Phoenix assumes the positions of CEO, COO, CFO, Head of Customer Affairs, and Head of strategic Planning and develops a plan to revitalize the nation’s largest municipal utility provider.
Phoenix’s client was the Nation’s Largest Municipally-Owned Natural Gas Utility with 6,000 miles of gas mains. The Company provides gas service to a half million residential customers and 19,000 industrial and commercial users within a major metropolitan city.
The Company was in imminent danger of defaulting on its $800 million in public bonds—a result, in part, of its operating without senior management in place for a number of years.
Phoenix Management Services was appointed by the City to:
Phoenix placed a team of five full-time professionals on-site at the Company assuming the positions of Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Head of Customer Affairs, and Head of Strategic Planning. The team immediately tackled the financial and operational crises confronting the $550 million Company, while also managing the delicate political sensitivities presented by a government environment. The steps initiated, recommended, and implemented by Phoenix were aggressive, but necessary to restore the Company’s financial health and avoid bond default. These steps also positioned the Company for the impending deregulation of the natural gas industry.
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