FTI Consulting announced that its Corporate Finance & Restructuring segment received the Turnaround Management Association’s Mega Company Turnaround of the Year Award for its role in the Chapter 11 reorganization of automotive supplier Chassix Holdings, Inc.

Chassix produces and sells aluminum and iron castings and machining solutions to the automobile manufacturers, generating more than $1.4 billion in annual revenue. In late 2014, the company faced an over-leveraged balance sheet and a liquidity shortage compounded by a production crisis at one of its large facilities.

FTI Consulting was engaged to lead a team on performance improvements, benchmarking and implementing working capital initiatives for the company. FTI Consulting was then named the interim chief financial officer in January 2015 to lead the company through its restructuring process.

The FTI Consulting team assisted in the negotiations for the long-term solution with various stakeholders, including the sponsors, customers and lenders and their legal and financial advisors. This resulted in a pre-arranged Plan of Reorganization that included long-term commercial agreements with the major customers, secure employment for the vast majority of the workforce, a conversion of nearly $550 million of debt to equity, an infusion of capital from the new shareholders and a significantly deleveraged capital structure. With guidance from the FTI Consulting team, the company filed for bankruptcy protection in March 2015 and emerged at the end of July 2015 with a sustainable business model and brighter future.

“This project had intricate commercial, legal, operational and financial considerations that required an integrated solution, which considered all constituents,” said Michael Eisenband, Global Co-Leader of the Corporate Finance & Restructuring segment at FTI Consulting. “Our turnaround and industry experts handle the most complex global restructurings, and this award exemplifies their hard work and dedication to our clients.”

This award is the latest recognition for FTI Consulting’s work on the Chassix engagement. Global M&A Network named the matter the Pre-Packaged Restructuring of the Year at its Turnaround Atlas Awards in May 2016, while M&A Advisor awarded it the Chapter 11 Reorganization of the Year (Over $500 million) at its Turnaround Awards in December 2015.