Turnaround Management names Dana top 2008 international turnaround

By Caroline Salls

Pittsburgh, Aug. 28 - Turnaround Management Association has selected Dana Holding Corp. as the recipient of its top 2008 international turnaround award, according to a news release.

The winners of the 2008 Turnaround of the Year, awarded for individuals or teams who orchestrated the most successful turnaround, and Transaction of the Year, recognizing the transaction with the greatest impact, will be honored at a convention in October.

Dana's winning team included AlixPartners LLP chief financial officer Kenneth A. Hiltz and chief restructuring officer Ted Stenger, Jones Day lead counsel Corrine Ball and Miller Buckfire & Co. lead investment banker Henry S. Miller.

Calpine Corp. secured the mega company turnaround award, led by CFO and financial adviser Lisa J. Donahue of AlixPartners and lead banker Samuel M. Greene of Miller Buckfire.

The large company turnaround award will go to Solo Cup Co., which was led by AlixPartners' David Garfield.

Hirschfeld Steel will receive the mid-size company honors, with a turnaround led by CROs Conner Searcy and Victor Vescovo of Insight Equity, lead banker Adam L. Dunayer of Houlihan Lokey and lender Mitchell B. Rasky of Bank of America Business Capital.

Meanwhile, honorable mention in the mid-size company category will go to Roman, Inc., led by MorrisAnderson's David M. Bagley.

Michelman-Cancelliere Iron Works, Inc. is the small-company turnaround winner. John J. Bellardini of JC Jones and Associates LLC led this turnaround.

In the pro bono category, Titan Machinery Sales Ltd.'s team of Walter N. Tashjian of Pegasus Industries, Inc., Lowell C. Wallace of Marketing Valuation Partners LLC and James T. Herst of Performance Source Inc. will be honored.

In addition, the financial restructuring of Remy International, Inc. will be recognized as the best large-company transaction of the year. The turnaround team included financial adviser Alan D. Holtz of AlixPartners, counsel Michael H. Torkin of Sherman & Sterling LLP and lead banker Stephen Ledoux of Rothschild, Inc.

"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," awards committee chairman and Bankers Advocate Group chief operating officer Chris Curtin said in the release.

TMA is the only international non-profit association dedicated to corporate renewal and turnaround management.

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