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JACKSONVILLE, Fla. -- Steve Busey, chairman of law firm Smith Hulsey & Busey here, has received international recognition for his work in the Winn-Dixie Chapter 11 bankruptcy case, according to a local press report.
Busey is a 2007 recipient of the Turnaround Management Association's (TMA) 2007 Turnaround of the Year in the Mega Company Turnaround category ($1 billion or greater in revenue at the onset of the turnaround), the Jacksonville Daily Record reports.
Busey and other award winners will be honored at the TMA's annual convention in Boston.
Along with Busey, the Winn-Dixie "turnaround" team recognized by the TMA included financial adviser Flip Huffard of the Blackstone Group, restructuring adviser Holly Felder Etlin (formerly with XRoads Solutions Group, LLC) and co-counsel D.J. Baker of Skadden, Arps, Slate, Meagher & Flom, LLP.
Busey and his team led the complete restructuring of Winn-Dixie, turning around its operations in 21 months.
After emerging from Chapter 11 bankruptcy in November 2006, Winn-Dixie turned a profit in the fourth quarter and the fiscal year ended June 27, 2007. The grocer reported earnings of $300.6 million on revenue of $7.2 billion, up from last year's net loss of $361.3 million on revenue of $7.1 billion.
Now in its 16th year, the 2007 Turnaround of the Year award recognizes individuals or teams who orchestrated the most successful restructuring and restoration of corporate value between July 1, 2006 and June 20, 2007.