News Room

NSW winner for small turnaround of the year (<$50M turnover) was 180 Corporate for Aircom Systems

 180 Corporate has won the NSW turnaround of the year award for a small company (revenue less than $50m) for the turnaround of Aircom Systems. In December 2007 Aircom Systems engaged 180 Corporate who advised that urgent turn around action was required that involved changes in the business model, financing of assets and negotiations with the bank and unsecured creditors. The turnaround was implemented in a two stage process that involved initial crisis management and then a longer term turnaround plan. The turnaround was successful and 2010 will be a profitable year for the company after all the necessary write offs have been taken and creditors paid in full.

NSW winner for large turnaround of the year award (>$50M turnover) was Anchorage Capital Partners for Golden Circle

Anchorage Capital Partners has won the NSW turnaround of the year award for a large company (revenue in excess of $50m) for the turnaround of Golden Circle. Anchorage invested in Golden Circle in October 2007 taking a 35% ownership in the company. While Anchorage was in control of the asset they went about implementing both the operational and financial restructure of Golden Circle along with recruiting a new CEO before selling Golden Circle to H.J. Heinz in December 2008. Upon exit Anchorage realised an IRR of 129%.