The Turnaround Management Association recognizes the extraordinary turnaround of legendary French ski manufacturer Skis Rossignol SAS.
On October 7, the Turnaround Management Association recognized legendary French ski manufacturer Skis Rossignol SAS as the winner of its 2010 "Turnaround of the Year Award" (international company). Willkie, working with global professional services firm Alvarez & Marsal, played a significant role in advising Rossignol on its turnaround.
Willkie first assisted on the 2008 acquisition of Rossignol by a new ownership group when the company was rapidly deteriorating and close to running out of cash. Willkie then worked closely with Alvarez & Marsal, which was hired as CFO to develop and execute the daunting turnaround. In partnership with the new CEO, an aggressive, self-financed turnaround plan was put into place, enabling Rossignol to attract new capital and achieve breakeven EBITDA within 18 months. Moreover, this year’s projections are for double-digit positive EBITDA and a debt-free balance sheet.
The Paris office team that advised Rossignol is led by Eduardo Fernandez and includes associates Xavier Doumen and Kristelle Cattani.