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SPEECH: The Restructuring of ATLANTIC Inc.

(Textile manufacturer)
Good morning everyone. First of all, I would like to thank ATLANTICs Chief Executive
Officer and Director Peter Johnson for his warm welcome. Let me introduce myself in case you
dont know who I am. My name is Lucy Meeks and I will be working with you hand-in-hand over
the next six months. I am a corporate debt restructuring consultant. Any business, large or small, is
susceptible to financial difficulties. My job is to assist industries reduce, eliminate or restructure
their debts, by giving creditors the best payment options in the market.
ATLANTIC has been part of the Argentine textile industry for over 50 years. Today it is one of
the leading textile manufacturers in the country, exporting worldwide nearly 75 per cent of its wool
and linen products. The future poses new challenges and we have to respond to them as favourably
as possible. Implementation of a restructuring plan will help insure continued growth and improved
performance for ATLANTIC.
The restructuring plan includes the following actions that will be implemented in the next 6
months:

Executive management reduction

The elimination of 180 jobs

The closing of 5 sewing facilities, 3 dying factories, and one warehouse facility.

As a result of restructuring the company expects a reduction in expenses of approximately $4


million per year: 60 per cent of this will be earmarked to eliminate the companys debts, 25 per cent
will be assigned to buy new machinery, and the rest will be used to improve customer service.
Many years ago, ATLANTIC established the goal of becoming a textile manufacturer that could
compete worldwide. I am pleased to say that ATLANTIC has achieved this goal through the hard
work of its dedicated management team and employees. It is important we make the right decisions
for the future. It is time we developed strategies that reduce costs and improve efficiency. It is time
for a change. Thank you.

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