AEG Partners will receive the 2016 Large Company Turnaround of the Year Award from the Chicago/Midwest Chapter of the Turnaround Management Association for its work related to Compressor Engineering (CECO).

Based in Houston, CECO manufactures and repairs compressor parts and performs pipeline integrity work for the energy industry.

Starting in late 2014 and through early 2016, AEG held the positions of chief restructuring officer (Phil Van Winkle) and interim chief financial officer (Jon Morrison) for CECO. Facing severe liquidity constraints and potential liquidation due to the underperformance of a key division, AEG led an out of court turnaround of the business. Working closely with CECO’s ownership, board of directors, management and company counsel, AEG wound down the troubled division, managed the company through the liquidity crisis and executed a turnaround of remaining operations.

As a result of the team’s actions, CECO survived the liquidity crisis, avoided Chapter 11 bankruptcy, substantially improved profitability and refinanced all outstanding debt at par. The turnaround was accomplished during a period when the oil and gas sector and its service providers have experienced tumultuous economic challenges due to the underlying commodity price decline.

“I am honored to have worked with such a talented group of professionals and thrilled with the outcome the turnaround team delivered for CECO, its owners, employees and lenders,” said Jon Morrison, principal at AEG.