TOUSA Inc. announced Nov. 7 that an additional consulting group, Kroll Zolfo Cooper, was brought on board this week to examine restructuring options for the company. Kroll Zolfo Cooper, a division of Kroll, a subsidiary of Marsh & McLennan Cos., is a financial advisory and interim management firm based in New York City. This announcement comes after the company announced on Oct. 8 that it hired Lazard Freres to advise it and review its capital structure.
The Hollywood, Fla.-based builder has seen its shares lose more than 90% of their value over the last year and many, including the company's unsecured creditors, are concerned over speculation that the company may be foundering. TOUSA stock (NYSE:TOA) closed at $0.61, down $0.07, or 10.3%, in heavier-than-normal trading during a deeply down day on Wall Street.
"By retaining Kroll Zolfo Cooper, the company is enlisting additional expertise to join its management team and other advisors in examining its assets and capital structure," TOUSA said in a statement.
Initial calls to both TOUSA and Kroll Zolfo Cooper were not returned
On Nov. 6, the company announced it will delay filing its third-quarter results until Nov. 14 to reflect impairment charges and abandonment costs it expects to report. The company said it will not host an earnings conference call to discuss its third-quarter results.