American Italian Pasta Company has announced that it has retained management consulting firm Alvarez & Marsal (A&M) and appointed Jim Fogarty of A&M as co-chief executive officer.
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A&M will partner with the company’s leadership team to evaluate its strategic plan, implement various business initiatives and drive performance improvement. A focus of the A&M team will be to improve the performance of the company’s portfolio of pasta brands and to solidify and improve its position as a leader in providing foodservice, industrial and private label dry pasta products.
The company also provided an overview of its current liquidity and debt position. As of 28 September 2005, total debt was US$281.5m, including $276.7m under its bank credit agreement. As of 28 September 2005, the company had liquidity resources totalling approximately $20.9m, reflecting availability of approximately $12.8m under its revolving credit agreement and cash of approximately $8.1m.
