CHICAGO, Aug. 17 /PRNewswire-USNewswire/ -- In 2009, corporate restructuring talent helped save the companies involved with Twinkies, the plastic in soda bottles, and the equipment that often stores these products, and contributed as well to other turnaround successes. The professionals who made this happen did so in spite of the economic downturn, a pervasive credit crisis, and the legal obstacles to restructuring created in the wake of bankruptcy legislation. They are recipients of the Turnaround of the Year and Transaction of the Year Awards from the Turnaround Management Association (TMA), the only international non-profit association dedicated to corporate renewal and turnaround management.

These winners will be honored during the October 8 keynote luncheon at the TMA Annual Convention, October 7-9, at the J.W. Marriott Desert Ridge, Phoenix, Arizona:

Turnaround of the Year Awards for individuals or teams who orchestrated the most successful turnaround in these categories:

Large Company Turnaround ($300 million USD or greater in revenue): Wellman Inc., a South Carolina-based manufacturer and marketer of resins used in plastic beverage bottles for carbonated soft drinks and water and in other food packaging. Jonathan S. Henes, Kirkland & Ellis LLP, led the turnaround team.

Mid-size Company Turnaround (Revenue between $50 million and $300 million USD): Gerber Plumbing Fixtures LLC, a family-owned plumbing manufacturer and distributor to the trade, in Lincolnwood, Illinois. The turnaround team included:

    --  Mitchell B. Rasky, team leader, The PrivateBank
    --  Steven Buford, Bank of America
    --  Robert Corsentino, The PrivateBank

    --  Michael Werner, CEO, Globe Union Group Inc.

Small Company Turnaround (Revenue of $50 million or less USD): Commercial Foodservice Repair, Inc., provider of onsite installation, repair and maintenance of equipment for convenience stores, restaurants and other retailers, Greenville, South Carolina. Kurt Herwald, CTP, Chandelle Advisors Limited, led the turnaround team.

Transaction of the Year Awards for individuals whose teams have orchestrated the transaction (non-operational restructuring) with the greatest impact in this category:

Large Company Transaction ($300 million USD or greater in revenue at time of transaction): Interstate Bakeries Corporation, Kansas City, Missouri-based baker and distributor of fresh-baked bread and sweet goods such as Wonder Bread and Twinkies. The transaction team included:

    --  Robert A. Campagna, primary financial advisor, Alvarez & Marsal
        North America, LLC
    --  J. Eric Ivester, counsel, Skadden, Arps, Slate, Meagher & Flom LLP

    --  Lloyd A. Sprung, lead banker, Miller Buckfire & Co., LLC

Mid-Size Transaction (Revenue between $50 million and $300 million USD): Lyman Lumber Company, residential building materials supplier, Excelsior, Minnesota. The transaction team co-leaders were:

    --  James L. Baillie, Fredrickson & Byron, P.A.

    --  Michael Knight, Alliance Management

"This year TMA selected a handful of turnaround professionals who performed an exemplary service in guiding companies, both large and small, through this difficult environment, saving both companies and jobs in the process," said Mette H. Kurth, chair of the TMA's 2009 Awards Committee and a partner with Arent Fox LLP in Los Angeles, California. "The winners this year exemplify the ability of turnaround professionals to apply unique solutions and tools to overcome complex and challenging situations. They also represent the significant results that can be achieved by using well-executed, textbook turnaround management techniques to transform a troubled company of any size in a variety of industries."

The Chicago-based Turnaround Management Association has nearly 9,000 members in 45 regional chapters who comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.

SOURCE Turnaround Management Association