News & Announcements

Ray C. Schrock, P.C. to Be Honored at TMA’s 2016 Turnaround and Transaction of the Year Awards

Business Finance & Restructuring Department Co-Chair Ray C. Schrock, P.C. will be honored by the Turnaround Management Association (TMA) for his work on the successful restructuring of Chassix Holdings, the winner of the “Turnaround of the Year: Mega Company” award. TMA is an organization dedicated to turnaround management, corporate restructuring, and distressed investing. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees.

Mr. Schrock guided Chassix Holdings, a large supplier to the global automotive industry, employing over 4,500 people worldwide with annual revenue in excess of $1.4 billion, through a prearranged chapter 11 restructuring of their $700 million capital structure. The reorganization included long term commercial agreements with major customers, a stable margin profile, secure employment for the vast majority of the workforce, an infusion of capital from the new shareholders, a significantly de-leveraged capital structure, and a substantial recovery for the unsecured supply chain trade creditors. Chassix emerged from bankruptcy protection in July of 2015, just three months after it had filed for chapter 11.

The winners will be honored during a special awards presentation at the 2016 Turnaround and Transaction of the Year Awards on November 3, 2016.

Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions that have saved countless jobs and made a significant economic impact, both locally and globally.