AlixPartners honored by TMA’s ‘Turnaround of the Year – Mega and ‘Transaction of the Year – Large Company’ Awards
(September 20, 2016) – AlixPartners, the global business advisory firm, has been honored by the Turnaround Management Association (TMA), receiving the international trade association’s “Turnaround of the Year – Mega Award” for its work on behalf of Chassix Holdings, Inc., and the “Transaction of the Year – Large Company” for its work on behalf of Altegrity, Inc.
Regarding the first award, AlixPartners, engaged by the ad-hoc noteholder group in the case, developed and implemented a strategy for restructuring and recapitalizing Chassix, a critical supplier to the automotive industry globally. This included de-leveraging the balance sheet, negotiating with automaker customers and developing and implementing a turnaround plan for the company’s largest plant. Chassix emerged from bankruptcy within five months of its filing.
Chassix has annual revenue in excess of $1.4 billion, with more than 4,000 employees in approximately 25 manufacturing facilities globally.
The team working on Chassix was led by Anthony Flanagan and Ted Stenger, both Managing Directors at AlixPartners. Mr. Flanagan's expertise in the automotive sector was a key factor in the turnaround and renegotiation of contracts with Chassix’s OEM customers. The engagement team also included Michael Albritton, Kurt Beckeman, Emily Harte, Steve Hilgendorf and Mark Wakefield.
“We are honored to have won this award, to have had the opportunity to represent a prestigious group of noteholders and work with so many distinguished professionals in the turnaround industry,” said Mr. Flanagan. “We are especially pleased with the dramatic turnaround at Chassix and the value that was created for constituents.”
The AlixPartners engagement team at Altegrity a global, diversified risk and information services company, was led by Carrianne Basler and Kevin McShea, Managing Directors at AlixPartners. That engagement team also included Susan Brown, Patrick Farley, Patrick Hoban, Jeff Ivester and Nathan Kramer, Richard Robbins and Steve Spitzer.
Headquartered in New York, NY, Altegrity is the parent company of two separately managed businesses: HireRight, a leading provider of employment background screening and eligibility solutions, and Kroll, a leading global provider of risk and information management services and solutions.
The AlixPartners team advised Altegrity in the restructuring and recapitalization of the company, including developing business plans, managing liquidity, and financial reporting throughout the process.
“The entire team of professionals worked extremely well together in achieving an outstanding outcome for the company in a condensed timeframe,” said Carrianne Basler. “Given the sensitivities of restructuring a professional services firm, an efficient, coordinated effort was key to a successful outcome.”
The awards to AlixPartners will be presented at the TMA’s Annual Conference, on Nov. 3 at Disney’s Yacht Club Resort in Lake Buena Vista, Florida.
About the TMA
The Turnaround Management Association is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. This year’s winners saved countless jobs and made a significant economic impact, both locally and globally.
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