Turnaround Experts and Academics Add Practical Applications to Research to Solve Problems of Companies in Distress

Jun 4, 2003

(TMA Global)

Imagine yourself in a classroom at Northwestern University’s Kellogg School of Management in Chicago getting ready to take a quiz on “Rebuilding Corporate Value in Today’s Distressed Business World.” How well would you score on these questions?

· How can you predict whether a corporation will find itself in bankruptcy?

· How have recent bankruptcies been used to renegotiate union contracts and cut legacy costs relating to pensions and healthcare liabilities?

· Has the system been corrupted by the ability of large companies to “shop around” for a court in which to file for bankruptcy?

· What are the proven tools and techniques used to pull companies such as True Value Hardware Stores out of deep financial difficulties?

· Is selling assets when your company is in trouble always a good idea?

· Why do banks seem to make their worst loans during boom times, forgetting the lessons of the last loan “bust” period?

· How has the banking system in Japan affected the chances of a company successfully restructuring?

After attending the Advanced Education Workshop, June 12-13, 2003, at Northwestern University’s Arthur Rubloff Building, 375 E. Chicago Avenue, professionals in the corporate renewal and turnaround management fields will go to the head of the class. Faculty members from such leading business schools as New York University’s Stern School of Business, Harvard Business School, Northwestern University’s Kellogg School of Management, Indiana University’s Kelley School of Business, University of Chicago’s Graduate School of Business, Boston College’s Carroll School of Management, and UCLA’s Law School will present their latest research, along with methods for analyzing and solving the problems of firms in financial distress. Sponsored by the Turnaround Management Association (TMA) and Northwestern University’s Kellogg School of Management, this two-day workshop is designed to demonstrate practical applications of academic research to the turnaround industry.

In addition, two CEOs share behind the scenes looks at their companies:

· 3:45 on Thursday, June 12, Pamela Forbes Lieberman, president and CEO of TruServ Corporation, tells what she did to return it to profitability after joining the company in 2001 and inheriting annual losses of more than $100 million, loan defaults and an SEC investigation.

· 12 noon, Friday, June 13, Edward M. Liddy, chairman, president and CEO of The Allstate Corporation tells about lessons he’s learned about corporate renewal.

 In a special pre-workshop session at 10:30 a.m. on Thursday, June 12, a panel of experts with divergent roles and opinions square off in a discussion of legacy costs (pensions and healthcare liabilities) and renegotiated union contracts in bankruptcy cases, such as those in the airline and steel industries. The panel includes:

· Hon. Eugene Wedoff, U.S. Bankruptcy Court, Northern District of Illinois, currently presiding over the United Airlines bankruptcy case

· Laura Rosenberg, Pension Benefit Guaranty Corporation

· Joseph E. O’Leary, partner in the Labor, Employment & OSHA Group, McDermott Will & Emery

· Bruce H. Simon, partner, Cohen, Weiss and Simon LLP, general counsel to unions

To see a full schedule of sessions and presenters, go to www.turnaround.org or request a brochure from Cecilia Green, 312-242-6031 ( cgreen@turnaround.org ). Also contact Green for a press pass or individual interviews.

The Turnaround Management Association ( www.turnaround.org ) is the only international non-profit association dedicated to corporate renewal and turnaround management. With headquarters in Chicago, TMA’s 5,800 members in 31 regional chapters comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants. Members adhere to a Code of Ethics, and the Certified Turnaround Professional (CTP) program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal.

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For more information, contact:

Cecilia Green
Director of Public Relations
312.242.6031
cgreen@turnaround.org

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