A TMA delegation comprised of professionals working in the People’s Republic of China met with U.S. Ambassador Max Baucus and members of his senior staff in Beijing in July. The private meeting gave members of the delegation the opportunity to discuss with Baucus the economic situation in China at the same time that the Chinese government was taking unprecedented steps to try to engineer a rally in the country’s stock market.
The meeting with Baucus began an effort by TMA to build market awareness for the turnaround and restructuring industry in the burgeoning Chinese market. As a next step, the TMA Asia Pacific Conference is to be held November 19-20 in Singapore, and plans are also underway for an event in Shanghai in early 2016. TMA will also continue to highlight the knowledge and expertise of its members to key policy leaders to raise the profile of the industry.
Pictured: Front row, left to right, Steven Li, ACG China; Edward Middleton, KPMG; Rosalie Liu, KPMG; and U.S. Ambassador Max Baucus. Back row, left to right, Marcus Paciocco, FTI Consulting; Darren Stone, AlixPartners; TMA CEO Greg Fine; and Damien Coles, Kirkland & Ellis.
Dr. Lukas Fecker of Innovation Brain LLC and Alan Tilley of BM&T were honored for their work on the turnaround of Finatrade Group with TMA Europe Turnaround of the Year Awards during the group’s annual conference in Stockholm.
Now in their fourth year, the awards celebrate achievements of an individual or team of TMA turnaround professionals who have orchestrated the successful recovery of a struggling company. Submissions are assessed on the actions taken to bring around the turnaround, the issues that arose and how they were overcome, and the eventual outcome.
Finatrade Group is Cyprus holding company and a key commodities trading and distribution company active in the West African countries of Ghana, Nigeria, Benin, and Togo. Toward the end of 2013 the company ran into difficulties with significant debt problems and unfavorable supply contracts that led to technical defaults of loan agreements. Acting as chairman and CRO, respectively, Fecker and Tilley convinced Finatrade Group’s main lender to accept a significant debt reduction and acquisition of the Nigerian operations, leaving a smaller but more profitable Ghanian trading operation.
