FTI Consulting Recognized at TMA Turnaround and Transaction of the Year Awards
Washington, D.C., Nov. 3, 2022 — FTI Consulting, Inc. (NYSE: FCN) announced today that the firm was recognized at the 2022 Turnaround and Transaction of the Year Awards presented by the Turnaround Management Association (“TMA”).
Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions across the industry. The Turnaround and Transaction of the Year Awards are chosen based on a rigorous peer-review process by the volunteer TMA Awards Committee.
Along with additional parties, FTI Consulting was recognized for its work on the following engagements:
- Large Company Turnaround/Transaction of the Year – Professional Financial Investors, Inc. (PFI) and its over 40 affiliated entities: Professional Financial Investors (“PFI”), a real estate investment and management firm, and its affiliates, raised hundreds of millions of dollars from more than 1,300 investors and acquired approximately 60 properties in the North Bay area of California. During this process, two principals were responsible for creating this multi-year Ponzi scheme. Amidst an SEC investigation and filing for Chapter 11 bankruptcy, PFI retained FTI Consulting as Chief Restructuring Officer and Financial Advisor. Experts from the firm’s Corporate Finance & Restructuring and Forensic and Litigation Consulting segments helped usher PFI and its affiliated entities through the bankruptcy process and maximized recovery for creditors.
- Mega Company Turnaround/Transaction of the Year – Hertz Global Holdings: Following the outbreak of COVID-19 and associated travel restrictions, Hertz, a global car rental company, experienced a severe decline in its business. The company filed for Chapter 11 bankruptcy in May 2020. Hertz engaged FTI Consulting to assist and support its domestic turnaround activities and international debt restructuring plan. Leveraging its global footprint, the firm deployed more than 150 professionals from its Corporate Finance & Restructuring, Forensic and Litigation Consulting and Strategic Communications segments across the U.S., UK, Germany, France, Italy, Spain and Australia to support the engagement. In June 2021, Hertz announced that it had successfully completed its Chapter 11 restructuring process and “emerged as a financially and operationally stronger company.”
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Source: FTI Consulting, Inc.