The financial restructuring firm AlixPartners has been appointed by Taiwan bulk shipping carrier Today Makes Tomorrow (TMT) to manage the company’s restructuring and turnaround.
reported in the fall that TMT defaulted on payments for 12 bulk cargo ships from Hyundai shipyards and had to cut its fleet in half since the financial crisis in 2008.
According to a statement Tuesday, AlixPartners is already working with TMT’s senior management and will meet with TMT investors in Taiwan over the next week.
“I am very confident that the shipping experts of AlixPartners who are now working with us at TMT can help us quickly bring in the efficiencies and discipline that I and my investors require to ensure that TMT has a successful future,” said TMT owner and chief executive officer Nobu Su, in a statement.
As part of the restructuring Su will step down as CEO, but will remain executive chairman. A new CEO will be appointed.
“Given TMT’s modern fleet and Mr. Su’s and the company’s active commitment, we’re hopeful that a turnaround of the company can be accomplished in a timely fashion,” said Lisa Donahue, managing director at AlixPartners and co-lead of the firm’s turnaround and restructuring services unit.
reported on AlixPartners' maritime practice
in July 2012. - Eric Johnson