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Category: Turnaround Management

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Watch Your Step — Insurance Pitfalls Threaten Even the Strongest Turnaround Strategy

Insufficient insurance coverage can be the undetected landmine in a turnaround strategy. Harvey Topitz explains that relying on Certificates of Insurance or Declaration Pages to ensure complete insurance can expose the business — and the turnaround professional — to liabilities presented by endorsements, exclusions and omissions. In short, the large print giveth and the small print taketh away.

October 17, 2012 Shannon Browne

Analysis of a Unique TMA Award Winner: Mesirow Financial, Ungaretti & Harris Rescue Fairview Ministries

The economic recession and attendant weak credit environment hurt many industries, and the senior living housing market was no exception. When Fairview Ministries, a continuing care retirement community, experienced distress, it retained Mesirow Financial Interim Management, that hired a team of advisors — including restructuring counsel, Ungaretti & Harris — to lead it through a major restructuring that included the rescue of over 500 seniors who faced losing their homes and life savings. The outcome was acknowledged as the Small Transaction of the Year award winner by the TMA’s Chicago/Midwest chapter.

October 8, 2012 | Rita Garwood

Passing the Torch…TMA CEO Looks Ahead After First Year at the Helm

In last year’s Turnaround Management issue, we talked with Linda Delgadillo about her tenure as the head of the Turnaround Management Association as she departed from the position after 11 years. The TMA then hired Gregory Fine to lead the association. Here, Fine discusses his first year on the job as well as what’s ahead for the TMA and its members, both here and abroad.

October 8, 2012 | Rita Garwood

Anatomy of a Turnaround: For the CRO, the Meltdown at Dippin’ Dots Became Personal

After 20 years of success, ice cream maker Dippin’ Dots faced a variety of hurdles due to growing pains, an uncertain economic environment and a deteriorated relationship with its secured lender, which led to its Chapter 11 filing. Conway Mackenzie’s Greg Charleston was appointed CRO to navigate the company toward a new owner while avoiding a potential meltdown. Along the way, he found that working on this case proved to become a more personal experience than many others.

October 8, 2012 | | Shannon Browne

Wipfli Launches Turnaround & Restructuring Practice

Responding to what Wipfli managing partner Rick Dreher calls lingering concerns facing many businesses in the slow economic recovery, the CPA and consulting firm has launched a turnaround and restructuring practice under the leadership of Jeff Baker and David Steichen. Baker, who heads the practice, spent the majority of his career as a partner at PricewaterhouseCoopers, where he completed dozens of transactions in more than 20 countries. Steichen most recently served as principal of Manchester Companies, a Midwestern turnaround advisory firm. The ABF Journal catches up with Baker to discuss the new practice.

October 3, 2012 Rita Garwood

Phoenix Management Q2 Survey: Lenders Identify Political Uncertainty as Chief Concern Regarding Future Economic Growth

Each quarter Phoenix Management distributes its proprietary “Lending Climate in America” survey to over 2,000 lenders nationwide. In the prior two quarters (Q1/12 and Q4/11), Phoenix saw significant improvement in nearly all of the lending survey metrics, including improving economic trends, relaxed credit facility structures and accelerating customer growth plans. While overall lender sentiment remains near recent survey highs, results from the most recent survey (Q2/12) reveal a tempering of lender enthusiasm.

September 1, 2012 | ABF Journal

Distressed Company Rescue: Identify Problems Early…React Rapidly

The market decline, economic slowdown and contraction in liquidity over the past five years have led to an increase in the number of businesses regarded as underperforming or distressed. Most business failures can be traced back to problems arising years prior to any corrective action. However, immediately responding to early indicators of distress can provide management and lenders a variety of rescue strategies.

September 1, 2012 | ABF Journal

Steering Clear of the Brink Early Warning Signs Can Pinpoint Business Troubles

When a company is headed for trouble, all stakeholders share the added risk. Directors and top management are often aware that problems exist, yet they delay in correcting them. This denial is often veiled in stubborn corporate pride. Yet it renders board members and even upper management unable to recognize the key warning signs that suggest a company is on its way toward trouble. Yet, all is not lost. There are ten common early warning signs that mark a company heading for trouble.

June 1, 2012 ABF Journal