TMA Turnaround Awards 2009

TMA Large Company Turnaround of the Year 

Winner:

Anchorage Capital Partners - Phil Cave & Michael Brittenden, for Golden Circle

Anchorage Capital's turnaround of this iconic Qld brand. achieved targeted run rate savings of $10m, new debt facilities were negotiated and a range of operational improvements and efficiencies achieved, resulting in adjusted EBITDA increasing from $6m to $35m and finally exited at 129% IRR and 2.5 times money. Promentor's involvement in the operational turnaround is noted.

 

TMA Medium Company Turnaround of the Year

Winner:

Blake Dawson & Deloitte - Michael Sloan & Tim Norman, for Waterford Wedgewood & Royal Doulton

Blake Dawson & Deloitte worked together on this transaction which arose from the parent company insolvency, implementing an international restructure of the group which allowed the business to be sold to a US PE Fund. This included implementation of the first pre-pack receivership in Australia and all jobs in Australia were saved.

 

TMA Small Company Turnaround of the Year

Winner:

Vantage Performance - Michael Fingland, for Brisbane Concrete Pumping

Poor management of working capital and excessive debt led to financial distress. Vantage Performance arranged an equity injection of $2m , recruited a new MD, and facilitated the vertical integration merger with Shepherd Contracting, and renegotiated equipment finance with 12 financiers, saving some 80 jobs.

 

TMA Turnaround Professional of the Year

Winner:

Riad Tayeh, de Vries Tayeh

 

TMA Turnaround CFO of the Year

Winner:

Tony Clark , KPMG for Centro

This is a new award which will be submitted to CFO Magazine for their annual awards to financial and professional services. Tony, as the CFO worked with KPMG was involved within one the highest profile collapses at the beginning of the financial crisis, Centro properties. Tony led the in-house working group with KPMG to negotiate a 3 year extension of Centro's $3.9 bn debt facilities and arranged conversion f $1bn of debt into hybrid security, while retaining the majority of the US and Australian property portfolios. Over 1400 jobs were saved through the restructure process.