The role of Russell Richardson, Optare’s founding Chairman and acknowledged bus industry strategist, in saving its previous parent North American Bus Industries Rt from collapse has been recognised by the Society of Turnaround Professionals (STP).

The STP has presented its first ever “International Turnaround Company of the Year “ Award to Russell Richardson and other members of the team which successfully rescued NABI through a series of transactions involving the extensive reorganization of operations and eventual sale of all the business assets formally employed by the Company.

The largest of these saw the Hungarian and US based operations sold to Cerberus Capital Management which ensured that employees, suppliers and customers in the two countries were unaffected by the difficult financial condition of NABI at that time.

Russell became Chairman of NABI Rt in May 2005 and in this role led a team made up of directors and managers together with specialist advisers to deliver the turnaround. The advisory group was headed up by London-based Adrian Doble, a partner at Vantis Plc, a turnaround specialist focussed on the Hungarian and UK operations, and Michael Gries of the New York firm Conway Del Genio Gries LLC.

The final phase of the reorganization was completed in February 2006 after which Mr Richardson resigned from the NABI Board and subsequently rejoined Optare as its Chairman in April 2006.

The Awards sponsored by Alchemy Partners, Deloitte and Touche, Grant Thornton and KPMG were presented recently at an event at the Dorchester Hotel, Park Lane, London.

The citation states that the NABI team together with its advisers worked to achieve a financial restructuring involving eight Hungarian banks. ”Major operational improvements were implemented – all against the background of significant cultural and cross-border issues, exacerbated by time zone differences between Hungary, the UK, New York and Alabama, the site of NABI’s US plant” it says.

Russell Richardson commented: “The challenges of turning around NABI were considerable and depended upon achieving significant improvements in operating performance at the Hungarian and US plants. Managing this in the face of the wide cultural differences between the US, Hungarian and UK groups involved required a large element of teamwork and business focus. The Award recognises the contribution of every individual involved in the process and delivered an outcome I am very proud to have been responsible for achieving”.

For further information please contact:
Martin Hayes, Communications Advisor, +44 (0) 207 494 8050