Having expanded its services as an electric utility co-op into telecommunications, development and gas operations, CoServ was hit hard by the telecommunications meltdown. As lender support faded, the company planned to seek Chapter 11 protection, a move that threatened to shake the confidence of CoServ employees, customers, suppliers and lawmakers in the immediate aftermath of the Enron collapse. Bustin & Co. was retained by CoServ’s outside legal counsel to develop and implement a communications program to help preserve enterprise value. A strategy addressing concerns of more than 14 different constituencies was developed, approved and set in motion within 30 days. Despite a time-compressed schedule, the complexity of multiple business units, thousands of interested parties and a skeptical mood in the marketplace, CoServ succeeded in communicating effectively the reason for its action, its continued commitment to quality and service and its plan for reorganization. Subsequent actions also were communicated effectively throughout the 14-month process. CoServ emerged from its reorganization in December 2002.
