Adrian Doble, Head of Vantis Restructuring Services, has been recognised for his team’s involvement in the best international turnaround on NABI Bus Industries by the Society of Turnaround Professionals (STP)
NABI Bus Industries RT was the first Hungarian IPO following the opening up of the free market economy. NABI manufactures bus shells in Budapest for final assembly in the US. The group was facing insolvency when American adviser Mike Gries and his team from Conway Del Genio Gries together with Vantis, led by Adrian Doble, were engaged by the group to reshape the business and implement a financial restructuring. This involved eight Hungarian Banks and a US based financial institution. Significant operational improvements were achieved, against the background of cultural and cross border legal issues, exacerbated by time zone differences between the UK, Hungary, Alabama and New York. Following a successful restructuring, Cerberus Capital Management purchased the Hungarian and US operations. Vantis acted on the sale of Optare, the UK bus builder based in Leeds and Rotherham which was sold to the management. Law firm Weil Gotshal & Manges LLP acted for NABI in New York, Budapest and London.
Vantis was recognised at the STP event which aims to recognise top trouble shooters who have rescued and guided companies away from financial difficulty. Turnaround Professionals, often known as Company Doctors, together with many others including professional advisors and financiers, were recognised for their substantial contribution to the UK economy by rescuing and rebuilding jobs and shareholder value.
Chairman of STP and independent executive Iain Lynam said: “The event recognised the special skills and roles a Turnaround Professional brings to those businesses in trouble. STP members are professionals and the Awards Dinner acknowledges that the voice of Turnaround Professionals has grown in the wider world.”
The awards were presented by Hamish McRae, Associate Editor of The Independent and principal Economic Commentator for The Independent and The Independent on Sunday. Hamish said that the evening paid tribute to those Turnaround Professionals, whose work is normally very confidential, that have helped saved businesses.