The O’Connor Group, Inc. To Restructure Fletcher Granite Company LLC
As reported in The Boston Business Journal
As reported in The Boston Business Journal on September 16, 2010, The O’Connor Group, and it’s Managing Director, Steve Petrarca, have been hired as chief restructuring officer for Fletcher Granite Company LLC as of July of 2010. Fletcher Granite Company LLC has filed for Chapter 11 reorganization.
In the 1990’s Fletcher was one of the nation’s largest producers of granite curbing, according to a history of the company filed with the court record. The business has suffered at the hands of obsolete technology and building industry recession, and court records show that over the past three years annual revenue declined from $17.9 million to $11.5 million. The company owes about $230,000 in back wages and another $110,000 in sales and use taxes, in addition to outstanding bank and creditor debt.
“The O’Connor Group Inc. will work quickly on behalf of the Company to restructure the firm’s debt and settle it obligations,” said James O’Connor, President of The O’Connor Group Inc. “And while we do see our fair share of bankruptcy proceedings, we really wish firms would reach out to The O’Connor Group before the financial problems become so difficult that this step is inevitable. A great deal can be done to right the ship if we are brought in when financial problems first begin to mount instead of following a year or more of ongoing deterioration.”
The complete story as reported by The Boston Business Journal can be found here: