Blackstone Group LP’s Timothy Coleman helped Ford Motor Co avoid bankruptcy and a taxpayer bailout as the automaker eliminated $9.9 billion of debt and negotiated with unions to modify collective-bargaining agreements. Now he’s trying to turn around Kansas.
Coleman, who heads restructuring at Blackstone, has met with Republican Governor Sam Brownback to discuss being hired as the state’s adviser, according to three people familiar with the discussions. Talks centered on how Kansas, where next fiscal year’s $492 million deficit is 3.5 per cent of the total budget, could sell assets, streamline operations and downsize its government, said the people, who asked not to be named because the discussions are private.
Brownback took office in January seeking to revamp Medicaid, school financing and state regulations. The elections brought to office 28 new governors who, like Brownback, may look to restructuring experts as they move away from piecemeal changes such as job cuts to a more sweeping approach to retooling their states.