AlixPartners Receives TMA ‘Turnaround of the Year’ Award
AlixPartners, a global business advisory firm, was honored by the Turnaround Management Association (TMA), receiving the association’s “Turnaround of the Year: Large Company” award for its work on behalf of Nebraska Book Company. The AlixPartners team was led by Alan Holtz, managing director in the firm’s Turnaround & Restructuring Services group and co-lead of that group’s Transformation & Restructuring Advisory Practice, and Robb McWilliams, a director in the firm’s Informational Management Services group.
AlixPartners worked in tandem with company management and representatives from Kirkland & Ellis and Rothschild Group on a consensual resolution that reduced Nebraska Book Company’s indebtedness by $240 million and equitized over $100 million of secured debt. Along the way, according to the TMA’s citation, the turnaround saved jobs for approximately 2,700 workers, including 1,100 full-time and 700 part-time employees and 900 temporary workers.
Holtz said, “We’ve very proud of the fact that a company with such a rich history as Nebraska Book Company, and one that ultimately benefits millions of college students, was saved, along with thousands of jobs in the process. It took hard work and collaboration on all fronts — including company management and other outside professionals — to arrive at this outcome, but it proves that good things can happen if the right approaches are taken.”
Lisa Donahue, managing director at AlixPartners and global leader of the firm’s Turnaround & Restructuring Services group, said, “The book industry is indicative of the challenges companies in many industries face today: an overall economy that may never be what it once was, coupled with big challenges such as technology upheaval. At AlixPartners, we’re proud to be recognized for helping Nebraska Book Company move to overcome its challenges, and we believe its success shows that, if proactive steps are taken, other companies can do the same.”
To read the entire news release and to learn more about the Nebraska Book Company case, click here.