FOR IMMEDIATE RELEASE
October 23, 2007
Contact: Richard John, (813) 281-0062
Tampa, FL, October 23, 2007 – Focus Management Group (“FOCUS”) has been appointed Financial Advisor to IWT Tesoro Corporation (“IWT”) under an Order entered by the United States Bankruptcy Court for the Southern District of New York, effective October 10, 2007.
IWT Tesoro Corporation and its subsidiaries International Wholesale Tile, Inc. and American Gres, Inc., (collectively, the “Company” or “IWT”) filed a petition for voluntary reorganization under Chapter 11 in the Southern District of New York United States Bankruptcy Court which was entered on September 6, 2007.
IWT is a multi-regional importer, merchandiser, marketer and value-added distributor of premium ceramic, porcelain and natural stone hard floor and wall covering products. Its wholly-owned subsidiary International Wholesale Tile, Inc. currently sources ceramic, porcelain, stone and marble tile products, which it distributes to a broad range of customers via multiple sales channels. Distribution operations are located in the three largest states when measured by total sales of flooring related products i.e., California, Texas and Florida, respectively.
Focus is assisting IWT in administering and executing a sale under Section 363 of the United States Bankruptcy Code. IWT is also exploring a plan of reorganization and other options to exit Chapter 11 on an accelerated timeframe.
The Focus restructuring and bankruptcy advisory team is led by Ken Naglewski, a turnaround manager and restructuring specialist who has extensive leadership experience in Chapter 11 reorganizations, financial restructurings, operational turnarounds and distressed business sales. Naglewski, a Managing Director of Focus Management Group, is a Certified Insolvency and Restructuring Advisor and Certified Turnaround Professional. He can be reached at 813-281-0062 or k.naglewski@focusmg.com.
About Focus Management Group
Focus Management Group offers nationwide capabilities in turnaround management, business restructuring and asset recovery. Headquartered in Tampa, FL, with offices in Atlanta, Chicago, Cleveland, Greenwich, Los Angeles and Nashville, Focus Management Group provides turn-key support to stakeholders including secured lenders and equity sponsors. The Company provides a comprehensive array of services including turnaround management, interim management, operational analysis and process improvement, bank and creditor negotiation, asset recovery, recapitalization services and investment bankers to distressed companies.
Over the past decade, Focus Management Group has successfully assisted hundreds of clients operating in diverse industries, guiding them to maximize performance or asset recovery. Adverse situations are Focus Management Group’s forte – finding winning compromises in a timely manner when faced with the most discouraging of circumstances is what separates Focus Management Group from the competition.