Turnaround Management Association Honors William Wassweiler
William Wassweiler, a partner in Ballard Spahr's Minneapolis office, was a member of the team that received the Minnesota Chapter of the Turnaround Management Association's Turnaround of the Year award on November 15.
The award was given in recognition of the improvement and sale of an assisted living facility and memory care unit in northern Minnesota. Virginia Housum of UMB Bank, acting as Bond Trustee, and Will Haase and Troy Cornick of Certus Financial, the Bond Trustee's financial advisor, were honored alongside Mr. Wassweiler.
The facility provided a strong quality of care and was widely thought to be a significant asset to its community. However, it had faced financial difficulties for several years. After significant improvements were made to the physical campus and new leadership was instated, Mr. Wassweiler assisted Certus Financial in orchestrating a sale of the facility. What was initially thought to be a total loss turned into a recovery for the Bond Trustee of more than $5.2 million.
Thanks to its new ownership, leadership team, and physical enhancements, the facility remains a key employer in its region and is able to provide valuable service to a vulnerable segment of the population.
The Turnaround Management Association is an industry group for professionals who work in distressed investing, corporate restructuring, and turnaround management. It has some 8,300 members in 56 chapters worldwide.