Turnaround Management names 2007 turnaround and transaction of the year honorees

By Caroline Salls

Pittsburgh, Aug. 23 - Turnaround Management Association has selected its 2007 Turnaround of the Year and Transaction of the Year award recipients, including Winn-Dixie Stores, Inc., which will be awarded for the mega-company turnaround of the year, according to a news release.

Winners are scheduled to receive their awards at the TMA annual convention in October.

The mega-company turnaround of the year, awarding individuals or teams who orchestrated the most successful turnaround for companies that had $1 billion or more in revenue when they began their turnaround, was Winn-Dixie.

Winn-Dixie's turnaround team leaders included financial adviser Flip Huffard, The Blackstone Group, restructuring adviser Holly Felder Etlin, bankruptcy co-counsel D.J. Baker and bankruptcy co-counsel Stephen D. Busey.

Foamex International Inc. will be awarded turnaround of the year for large companies with $300 million or more in revenue.

Chief restructuring officer Gregory J. Christian led the Foamex turnaround.

Stellex Aerostructures, Inc. will be awarded turnaround of the year for mid-size companies with revenues between $50 million and $300 million.

Raynard D. Benvenuti of Concord Investment Partners LLC led Stellex's restructuring team as chief operating officer and chief executive officer.

In addition, Kuntz Electroplating, Inc. will receive an honorable mention in the mid-size turnaround category.

Tom Harig and Joe Zito of The Keystone Group led the Kuntz turnaround team.

EagleSpan Steel Structures, Inc. will be awarded turnaround of the year for small companies with revenues of $50 million or less.

Thomas M. Kim of r2 advisors, llc was interim COO and turnaround team leader for EagleSpan.

Treofan Germany GmbH & Co., KG will be awarded turnaround of the year for international companies with significant cross-border operations.

Treofan's turnaround was led by Peter A. Briggs, managing director and head of Alvarez & Marsal in Germany and Central and Eastern Europe. Briggs served as interim CEO at Treofan.

Transaction of the Year will be awarded to an individual whose team has orchestrated a non-operational restructuring with the greatest impact.

The large company transaction of the year will be awarded for the sale of USA Commercial Mortgage Co.

The transaction team from Mesirow Financial Interim Management, LLC included interim CEO and CRO Thomas J. Allison, William J. Fasel and Susan M. Smith.

Mid-size transaction of the year will be awarded for the sale of Antigo Cheese Co.

That transaction team was led by Jim Harney and Mike Garvey of Harney Management Partners.

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

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