Dr. Lukas Fecker of Innovation Brain LLC and Alan Tilley of BM&T
were honored for their work on the turnaround of Finatrade Group with
TMA Europe Turnaround of the Year Awards during the group’s annual
conference in Stockholm.
Now in their fourth year, the awards celebrate achievements of an
individual or team of TMA turnaround professionals who have orchestrated
the successful recovery of a struggling company. Submissions are
assessed on the actions taken to bring around the turnaround, the issues
that arose and how they were overcome, and the eventual outcome.
Finatrade Group is Cyprus holding company and a key commodities
trading and distribution company active in the West African countries
of Ghana, Nigeria, Benin, and Togo. Toward the end of 2013 the
company ran into difficulties with significant debt problems and
unfavorable supply contracts that led to technical defaults of loan
agreements. Acting as chairman and CRO, respectively, Fecker
and Tilley convinced Finatrade Group’s main lender to accept a
significant debt reduction and acquisition of the Nigerian operations,
leaving a smaller but more profitable Ghanian trading operation.
TMA Delegation Meets with
U.S. Ambassador to China
TMA Europe Names Turnaround of the Year
A TMA delegation comprised of
professionals working in the People’s
Republic of China met with U. S.
Ambassador Max Baucus and members
of his senior staff in Beijing in July.
The private meeting gave members
of the delegation the opportunity to
discuss with Baucus the economic
situation in China at the same time that
the Chinese government was taking
unprecedented steps to try to engineer
a rally in the country’s stock market.
The meeting with Baucus began
an effort by TMA to build market
awareness for the turnaround
and restructuring industry in the
burgeoning Chinese market. As
a next step, the TMA Asia Pacific
Conference is to be held November
19-20 in Singapore, and plans are also
underway for an event in Shanghai in
early 2016. TMA will also continue to
highlight the knowledge and expertise
of its members to key policy leaders
to raise the profile of the industry.
Pictured below: Front row, left to right,
Steven Li, ACG China; Edward Middleton,
KPMG; Rosalie Liu, KPMG; and U.S.
Ambassador Max Baucus. Back row, left to
right, Marcus Paciocco, FTI Consulting;
Darren Stone, AlixPartners; TMA CEO Greg
Fine; and Damien Coles, Kirkland & Ellis.