When Arizona first set up its competitive energy solicitation process, Accion Group provided sophisticated guidance and helped create a fair and transparent system that continues to be used. Their broad experience representing both utilities and regulators provided a balanced understanding of the needs of all interested parties.
- Christopher Kempley, former Chief Counsel, Arizona Corporation Commission
Our firm has been integral in the corporate reorganization of companies across the United States, from the financial and operational reorganization and subsequent merger of the largest independent telephone company with the second largest company in the industry, to the evaluation of alternative reorganization proposals offered by a bankrupt southwestern electric utility and its prospective acquirors. From 1999 to 2001, one of our consultants led the reorganization and merger of Davel Communications with the second largest company in the industry; much of the company's subsequent financial improvement was a direct result of our consultant's well-designed field logistics plan, which resulted in a 40% reduction in operating expenses. Furthermore, our firm directed the evaluation of restructuring options available in the reorganization of the Public Service Company of New Hampshire (PSNH), where our consultants led negotiations with creditors and the debtor, and provided expert testimony before the Bankruptcy Court on matters relating to regulator policy and practices. Accion Group was also retained by the State of New Hampshire to assist in restructuring power supply arrangements and debt of the bankrupt New Hampshire Electric Cooperative, and to negotiate future rates and business controls.
Accion Group is well-versed in the challenges facing private and public power entities, as our consultants have served as advisors and counsel to state governments, cooperatives, and utilities during restructurings in a number of states, including in bankruptcy.
Our financial restructurings normally involve the restructuring of a company's balance sheet through either the refinancing of debt or through the sale or acquisition of assets or ownership interests. Our experience stems from serving as lead advisors to regulatory agencies in many successful voluntary restructurings and Chapter 11 bankruptcies, including the sale and restructuring of Public Service of New Hampshire.
Our operational restructurings generally focus on internal systems, procedures, and applications used to support customer-facing services. Our consultants' previous experience makes us experts in direct customer service applications and initiatives designed to improve customer retention rates, customer loyalty, and customer satisfaction.