Restructuring Advisors

James R. Burritt

JRB headshotJames R. (Jim) Burritt, the co-founder of Restructuring Advisors LLC has more than 28 years’ experience providing restructuring advisory services to troubled and underperforming companies. He has dealt with critical financial and operational issues, Chapter 11 reorganizations, Ponzi schemes corporate assessments, liquidations, out of court wind down programs, assets sales, cost reductions, and turnaround services.

Positions Held:

  • Financial Advisor – Ram Nationwide
  • CRO and Plan Administrator – GLC Limited
  • Liquidation Manager – American Press
  • CRO – Datran USA
  • Interim CEO – Michels Furniture
  • CRO – Atlantic Extrusions Corp.
  • Interim CEO – Wilcox & Gibbs, Inc.
  • CLO – General Time Corp
  • CRO – Top Air Inc.
  • Managing Director – MainStream Management
  • General Manager – Plasti-Line, Inc.
  • Senior Vice President – LeFebure Corp.

Jim has engineered successful corporate restructuring projects working with major banks, asset based lenders, prominent law firms, debtors and creditors, corporate directors, shareholders and trustees. He has served as an advisor to lower to middle market organizations.

Recently Jim has been involved with a nationwide trucking firm out of Ohio. From the banks viewpoint the company had not taken significant action to improve their cash position nor had they undertaken appropriate steps to resolve their operating issues. After completed a comprehensive assessment on the company’s financial position and the current state of their operations. Once complete Burritt was able to determine that the company could generate nearly $1.0 million off their balance sheet by changing the structure of several insurance policies and focusing on a small number of high value receivables with significant aging. Those actions solved the immediate cash flow problems, and the operations analysis led an additional $1.8 – $2.5 million in annual profit.

Jim serves as the CRO and Plan Administrator for GLC Limited, Inc. He was brought in by an ad hoc group of creditors who were concerned about the operations of this multi-state retailer. After initial meetings with the company, Jim quickly discovered that GLC had been operating a Ponzi scheme and had defrauded over 100 investors out of $82 million. After a Chapter 11 filing, the remaining assets were converted to cash, net winner and fraudulent conveyance suits were settled, and Mr. Burritt and his team have been involved in providing litigation support and in responding to Subpoenas from the Securities Exchange Commission and the IRS Criminal Investigation Group.

Other recent engagements of Mr. Burritt include American Press, LLC and Catalogs America, Inc. Burritt was brought in by this printing and publishing firm to help with an out-of-court wind down after the organization had seen revenues drop by two-thirds over the prior 3 years. After negotiating with the secured lender to allow the company to fulfill its obligations under the WARN Act, and successfully dealing with the Pension Benefit Guarantee Corporation on an underfunded pension liability, Jim provided advice to the company on selling their assets. The result of these efforts allowed the company to cease operations while paying the secured lender in full. Mr. Burritt was also engaged by a Chapter 7 Trustee to sell the assets of Datran USA, a subsidiary of a Canadian corporation providing that used a sophisticated hydro-graphics process to apply specialty paint and coatings to the automotive and recreational vehicle industry.

Mr. Burritt was engaged as the Chief Restructuring Officer for Atlantic Extrusions Corp. This $40 million Boston area based plastic extrusion company was a leading provider of plastic components to the appliance, utility and furniture industries. Mr. Burritt managed the wind down and sale of the company’s assets for a leading asset based lender.

Jim was appointed chief liquidation officer through the Federal Bankruptcy Court to manage the wind down and sale of General Time Corporation, one of the world’s leading provider of clocks. Collection and recovery of the assets, as well as the sale from the intellectual property, inventory and equipment produced a liquidation resulting in the return of more than $45 million to the six member bank group.

Mr. Burritt led an engagement providing post acquisition management and integration services for a Cleveland based provider of goods and services to the food processing industry. He also served as the CRO for the out of court wind down and asset sale of Top-Air, Inc., and their three subsidiary firms all of whom were manufacturing firms supplying farm machinery to the agricultural equipment industry.

Mr. Burritt implemented a rapid cost reduction program resulting in first year savings of $9 million for a Midwest based, $140 million provider of security systems to financial institutions. Reductions were accomplished by focusing on high value targets first, working with suppliers, rationalizing collateral spending and streamlining redundant or non-value added activities.

Burritt’s prior experiences include serving as a senior vice president of LeFebure Corp., a division of DeLaRue PLC a U.K. based holding company serving the cash handling industry, Mr. Burritt managed the national sales, installation and service organizations which consisted of approximately 350 people as well as an internal support team of 30. During his tenure, company revenues quadrupled resulting in annual revenues which exceeded $300 million. Mr. Burritt also served as a Vice President and General Manager of Plasti-Line, Inc., a $150 million leading exterior image solution provider to the financial services, retail and automotive industries.

Jim is a member of the Turnaround Management Association (TMA) the American Bankruptcy Institute (ABI) and the Advisor Professional Network (APN).