WEST PALM BEACH, Fla., Oct. 2, 2013 /PRNewswire/ -- FTI Consulting, Inc. (NYSE: FCN), the global business advisory firm dedicated to helping organizations protect and enhance their enterprise value, today announced that the Turnaround Management Association (TMA) has awarded FTI Consulting the "Transaction of the Year: Large Company" for its efforts on Cagle's, Inc. and Cagle's Farm, Inc. ("Cagle's" or "Company"). The firm and engagement team members Keith Cooper, Sean Harding and Jaqueline Brock will be honored during the 2013 TMA Turnaround and Transaction of the Year Awards being held at the 25th TMA Annual Conference, taking place in Washington, D.C. on October 3-5, 2013.
"We are pleased to be recognized as one of this year's TMA Transaction of the Year Award recipients," said Kevin Lavin, Global Co-leader of the FTI Consulting Corporate Finance/Restructuring segment. "Our work with Cagle's affirms our commitment to excellence and is a striking example of how we collaborate and work to preserve and create value for our clients and key stakeholders."
Cagle's was a vertically integrated poultry company with a 70-year history. FTI Consulting represented the company in its Chapter 11 bankruptcy proceedings and played an instrumental role in negotiating with the existing secured lender to save the company from the brink of liquidation after it lost financing availability. The FTI Consulting team assumed day-to-day operating management responsibilities during the course of the bankruptcy and led a successful orderly sale process of the business.
As a result of the sale and marketing efforts, a competitive auction occurred that resulted in a winning bid of approximately $91.0 million tendered by a strategic buyer. The company was able to pay all secured, administrative and unsecured claims in full with interest, as well as make substantial equity distributions to the company's equity owners at more than $3 per share. More important, the transaction preserved the company's business and saved more than 1,600 jobs. In addition, the buyer plans to add another 1,100 jobs by increasing production at former processing plants and investing in new processing lines.
Keith Cooper, the Cagle's engagement leader and a Senior Managing Director in the firm's Corporate Finance/Restructuring segment said, "This engagement is a true success, and I am most proud that we were not only able to save jobs, but also aid in the creation of new jobs in an economic environment where unemployment and underemployment continue to be a critical issue."
Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions. The TMA noted that this year's winners saved countless jobs and made a significant economic impact, both locally and globally.
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 4,000 employees located in 24 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory issues, reputation management, strategic communications and restructuring. The company generated $1.58 billion in revenues during fiscal year 2012. More information can be found at www.fticonsulting.com.
FTI Consulting, Inc.
777 South Flagler Drive, Suite 1500
West Palm Beach, FL 33401
+1.561.515.6078
Investor & Media Contact
Mollie Hawkes
+1.617.747.1791
mollie.hawkes@fticonsulting.com
SOURCE FTI Consulting, Inc.