Turnaround Management Association (TMA) will honor the winning team from the 13th annual Carl Marks Advisors Student Case Competition at The 2016 TMA Annual on November 3 at Disney’s Yacht Club Resort in Lake Buena Vista, Florida.

The Carl Marks Advisors Student Case Competition was established in 2003 to recognize outstanding student achievement in the field of corporate renewal, as well as to provide research that may offer new insight into the profession and expand TMA’s student outreach. The program establishes building blocks for future relationships with those students who have submitted papers, some of whom may eventually enter the industry full-time.

Students enrolled in an undergraduate, MBA, or law school program or equivalent business-related master’s degree program at an accredited university were eligible to enter. The competition judges evaluate the papers based on established criteria, including relevance to issues pertinent to corporate distress, financial restructuring, and reorganization; depth and quality of analysis; well-written, clearly constructed, and thorough treatment of the subject, and originality of the subject and its interpretation.

First Place
Will Hasten, David Hollander, Michael McGillen, and Kathy Mohanna from the University of Chicago Booth School of Business will be awarded first place for their presentation titled Cenveo: Presentation to the Allianz SE High Yield Group.

Cenveo Corporation (‘Cenveo’ or ‘the Company’) is a market-leading manufacturer of envelopes, labels, and commercial print applications. Over the last ten years, it has been beset by secular declines in nearly all of its businesses. As advertising spend continues its shift toward digital customer acquisition, direct-mail-dependent Cenveo has seen pricing and sales volumes worsen. It has attempted four re-financings in six years, the most recent being completed in June. Negative revenue growth, untenable 8.7x EBITDA leverage, an ABL facility drawn dangerously close to its $190mm limit, and $540mm of first-lien notes coming due in 2019 all spell reorganization for the envelope giant. Read the full paper.