Neenah Foundry’s parent company to emerge from bankruptcy; Fiserv launches customer data software for banks
Neenah Foundry’s parent company to emerge from bankruptcy
Neenah Enterprises, Inc., the parent company of Neenah Foundry Co., announced it has secured financing commitments for its exit from bankruptcy.
The confirmation hearing for the company’s plan of reorganization has been scheduled for July 6, and the firm expects to close on the financing and emerge from bankruptcy approximately two weeks later.
Upon emergence, the company will have successfully reduced its debt by more than $270 million.
In connection with its exit from bankruptcy, the company will transition to a new executive management team.
Richard Caruso, a managing director for Huron Consulting Services LLC will serve as acting chief executive officer of the company, and Brent Johnson of Huron will serve as acting chief financial officer.
Caruso has served as chief restructuring advisor to the company since it filed for bankruptcy in February and has more than 25 years of experience in the metals, manufacturing and construction industries.
Korn Ferry International, an executive recruiting firm, has been retained to assist the company in hiring permanent successors to Caruso and Johnson, who will replace Robert E. Ostendorf Jr., the current president and CEO, and Dale Parker, the current CFO, respectively.
Ostendorf and Parker will resign from the company.
Fiserv launches customer data software for banks
Fiserv Inc. has launched BancStudy Consumer Deposits, a new solution that will help banks segment and analyze their current customer base to develop effective strategies to drive deposit growth.
BancStudy Consumer Deposits enables financial institutions to gain an in-depth perspective on their customers by analyzing demographic characteristics, lifestyle behaviors and buying patterns.
"We developed BancStudy Consumer Deposits as a direct response to clients who were seeking a rapid and comprehensive way to understand their customers, a critical first step toward developing an effective consumer deposit strategy," said Steve Cotton, president of Bank Intelligence Solutions, Fiserv. "Like our other solutions, BancStudy: Consumer Deposits is engineered to guide more efficient allocation of our clients’ finite resources in order to grow their bottom-lines. It’s not about working harder, rather it’s working smarter."
"Organic growth is critical in today’s competitive banking environment, and with the information provided by BancStudy Consumer Deposits, we can pinpoint where there is existing opportunity in our current wallet share to expand deposits and our customer relationships," said Phyllis Pickel, executive vice president of corporate and relationship development at Sunflower Bank.