and operational restructuring with a heavy focus on distressed debt opportunities that require long-term reorganizations, in many cases with interim C-level management and major balance sheet restructuring.
Cratos and Aurora will have an ongoing relationship and they will continue to fulfill their joint obligations for all current Aurora engagements.
Cratos Advisors will be made up of:
- Ron Turcotte, CTP, managing partner based in Scottsdale, AZ
- Charlie Soule, CTP, senior managing director based in Orlando, FL
- David Houseman, managing director based in Chattanooga, TN
- Dennis Gerrard, CTP, managing director based in Naples, FL
- Jim Ebbert, CTP, managing director based in Portland, ME
- Richard Kennedy, CTP, director based in Charlotte, NC
- Lynn Huras, director based in Toronto, ON
- Jason Shulick, CPA, senior advisor based in Scottsdale, AZ
- Todd Peterson, senior advisor based in Scottsdale, AZ