The Turnaround and Transaction of the Year Awards are coveted recognitions that showcase the teams of skilled turnaround professionals who come together to create value-oriented solutions in distressed situations. Recipients of this distinguished honor showcase what TMA members do best — find value where it was lacking, maximize productivity and profitability in seemingly defunct businesses, and perhaps most importantly, save jobs. The Turnaround and Transaction Awards are chosen based on a rigorous peer-review process.
About the Awards Process
A substantial recovery on behalf of creditors in a fraud case can qualify as a turnaround. To qualify for the 2026 award, the last key event you wish the award to be based on must have occurred between January 1 and December 31, 2025. That would typically be the closing of the transaction to be awarded; the confirmation or effective date of a plan of reorganization implementing a financial restructuring; the effective completion of an operational restructuring; or an event (such as a litigation recovery) that crystallizes major recoveries for creditors. You do not need to wait for the closing of a bankruptcy case or the completion of work that is immaterial to the award. The Committee may, in its discretion, defer consideration of a turnaround or transaction, such as to see if operational improvements stick.
For the turnaround aspect, please describe the improvements to a business by implementing effective operations, establishing solid management, generating positive cash flow, or effecting other operational enhancements leading to recovery of a struggling business or a significant and difficult recovery for the creditors, even if operations were forced to cease. For the transactional aspect, please describe the orchestration of a non-operational restructuring, including merger and acquisition, sale, loan, liquidation, debt restructuring, or other capital reorganization, to preserve value in a struggling business.
APPLY
Judging Criteria
Each application undergoes a rigorous and comprehensive review process including undertaking due diligence, which may include interviews of key individuals at firms identified in a nomination to determine whether additional firms involved in the nominated turnaround or transaction should be considered.
Entries are judged on individual merit; not all award categories will derive a winner in a given year. As judges review all components of the entry, they look for well-defined, measurable outcomes.
The decision of the Awards Committee is final once releases to the press are made. Press releases will not be amended to add any additional firms.
Questions? Contact awards@turnaround.org.
Application for Both Turnaround and Transaction Awards Include:
Part 1: Award Category
Part 2: Company Information
Part 3: Nominator Contact Information
Part 4: Key Contacts
Part 5: Narrative Description
Part 6: Timeline
Par 7: Financial Information
Part 8: Information Release
Categories for Both Turnaround and Transaction Awards Include:
- Small Company (company revenue at the time of turnaround was less than $50 million USD)
- Mid-Size Company (company revenue at the time of turnaround was $50 million to $299 million USD)
- Large Company (company revenue at the time of turnaround was $300 million to $1 billion USD)
- Mega Company (company revenue at the time of turnaround was at least $1 billion USD)
- International Company (a company with significant cross-border operations)
- Pro Bono (no fees in exchange for services); entry must demonstrate financial stability
- Non-Profit (a tax-exempt organization without shareholders that uses its surplus net assets to achieve its mission)
The 2026 TMA Turnaround and Transaction of the Year Awards
The 2026 TMA Turnaround and Transaction of the Year Awards winners will be honored at the TMA Annual Conference, October 27-30 in Houston, TX.
The 2026 Turnaround and Transaction of the Year Award Committee
CO-CHAIRS
Sharon F. Manewitz, Manewitz Weiker Associates LLC
John D. Baumgartner, Getzler Henrich & Associates LLC
MEMBERS
Federico Costa, TIM Management
Patrick Diercks, CTP, PKF Clear Thinking Group LLC
Monique DiSabatino, Saul Ewing
Joseph M. Esmont, Baker & Hostetler LLP
Jennifer Faubion, Cairness & Hempelman
Neil Gupta, SSG Capital Advisors LLC
Matt Lupton, Implex Advisors
Mark Melickian, Raines Feldman Littrell LLP
Drew McManigle, MACCO Restructuring Group
IIya Podolyako
Bryce A. Suzuki, Snell & Wilmer LLP
Turnaround and Transaction of the Year Award FAQs
How do I submit an application?
All applications must be submitted through the online application platform.
Access the application here:
https://my.reviewr.com/s2/site/TurnaroundandTransaction2026?redir=micrositedesign
How does the process work?
After submissions are received, the Awards Committee conducts a comprehensive review process. This includes multiple committee meetings and a diligence review of each application. Winners are selected based on excellence demonstrated across all turnaround and transaction award categories.
When do applications open and close?
Applications open on March 11, 2026.
The submission deadline is April 18, 2026.
Can I download the application to review the questions before submitting?
Yes. A downloadable version of the application is available on the Turnaround and Transaction Awards Microsite.
What time is the deadline on the due date?
Applications should be submitted by the close of business on the deadline date. The online system will remain open until 11:59 PM Central Standard Time.
Do I have to disclose the company name I’m nominating?
Yes. Confidential or anonymous submissions are not permitted due to the diligence process conducted by the Awards Committee.
Is there a submission fee?
Yes. The application fee is $299 per submission and must be paid by credit card at the time of submission.
What time period must the transaction or turnaround fall within to be eligible?
Only engagements that closed during the 2025 calendar year are eligible for the 2026 Awards.
Can I receive feedback on my application if I am not selected?
No. The Awards Committee does not provide individual feedback on submissions.
Can I check the status of my submission during the judging process?
No. Status updates are not provided while judging is underway. If additional information is required, a TMA staff member will contact the nominator or listed key contacts directly.
If I’m selected as a winner, can I add/edit the press release?
No, the committee’s decisions are final after the press release goes out. A courtesy copy of press release with go out to only nominators.
What is required of award recipients?
Selected winners must register for and attend the TMA Annual Conference in Houston, Texas and complete the required Award Recipient Form.
Who are considered Key Contacts?
Key Contacts are individuals listed on the application who are knowledgeable about the engagement and may be contacted during the diligence process. Key Contacts are not required to be award recipients.
How many Key contacts do I have to list?
A minimum of four Key contacts must be listed.
Does the nominator need to be directly involved in the transaction or turnaround?
No. Anyone may submit a nomination. Due diligence is conducted on the submission itself, not on the nominator.
Who may attend the Awards Ceremony?
Representatives of winning firms and individual award recipients are invited to attend the Awards Ceremony.
Who is considered the official award recipient, the firm or the individuals?
Awards are granted based on the application, diligence findings, and committee deliberations. Typically, the individual professionals directly involved in the engagement are named as recipients. The firm or company may attend the ceremony and will be recognized as part of the award announcement.
Who are the Key Contacts?
The key contacts are the people the committee will call so that they can do their diligence and ask about the engagement. The key contacts aren’t necessarily the winners.
Does the nominator have to be on the team that completed the turnaround/transaction, or can it be an associate or assistant? The nominator can be anyone. There is no due diligence done for the nominator.
Who can attend the Awards Ceremony?
Anyone can attend the awards presentation during the TMA Annual Conference. Winners will be given a discount on the cost of registration, and each firm participating in the winning turnaround/transaction will receive a physical award. If winning firms desire additional physical awards, they can be purchased.
Who is the winner, the people who worked on the case or the winning company?
The Awards Committee selects winners based on the application process, based on their due diligence, and based on discussions they had with various interested parties. The winners that are selected are usually the people that worked heavily on the case like the advisors and local counsel. The company is welcome to attend the awards ceremony and be recognized on stage.