CHICAGO -- The Turnaround Management Association will honor professionals who crafted transactions that rescued companies from the shadow of complete ruin at an October 7 luncheon during the 2010 TMA Annual Convention at the JW Marriott Grande Lakes resort in Orlando, Florida.
The 13 Transaction of the Year Award winners illuminated strategies that stabilized troubled businesses and retained jobs in industries enfeebled by the worst recession in decades:
Mega Company: Kenneth A. Hiltz and David C. Johnston, AlixPartners, LLP; Bradley A. Robins, Greenhill & Co., Inc.; and Alfredo R. Perez, Weil, Gotshal & Manges LLP
- BearingPoint, Inc., a global management and technology consulting services provider and significant contractor with the U.S. government, was unable to service its maturing debt. The team arranged a series of simultaneous going-concern sales totaling more than $520 million in proceeds. Nearly all client-relationship jobs were preserved, and secured creditors were paid in full. Read more.
Large Company: Ronen A. Bojmel and Timothy Pellegrin, Miller Buckfire & Co., LLC; and Michael F. Walsh, Weil, Gotshal & Manges LLP
- Simmons Bedding Company, the mattress manufacturer that introduced the Beautyrest brand, financed its acquisitions with debt that became unmanageable when consumer spending ebbed. The team structured a pre-packaged plan and sale to a strategic investor that cut debt in half, fully repaid senior lenders, and furnished $535 million in financing. Read more.
Midsize Company: Nicholas M. Miller and Mark A. Berkoff, Neal, Gerber & Eisenberg LLP
- Morris Publishing Group, LLC, the media company that publishes The Florida Times-Union, among other print publications, struggled with rising ad revenue losses and online competition and accumulated $417 million in debt. The team devised a debt swap that eliminated more than $300 million in debt, garnered swift approval in bankruptcy court, and kept presses running. Read more.
Small Company: Paul R. Share, Gregory A. Charleston and Robert H. Barnett, Conway MacKenzie; and James J. Miller, FirstCity Crestone
- Republic Industries, a cabinet and door manufacturer, experienced a string of losses as the housing crisis eroded profits and the bank shut down access to the revolver. With an eight-week lifeline, the team finessed extensions with the bank, identified a credible buyer to share company ownership, and arranged nearly $5 million in financing. Read more.
Chicago-based TMA, www.turnaround.org/, has more than 9,000 members including turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.