FTI Consulting Wins Mega Company Turnaround of the Year Award from Turnaround Management Association
September 14 2016 - 09:00AM
FTI Consulting, Inc. (NYSE:FCN), the global business advisory firm
dedicated to helping organizations protect and enhance their
enterprise value, today announced that its Corporate Finance &
Restructuring segment received the Turnaround Management
Association’s Mega Company Turnaround of the Year Award for its
role in the Chapter 11 reorganization of automotive supplier
Chassix Holdings, Inc.
Chassix produces and sells aluminum and iron castings and
machining solutions to the automobile manufacturers, generating
more than $1.4 billion in annual revenue. In late 2014, the company
faced an over-leveraged balance sheet and a liquidity shortage
compounded by a production crisis at one of its large
facilities.
FTI Consulting was engaged to lead a team on performance
improvements, benchmarking and implementing working capital
initiatives for the company. FTI Consulting was then named the
interim chief financial officer in January 2015 to lead the company
through its restructuring process.
The FTI Consulting team assisted in the negotiations for the
long-term solution with various stakeholders, including the
sponsors, customers and lenders and their legal and financial
advisors. This resulted in a pre-arranged Plan of Reorganization
that included long-term commercial agreements with the major
customers, secure employment for the vast majority of the
workforce, a conversion of nearly $550 million of debt to equity,
an infusion of capital from the new shareholders and a
significantly deleveraged capital structure. With guidance from the
FTI Consulting team, the company filed for bankruptcy protection in
March 2015 and emerged at the end of July 2015 with a sustainable
business model and brighter future.
“This project had intricate commercial, legal, operational and
financial considerations that required an integrated solution,
which considered all constituents,” said Michael Eisenband, Global
Co-Leader of the Corporate Finance & Restructuring segment at
FTI Consulting. “Our turnaround and industry experts handle the
most complex global restructurings, and this award exemplifies
their hard work and dedication to our clients.”
This award is the latest recognition for FTI Consulting’s work
on the Chassix engagement. Global M&A Network named the matter
the Pre-Packaged Restructuring of the Year at its Turnaround Atlas
Awards in May 2016, while M&A Advisor awarded it the Chapter 11
Reorganization of the Year (Over $500 million) at its Turnaround
Awards in December 2015.
The Corporate Finance & Restructuring segment, a trusted
partner to companies, boards of directors, investors, lenders and
creditors around the world, is focused on delivering restructuring
and business transformation solutions. Professionals address the
full spectrum of financial, operational and transactional risks and
opportunities. Among the core strengths is providing expertise in
guiding companies through the value creation lifecycle. Targeted
offerings include restructuring, insolvency, litigation support,
interim management, capital market advisory, post-acquisition
integration, valuation, tax advisory as well as financial
management and performance improvement solutions. Industry
expertise includes emphasis in the energy, healthcare, real estate,
retail and consumer products, and telecommunications, media and
technology sectors.
About FTI ConsultingFTI Consulting, Inc. is a
global business advisory firm dedicated to helping organizations
protect and enhance enterprise value in an increasingly complex
legal, regulatory and economic environment. With more than 4,600
employees located in 28 countries, FTI Consulting professionals
work closely with clients to anticipate, illuminate and overcome
complex business challenges in areas such as investigations,
litigation, mergers and acquisitions, regulatory issues, reputation
management, strategic communications and restructuring. The Company
generated $1.78 billion in revenues during fiscal year 2015. For
more information, visit www.fticonsulting.com and connect with us
on Twitter (@FTIConsulting), Facebook and LinkedIn.
Investor Contact:
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com
Media Contact:
Matthew Bashalany
+1.617.897.1545
matthew.bashalany@fticonsulting.com
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