Turnaround Management Association Names Best Corporate Renewal Accomplishments
CHICAGO – August 28, 2008—Turnaround Management Association (TMA), the only international non-profit association dedicated to corporate renewal and turnaround management, has selected its 2008 Turnaround of the Year and Transaction of the Year award recipients. Winners will be honored at an October 28 luncheon at the Annual Convention, October 27-29, at the New Orleans Marriott.
The 2008 list of winners is:
Turnaround of the Year Awards for individuals or teams who orchestrated the most successful turnaround in these categories:
- International Company Turnaround (Company with significant cross-border operations): Dana Holding Corporation, supplier of drive train and engine components for global vehicle manufacturers, Toledo, Ohio. The turnaround team leaders were:
Kenneth A. Hiltz, CFO, AlixPartners LLP
Ted Stenger, CTP, CRO, AlixPartners LLP
Corinne Ball, lead counsel, Jones Day
Henry S. Miller, leader investment banker, Miller Buckfire & Co.
- Mega Company Turnaround ($1 billion USD or greater in revenue at the onset of the turnaround): Calpine Corporation, a power generation company in Houston, Texas. The turnaround team leaders were:
Lisa J. Donahue, CFO and financial advisor, AlixPartners LLP
Samuel M. Greene, lead banker, Miller Buckfire & Co., LLC
- Large Company Turnaround ($300 million USD or greater in revenue): Solo Cup Company, manufacturer of paper and plastic cups, plates, bowls, and cutlery, Highland Park, Ill. David Garfield led the AlixPartners LLP turnaround team.
- Mid-size Company Turnaround (Revenue between $50 million and $300 million USD): Hirschfeld Steel, fabricator of steel bridge girders and structural steel components in San Angelo, Texas. The turnaround team leaders were:
Conner Searcy and Victor Vescovo, CROs, Insight Equity
Adam L. Dunayer, lead banker, Houlihan Loki
Mitchell B. Rasky, lender, Bank of America Business Capital
- Mid-size Company Turnaround Honorable Mention (Revenue between $50 million and $300 million USD): Roman, Inc., producer and distributor of giftware in Bloomingdale, Ill.
David M. Bagley, CTP, MorrisAnderson, led the turnaround team.
- Small Company Turnaround (Revenue of $50 million or less USD): Michelman-Cancelliere Iron Works, Inc., a structural steel fabrication, construction and engineering firm in Bath, Penn. John J. Bellardini led the turnaround team from JC Jones and Associates LLC.
- Pro Bono Company (No payment for services of the turnaround) Titan Machinery Sales Ltd., a machine tool distributor in Lake Zurich, Ill. The turnaround team included:
Walter N. Tashjian, Pegasus Industries, Inc.
Lowell C. Wallace, Marketing Valuation Partners LLC
James T. Herst, Performance Source Inc. Transaction of the Year Awards for an individual whose team has orchestrated the transaction (non-operational restructuring) with the greatest impact in these categories:
- Large Company Transaction ($300 million USD or greater in revenue at time of transaction):Financial Restructuring of Remy International, Inc., a manufacturer of OEM and aftermarket powertrain/drivetrain components, including starters and alternators, for automobiles, light trucks and heavy duty vehicles. The transaction team included:
Alan D. Holtz, financial advisor, AlixPartners LLP
Michael H. Torkin, debtor’s counsel, Shearman & Sterling LLP
Stephen Ledoux, lead banker, Rothschild, Inc. “This is the 17th year TMA has honored the professionals who have done a great service by saving both companies and jobs,” said Chris Curtin, chair of the 2008 Awards Committee and COO of Bankers Advocate Group in Jupiter, Fla. “The winners this year cover the gamut of industries, and they show that the skill sets needed to transform a troubled company carry well from small to large, from automotive to consumer goods.”
With international headquarters in Chicago, TMA’s 8,300 members in 43 regional chapters comprise a professional community of turnaround practitioners, attorneys, investors, lenders, venture capitalists, investment bankers, accountants, appraisers, liquidators, executive recruiters and consultants. Members adhere to a Code of Ethics specifying high standards of professionalism, integrity and competence. Its Certified Turnaround Professional (CTP) program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal.
|