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turn-around manager

German translation: Krisenmanager

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:turn-around manager
German translation:Krisenmanager
Entered by: Vesna Zivcic
Options:
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12:41 Jul 18, 2001
English to German translations [PRO]
Bus/Financial
English term or phrase: turn-around manager
A job title.

I am more interested in the explanation of the term than in the translation itself.
Vesna Zivcic
Local time: 06:59
This might be what you are looking for
Explanation:
Economic downturn means business for turnaround manager

By BILL BERGSTROM
Associated Press

Printer Friendly Format

E. Talbot Briddell has a lot of executive experience.

Chief executive officer of Central Sprinkler Corp. CEO of Philadelphia Gas Works. CEO of UniCapital Corp. Chief operating officer of Sun Shipbuilding and Drydock Co. Board chairman of Lloyds Electronics.

Briddell has been chief executive of 24 companies so far, and they all have one big thing in common: impending financial disaster.

His stay is short when he parachutes in as a crisis manager, a specialized field that is growing fast during a time of economic uncertainty.

“It is up,” said Briddell, founder and president of Phoenix Management Services Inc. in Chadds Ford. “We called the downturn in the fall of 1999.”

The Turnaround Management Association, a crisis managers’ trade group, has nearly doubled from 2,243 members five years ago to 4,200, said chairwoman Melanie Cohen, a Chicago bankruptcy attorney.

Marginal companies that could slide by during boom times are losing their profits and their access to capital. “People are going to ... say the capital market dried up and my great business couldn’t survive, but some of these businesses shouldn’t have gotten capital to begin with,” Cohen said.

Business is brisk for Cohen and other bankruptcy attorneys, given Chapter 11 filings by companies as various as housewares retailer Lechters Inc., educational toy and game retailer Zany Brainy, and business phone and Internet service provider Teligent Inc.

Briddell also stays on the fly. He’s currently acting as a consultant to Breakaway Solutions, a Boston company that designs and hosts Web sites for large corporations.

He recently completed a consulting job at Safety Components International, a Greenville, S.C., automotive air-bag maker that had to restate its earnings in 1998 and 1999 and posted a sizable loss last year.

Briddell said turnaround managers get plenty of calls even in good times, often when bank officials review loan portfolios. Banks hate losing money, so when they see trouble at a business they’ve lent money to, their 911 call is to someone like Briddell.

Briddell got into the field while an executive at Philadelphia-based Sun Oil Co, now known as Sunoco Inc.

In 1980 the company named him chief operating officer of Sun Shipbuilding and Drydock, a struggling division where $120 million in losses had added up over the previous three years. A year later the company made a profit, and then it was sold.

“I became their turnaround guy,” Briddell said. He was named president of Sun Carriers, a trucking division. After profits improved from $1.5 million to $28 million in two years, the subsidiary was sold.

At that point Briddell went out on his own.

A higher-profile client was Central Sprinkler, one of the nation’s largest fire-safety system makers. In 1998, the Lansdale, Pa., firm was reeling from a recall of millions of defective fire sprinklers.

Briddell swooped in, resolved litigation, resuscitated profits and sold the company to Tyco International for $30 a share, a sixfold increase from the stock price just over a year earlier. For that he was paid an estimated $750,000.

Some companies can’t be revived.

UniCapital Corp., based in Miami, raised $532 million in an initial public offering in 1998 for its business leasing vending machines, computers, jet airliners and other equipment. Two years later, the equipment-leasing boom faded, capital grew elusive and huge losses on the aircraft business pushed the company deeply in debt.

Hired as chief executive in June 2000, Briddell sold a financing subsidiary and 18 aircraft, and he secured a series of credit extensions. But the effort was in vain — in December, UniCapital filed for bankruptcy.

“We could never find a way to reduce it to an essential core,” he said. “We were brought in to give it a dignified end.”

Turnaround jobs by definition involve trouble. As Phoenix Management has expanded to 22 crisis managers, Briddell has looked for partners with consulting experience and financial ability, “but mostly they have to have the stomach for this business.”

“You’re always in a battle,” he said. “Banks and creditors and recalcitrant boards and angry CEOs — we’ve had the whole mix, and a gaggle and a half of attorneys in every case.”

Briddell took over as CEO at Philadelphia Gas Works in late 1994, when the city-owned utility was near default on $800 million in bonds. Phoenix staffers also served in other key operating positions.

For $2.4 million, Phoenix managed the company until February 1997. It collected $50 million in overdue accounts and cut annual labor costs more than $25 million through early retirement buyouts. Edward Rendell, then the city’s mayor, praised Phoenix for restoring confidence in PGW and preserving Philadelphia’s bond ratings.

Now the utility is back in trouble — residential gas bills are soaring, its debt is up to nearly $1 billion and several former top executives face criminal charges for allegedly misusing funds.

“They chose not to listen to the message,” Briddell said.

Layoffs are a part of many bailouts, he said.

“When I ran Sun Ship, when I got down there, there were 4,200 people. Within six months there were 1,800 people, and I never viewed it as losing 2,400 jobs,” Briddell said. “I always viewed it as saving 1,800 because that place would never have survived if we hadn’t scaled it properly and sold it off.”

“I have people come up to me sometimes in tears thanking me for saving their jobs. And other times you have to suffer through the pains of a layoff,” said Briddell. “This job has incredible highs and incredible lows.”

Selected response from:

Randi Stenstrop
Local time: 06:59
Grading comment
Thank you both for your help. It is just the explanation of the term I was looking for.
4 KudoZ points were awarded for this answer

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Summary of answers provided
na +1Krisenmanagerxxxeurotransl
naThis might be what you are looking forRandi Stenstrop


Discussion entries: 1





  

Answers


1 hr
This might be what you are looking for


Explanation:
Economic downturn means business for turnaround manager

By BILL BERGSTROM
Associated Press

Printer Friendly Format

E. Talbot Briddell has a lot of executive experience.

Chief executive officer of Central Sprinkler Corp. CEO of Philadelphia Gas Works. CEO of UniCapital Corp. Chief operating officer of Sun Shipbuilding and Drydock Co. Board chairman of Lloyds Electronics.

Briddell has been chief executive of 24 companies so far, and they all have one big thing in common: impending financial disaster.

His stay is short when he parachutes in as a crisis manager, a specialized field that is growing fast during a time of economic uncertainty.

“It is up,” said Briddell, founder and president of Phoenix Management Services Inc. in Chadds Ford. “We called the downturn in the fall of 1999.”

The Turnaround Management Association, a crisis managers’ trade group, has nearly doubled from 2,243 members five years ago to 4,200, said chairwoman Melanie Cohen, a Chicago bankruptcy attorney.

Marginal companies that could slide by during boom times are losing their profits and their access to capital. “People are going to ... say the capital market dried up and my great business couldn’t survive, but some of these businesses shouldn’t have gotten capital to begin with,” Cohen said.

Business is brisk for Cohen and other bankruptcy attorneys, given Chapter 11 filings by companies as various as housewares retailer Lechters Inc., educational toy and game retailer Zany Brainy, and business phone and Internet service provider Teligent Inc.

Briddell also stays on the fly. He’s currently acting as a consultant to Breakaway Solutions, a Boston company that designs and hosts Web sites for large corporations.

He recently completed a consulting job at Safety Components International, a Greenville, S.C., automotive air-bag maker that had to restate its earnings in 1998 and 1999 and posted a sizable loss last year.

Briddell said turnaround managers get plenty of calls even in good times, often when bank officials review loan portfolios. Banks hate losing money, so when they see trouble at a business they’ve lent money to, their 911 call is to someone like Briddell.

Briddell got into the field while an executive at Philadelphia-based Sun Oil Co, now known as Sunoco Inc.

In 1980 the company named him chief operating officer of Sun Shipbuilding and Drydock, a struggling division where $120 million in losses had added up over the previous three years. A year later the company made a profit, and then it was sold.

“I became their turnaround guy,” Briddell said. He was named president of Sun Carriers, a trucking division. After profits improved from $1.5 million to $28 million in two years, the subsidiary was sold.

At that point Briddell went out on his own.

A higher-profile client was Central Sprinkler, one of the nation’s largest fire-safety system makers. In 1998, the Lansdale, Pa., firm was reeling from a recall of millions of defective fire sprinklers.

Briddell swooped in, resolved litigation, resuscitated profits and sold the company to Tyco International for $30 a share, a sixfold increase from the stock price just over a year earlier. For that he was paid an estimated $750,000.

Some companies can’t be revived.

UniCapital Corp., based in Miami, raised $532 million in an initial public offering in 1998 for its business leasing vending machines, computers, jet airliners and other equipment. Two years later, the equipment-leasing boom faded, capital grew elusive and huge losses on the aircraft business pushed the company deeply in debt.

Hired as chief executive in June 2000, Briddell sold a financing subsidiary and 18 aircraft, and he secured a series of credit extensions. But the effort was in vain — in December, UniCapital filed for bankruptcy.

“We could never find a way to reduce it to an essential core,” he said. “We were brought in to give it a dignified end.”

Turnaround jobs by definition involve trouble. As Phoenix Management has expanded to 22 crisis managers, Briddell has looked for partners with consulting experience and financial ability, “but mostly they have to have the stomach for this business.”

“You’re always in a battle,” he said. “Banks and creditors and recalcitrant boards and angry CEOs — we’ve had the whole mix, and a gaggle and a half of attorneys in every case.”

Briddell took over as CEO at Philadelphia Gas Works in late 1994, when the city-owned utility was near default on $800 million in bonds. Phoenix staffers also served in other key operating positions.

For $2.4 million, Phoenix managed the company until February 1997. It collected $50 million in overdue accounts and cut annual labor costs more than $25 million through early retirement buyouts. Edward Rendell, then the city’s mayor, praised Phoenix for restoring confidence in PGW and preserving Philadelphia’s bond ratings.

Now the utility is back in trouble — residential gas bills are soaring, its debt is up to nearly $1 billion and several former top executives face criminal charges for allegedly misusing funds.

“They chose not to listen to the message,” Briddell said.

Layoffs are a part of many bailouts, he said.

“When I ran Sun Ship, when I got down there, there were 4,200 people. Within six months there were 1,800 people, and I never viewed it as losing 2,400 jobs,” Briddell said. “I always viewed it as saving 1,800 because that place would never have survived if we hadn’t scaled it properly and sold it off.”

“I have people come up to me sometimes in tears thanking me for saving their jobs. And other times you have to suffer through the pains of a layoff,” said Briddell. “This job has incredible highs and incredible lows.”




    Reference: http://www.mddailyrecord.com/current_issues/1_274_law/nation...
Randi Stenstrop
Local time: 06:59
Native speaker of: Danish
PRO pts in pair: 98
Grading comment
Thank you both for your help. It is just the explanation of the term I was looking for.
Login to enter a peer comment (or grade)

4 hrs peer agreement (net): +1
Krisenmanager


Explanation:
Based on the previous article, "Krisenmanager" may be the best solution in German.

I hope it helps and good luck, Vesna!

xxxeurotransl
PRO pts in pair: 25

Peer comments on this answer (and responses from the answerer)
agree  Uschi (Ursula) Walke: brilliant, spent an hour searching for the word. thats it!
30 mins
  -> Thank you - Danke schön - Merci beaucoup - Muchas gracias
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