Gnarus Advisors LLC is frequently retained by businesses that wish to manage the remediation of contaminated sites. Our team has diverse experience in the technical and regulatory aspects of remediating sites with various contaminants and media. We leverage our expertise in risk assessment and remedial technologies to develop cost effective remedial strategies. As a result, the firm has an excellent track record in obtaining site closures.
In one example, we are retained by the manufacturer of military equipment to manage a portfolio of remediation projects. The client was previously a holding company that divested many disparate businesses, but retained the environmental remediation obligations for a portfolio of sites. The divested properties exhibit a wide range of environmental challenges including many contaminants impacting several different types of media. In several instances, the contamination has migrated beyond the property boundaries.
The client hired a senior Gnarus director to lead a review of the environmental liabilities associated with its portfolio and to evaluate, and adjust if necessary, its environmental reserves. Specifically, the client’s board of directors requested an evaluation of the remediation cost estimates that served as the basis of its environmental reserve and to prepare alternatives for resolving individual matters. Recommendations were made to the board of directors’ approved plan. The board then requested that the Gnarus director serve as an out-sourced remediation manager for the entire site portfolio.
Since the plan was approved, company resolved seven of 14 matters and removed them from its balance sheet. Furthermore, strategies are underway to either accelerate remedial efforts with a goal of completing site cleanups in a relatively short time period or, if this is not possible, to increase the certainty of the remedial cost estimates.