NEW YORK and MIAMI,
March 22, 2017 /PRNewswire/
-- Algon Group announced that Jim
Bannantine, a multi-industry CEO/President with success
in start-ups, growth, operations, mergers, acquisitions,
divestitures and turnaround situations, has joined the firm in the
newly created position of Chairman. Algon's team has managed more
than $18 billion of restructurings
and financings in an array of high-profile transactions,
representing companies, shareholders, lenders, committees, private
equity funds and other stakeholders of companies in financial
distress.
Mr. Bannantine's distinguished career includes the completion of
multi-billion dollar transactions, all with pre-and
post-operational and financial restructuring and integration, on
three continents. He was most recently President and CEO of Aura
Minerals, Inc., a publicly traded (TSX: ORA) Canadian copper and
gold mining company, with $200
million revenue and 2,000 employees in Canada, Brazil, Mexico and Honduras. Over five years he surmounted the
challenges of generally declining commodity prices and a lack of
financing by leading restructuring initiatives to significantly
reduce costs, while maintaining or increasing production and paying
off approximately $40 million of
debt.
Prior to joining Aura Minerals, Mr. Bannantine co-founded and
was Managing Partner of Atlantic Capital Group, a $40 million private equity firm located in
Baltimore, Maryland. Earlier in
his career he served as President and Chief Operating Officer of
Broadwing Corporation (NASDAQ: BWNG), an $880 million revenue, 1,700 person, integrated
telecom services provider in North
America.
Mr. Bannantine previously held several positions over multiple
years at Enron. As CEO of Enron Latin
America, he led a $1.5 billion
revenue, 4,500 person roll up of energy assets into a company
operating in both regulated electric and gas utilities and
unregulated power and pipeline energy services, including
infrastructure development and structured finance.
A licensed Professional Engineer, Mr. Bannantine graduated from
West Point in the top 1% of his class
with a B.S. in mechanical engineering, and served for 12 years in
the U.S. Army Corps of Engineers, including three years as
Assistant Professor of Finance at West
Point. He earned an M.B.A from the Wharton School of the
University of Pennsylvania, where he
graduated with Distinction, and is fluent in Spanish and
Portuguese.
Mr. Bannantine said, "I am excited to join Algon Group and
leverage my CEO experience with the firm's world class investment
banking and restructuring expertise to provide unparalleled
advisory services for stakeholders under stress."
Troy Taylor, President of
Algon Group, said, "We are pleased to welcome Jim Bannantine as Algon's first Chairman, as we
expand our abilities to provide management and advisory services
for results-oriented stakeholders in difficult situations. Algon
Group is uniquely unhindered by conflicts or business
relationships, allowing us to successfully serve clients in various
industries with sophisticated strategies. Jim's broad executive
experience, coupled with his turnaround focus, will be valuable to
public and private companies that can benefit from a seasoned
advisor who will do what it takes to protect value."
About Algon Group
Algon Group is a results-oriented, specialized financial
advisory firm that effectively guides clients through complex,
challenging, and/or financially distressed situations. Algon has a
demonstrated track record of maximizing results for "out of the
money" stakeholders, including junior creditors and equity. For
publicly-owned and privately-held companies, Algon provides
recapitalization, restructuring, and management services, as well
as buy-side and sell-side advisory services for mergers and
acquisitions.
Learn more at www.algongroup.com.
CONTACT: Ellen Warren,
OutSource Communications for Algon Group, 215.886.1666 (desk),
215.669.0011 (cell), ellenwarren@comcast.net.
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SOURCE Algon Group