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Article: Hickson Moves into Recovery Mode.
- Article from:
- Chemical Week
- Article date:
- April 21, 1999
- Author:
CopyrightCOPYRIGHT 1999 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Four years ago hickson international (Castleford, U.K.) was on the brink of bankruptcy. A series of environmental incidents coupled with the termination of a major supply contract to Unilever devastated the company, and its debt spiraled out of control.
Debt peaked at more than [pound]100 million ($164 million) in 1995, creating a debt-to-equity ratio in excess of 100%, and the company recorded a [pound]45-million loss. In late 1995, the creditor banks intervened, and demanded change. Hickson's CEO and finance director were relieved of their duties and chairman James Hann began to put together a rescue strategy.
In early 1996, Hann appointed David ...