Online Extra: The Corporate Doctors Are In

Turnaround whizzes Antonio Alvarez and Bryan Marsal on reviving companies when you don't have time to debate

Provide news feedback or report an error

October 18, 2004 at 4:00 AM UTC

This article is for subscribers only.

In recent years, a spate of meltdowns from Enron to Arthur Andersen have made turnaround experts a hot commodity. Today, Corporate America's favorite repairmen are Antonio C. "Tony" Alvarez and Bryan P. Marsal, the duo at the helm of New York-based turnaround firm Alvarez & Marsal. They're renowned for their cost-cutting savvy, ability to hoard cash and soothe angry creditors -- as well as their brashness.

Alvarez recently helped salvage value at Warnaco (WRNC ), maker of Calvin Klein jeans and Speedo swimwear, while Marsal guided HealthSouth (HLSH ), the embattled hospital chain mired in a $2.7 billion accounting scandal, from under its cloud. On Sept. 22, Tony Alvarez was appointed CEO of Interstate Bakeries (IBCIQ ), the Kansas City-based maker of Wonder Bread and Twinkies, which filed for Chapter 11 bankruptcy protection on the same day.