Compressor Engineering Corporation Receives TMA’s Award for Large Turnaround of the Year
The Chicago/Midwest Chapter of the Turnaround Management Association named Compressor Engineering Corporation (CECO) “Large Turnaround of the Year” for 2016.
Headquartered in Houston, Texas, CECO is a family-owned business founded in 1964 that operates in two divisions, Manufacturing and Pipeline Services.
Winstead Shareholder Paige Ingram Castañeda served on the turnaround team consisting of Chicago-based AEG Partners, existing management/ownership and outside counsel Hoover Slovacek. With the turnaround team’s guidance, CECO survived a liquidity crisis, avoided bankruptcy, improved profitability and refinanced all senior debt at par. The bank has realized a full recovery and the company will continue to be a family-owned operation.
READ MORE: 2016 Large Turnaround of the Year – Meet the Team
WATCH VIDEO: The CECO Story
Photo includes: Jonathan Morrison, Edward Rothberg, Melissa Haselden, Mark Hotze, Richard Hotze, Paige Ingram Castañeda