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