The board of financially troubled FuelCell Energy announced that it has ended its engagement with Huron Consulting Services and the restructuring services it provided, effective Oct. 31.
Beginning on June 2, Huron provided services related to the Danbury company’s restructuring and contingency planning initiatives. The board said its decision was based on the outcome of “many actions undertaken by Huron at the direction of the board that led to the company’s successful restructuring, including the rightsizing of the business, implementation of cost control measures and pay off of substantial corporate debt.”
FuelCell has been weathering difficulties for the past several years, with a number of executive changes taking place last fall as the company faced a possible delisting from the Nasdaq. Among those board hires was Jason Few, who was named president and CEO in August after Chip Bottone’s sudden departure from that post.
“Huron did an exceptional job on behalf of FuelCell throughout the restructuring and their efforts toward our stronger future is appreciated,” Few said. “Huron engaged at a difficult time in the company’s history and has completed its role, successfully positioning FuelCell Energy in a much stronger position just four months after the initial engagement.”