Journal of
Corporate
Renewal
Sept
2016
TMA Europe Turnaround of the Year Awards
Presented at The 2016 TMA Europe Annual Conference | June 9-10
TMA Europe’s Turnaround of the Year
awards went to Freshfields Bruckhaus
Deringer and Rcapital during the group’s
Annual Conference in Rome. The
awards, now in their fifth year, celebrate
achievements of individuals or teams
of TMA turnaround professionals who
have orchestrated the most successful
recoveries of struggling companies.
Submissions are assessed on the
actions taken to bring about the
turnaround, the issues that arose and
how they were overcome, as well as the
eventual outcome. The award in the
small company category, which went
to Rcapital, is for companies whose
revenue at the onset of the turnaround
was less than 100 million euros, and
the large company category, won by
Freshfields, is for companies whose
revenue at the onset of the turnaround
was more than 100 million euros.
"Both these cases are outstanding
examples of what can be achieved
by determined and hardworking
turnaround management teams,” said
David Bryan, TMA Europe's financial
director and a member of the judging
panel. “Although the two cases are
very different, what is clear from
both is how with some innovative
thinking, and decisive and quick
action, businesses in real distress
can be rescued and transformed into
viable and profitable concerns."
The winning large company
turnaround saw a team from Freshfields
working against the odds to prevent
Pescanova, the largest fishing company
in Europe, from going into liquidation.
The Spanish-based multinational
had 80 subsidiaries, employed more
than 12,000, and operated across
27 countries. The company filed
for insolvency in April 2013 with
extensive debt issues, prompting a
Spotlight
TMA Europe VP Jukka-Pekka Joensuu
with Phil Emmerson and Chris Campbell of Rcapital
TMA Europe VP Jukka-Pekka Joensuu (center) with Jesús López
Bragado and Iñaki Gabilondo of Freshfields Bruckhaus Deringer