Covanta works with companies and communities to find sustainable solutions to their waste management challenges. They offer comprehensive waste management and consulting services to municipalities and industrial customers. The Company’s core services include waste management consulting, logistics support, recycling and energy recovery services. Each of these services seeks to divert materials from landfills. Covanta is a publicly-owned company, which operates over 70 facilities around the world and produces $1 billion in revenue every year.
Winter Harbor acted as Chief Restructuring Officer, leading Covanta through full reorganization, including overseeing Covanta's filing for Chapter 11 bankruptcy protection. Our professionals:
- Assessed Covanta’s various business segments and its in-process energy projects.
- Sold six non-core business units.
- Led major realignment of technical support departments that resulted in significant overhead cost reductions.
- Renegotiated several unprofitable municipal contracts.
- Prepared Covanta for Chapter 11 bankruptcy filing.
- Guided the Company though the bankruptcy process.
Winter Harbor was hired to serve as Chief Restructuring Officer and develop reorganization strategies to increase Covanta's profitability as they neared bankruptcy. Our professionals assessed Covanta’s various business segments and evaluated their client services. As CRO, we sold non-core business units, realigned client support departments and identified unprofitable facilities, reducing overhead and operational expenses. A strategic part of the reorganization was guiding Covanta through Chapter 11 bankruptcy protection. By seeking bankruptcy protection, this allowed Covanta the opportunity to restructure and emerge as a profitable enterprise who has excelled since.