December 21, 2004
Torch Offshore appoints Chief restructuring Advisor
Torch Offshore, Inc. (NASDAQ: TORC announced today that its Board of Directors has appointed David Phelps of Bridge Associates LLC, a nationally known turnaround and crisis management consulting firm, as Chief Restructuring Advisor of the company.
TTorch says it has engaged a Chief Restructuring Advisor "as part of its previously announced strategy to overcome its current liquidity situation."
As Chief Restructuring Advisor, Phelps' tasks will include working with senior management to monitor and improve liquidity; reviewing and assisting in the negotiation of all material contracts; reviewing the financial aspects of all operations and working directly with the company's other advisors to review and negotiate any proposed financial transactions. Lyle G. Stockstill, the Company's Chairman and Chief Executive Officer, will continue to be responsible for the daily operational activities of the Company.