Case #1: Trident
- Leading medical testing company Trident Holding Co. faced major liquidity problems, partly due to a shift in healthcare preferences in the US.
- Strategic and financial concerns needed to be understood and addressed if 5,000 jobs were to be saved.
- AlixPartners helped evaluate the company’s business plan, strategic initiatives and liquidity needs, demonstrating the importance of a detailed assessment to get to the heart of a company’s financial and structural problems and devise a way forward.
Case #2: Aceto
- Pharmaceutical and chemical company Aceto faced looming debts and disappointing operating results.
- Analysis showed the company’s assets needed to be divided and sold separately to maximize value.
- As a result of the successful transaction, 95% of the jobs were saved. The new owners of both the Rising and Chemicals businesses are private entities and appear to be thriving.
Case #3: Solidal
- Leading power cable manufacturer Solidal was carrying an overleveraged balance sheet and bloated cost structure when a series of investments collapsed.
- Financing and bringing control back to the manufacturing area was achieved via a consensual restructuring, which saw the business maintain the majority of its order book and catch up on orders.
- By implementing a consensual restructuring, and moving to regain the confidence and trust of key clients, suppliers, workers and lenders, the vast majority of the order book was kept intact, and foundations were laid for the historic growth Solidal now has in sight.
Case #4: syncreon
- An international automotive and technology logistics specialist faced $1.1B in debt and a highly unprofitable tech contract.
- Key to the financial restructuring was making landmark use of an English scheme of arrangement by amending the governing law of the senior secured credit facility and unsecured notes to English law.
- By materially reconfiguring syncreon’s capital structure, AlixPartners significantly reduced funded debt by $690M, repaid in full the existing asset-based lending facility (ABL), established a new ABL facility that better suits syncreon’s commercial and operational footprint.
2020 TMA Turnaround & Transaction of the Year Winners
Six AlixPartners consultants based across its US and UK markets were recognized in 2020 by the Turnaround Management Association (‘TMA’) for its distinguished “Turnaround and Transaction of the Year” awards.
- Becky Roof, Managing Director, is recognized in the "Large Company Transaction of the Year" category for her work with the leading global chemical distributor and virtual manufacturer, Aceto Corporation, where she held the role of Interim Chief Financial Officer;
- Mark Veldon, Managing Director, and Vince Harris, Director, are recognized in the "International Company Turnaround of the Year" category for their restructuring work with Solidal Conductores Electricos, the leading power cable manufacturer;
- Thomas Osmun, Managing Director, and Todd Zoha, Director, are recognized in the "International Company Transaction of the Year" category for their restructuring work with syncreon, which specializes in the design and operation of supply chain solutions for automotive and technology customers;
- David MacGreevey, Managing Director, is recognized in the "Large Company Turnaround of the Year" category for his work with Trident USA Health Services.
“To have six of our consultants and their project teams recognized by the TMA is a real testament to their teamwork, commitment and collaboration as they completed these four highly complex business transformations and supported our clients when it mattered most. I congratulate them on their achievement.”
—Lisa Donahue, Managing Director and Global Co-Lead of Turnaround and Restructuring Services