A Second Chance for
Companies Helps Maintain
Democracy, Free Markets
In February, TMA Global Chair David Cohen and I attended the fourth annual TMA Eastern European
Conference hosted by Erste Bank in
Vienna, Austria. Bringing together
nearly 150 turnaround professionals,
lawyers, capital providers, and others,
this meeting represented a who’s
who of the profession from across the
Continent and, indeed, the globe.
The conference’s programmatic
theme centered on non-performing
loans (NPL) with a panel dedicated
to current NPL balances across the
Eastern European region and an effort
by the European Central Bank to
establish NPL guidelines. One high-level takeaway from the conference
is that NPL balances in the region
will continue to offer opportunities
for the TMA membership.
I have attended every one of these
conferences and am struck by a theme
that has run through all of them: the
concept of helping to give companies
a second chance. Over the past
four years I have been consistently
impressed with the optimism and
enthusiasm members from this
region have for their future. TMA’s two
newest chapters, Bulgaria and Ukraine,
speak to that future. Yes, there are
challenges. But the turnaround and
insolvency professionals that make
up TMA aren’t afraid of challenges.
In fact, they revel in them.
Part of the challenge for the region
in general is the fact that their
market-based economies, like
their democracies, are young and
maturing all at about the same time.
This puts simultaneous stress on the
entire region, which if not managed
effectively could lead to a broad
economic downturn, social unrest, and
possibly a move away from democracy.
Such an environment could give rise
to a nationalist despot who says, “We
tried this whole capitalism thing and
it didn’t work. I know a better way.”
Sound extreme? It’s happened before.
Turnaround, restructuring, and
insolvency professions play a vital
role in the global economy. The
ability to have a second chance
drives entrepreneurship, innovation,
and, most importantly, economic
growth. Providing companies and
the individuals that run them with a
path to a better future is what TMA
members do, and I can’t think of a
time when this was more important.
From California to Romania, from
Brazil to Singapore, from the United
Kingdom to Australia, from Calgary
to South Africa, and everywhere
in between, TMA members are on
the front lines working through
disruption and driving results.
TMA is truly a global community
of exceptional professionals!
I wish you all a safe and prosperous
spring and look forward to seeing
you at TMA events in the future. J
Gregory J. Fine, CAE
TMA Global Chief Executive Officer
are on the
Check out Connections on pages
45-47 or the Events page at
turnaround.org for the most up-to-date information on TMA events.