"On July 27, 1998 we filed Chapter eleven bankruptcy.
As the first couple of months went by, I realized how far we had to go to
become profitable. We
had a good lawyer so we were getting good legal advice, but what we really
was business advice.
I asked the U.S. Trustee's office where I could find this kind of help and I feel fortunate to have chosen Mr. Vapaamies from the list of names they gave me. Peter's knowledge of other businesses and his experience with other turnaround situations were invaluable and when we ran into things his knowledge and experience did not cover, he would research until he found answers. To tell the truth I was surprised at the intensity of his effort. It often went beyond what I expected.
Today I filed the fourth consecutive monthly report that showed a profit. Our reorganization plan is on track to be accepted and the Trustee tells me that he has great confidence that we can make it. This would not have happened without Peter. The measures needed were painful and unpopular and I do not believe we could have implemented them without his help."
-President, Discount Retail Chain
Note: (The reorganization plan of the client was confirmed by the Bankruptcy Court on July 21, 1999)
"A corporate renewal expert, Peter has a straightforward
and result-oriented style, is comfortable in a stressful environment, and
works well within all
levels of the organization. He quickly identifies problem areas, creates an
improvement strategy, and most importantly, sees that the work plan is carried
Our work force and staff is multinational and requires special skills in managing and directing an improvement effort. Peter's European background combined with his U.S. experience makes him an invaluable asset for an international operation such as ours. The bottom line is that Peter Vapaamies delivers the work product on time, within the budget, and with excellent results. "
-President, Division of Fortune 500 Forest Industry Enterprise
"Mr. Vapaamies was elected President and given full control over the company. The company was losing money and experiencing a negative cash flow that could not be sustained. Beginning in January, he made reductions in cost and began to institute better controls and systems in our company. During February, March, and April, we have posted positive cash flows and retired some of our old debt. Additional improvements have been made in our production and operating systems that further reduced operating costs.
Peter has challenged everyone to do their best and has objectively evaluated personnel, making changes where needed. These changes have resulted in improved overall performance of the company. His professional demeanor has been apparent throughout the process. Peter is proving himself to be very effective in making the changes necessary to turn our company from a money losing trend to a profitable, sustainable operation. He has implemented change expeditiously and brought to bear the skill sets that were needed to change the direction of our company in a timely manner."
-Chairman of the Board, Textile Manufacturing Company
"Peter has a great style which is easily accepted at all levels of the organization. He can manage conflict and confrontation. He can work through philosophical differences and keep the plan on track. Peter's fundamental belief in his work and it's benefits sell the transformation from old habits to new methods."
-President, Healthcare Products Company