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Awards & Rankings

Jones Day's Corinne Ball honored with "International Turnaround Company of the Year" award

August 2008


Washington, DC - The international law firm Jones Day has announced that New York-based restructuring partner Corinne Ball will be honored for her work as lead counsel for Dana Corporation in the restructuring of the company and its affiliates. The Turnaround Management Association (TMA) has selected the Dana companies' restructuring as the year's "most successful turnaround of an international company," and the TMA will present Ms. Ball with the 2008 "International Turnaround Company of the Year" Award at the TMA convention in October. Also receiving awards with Ms. Ball for their work with Dana are Kenneth A. Hiltz, CFO, AlixPartners; Ted Stenger, CRO, AlixPartners; and Henry S. Miller, lead investment banker, Miller Buckfire & Co.

"We take great pride in the industry recognition that Corinne's efforts have earned," said Stephen J. Brogan, managing partner of Jones Day. "Her cross- border leadership on behalf of Dana is a great example of our approach to serving clients as one firm worldwide. We congratulate her, the other leaders recognized by TMA, and, of course, Dana Corporation on its emergence this year from bankruptcy."

Widely regarded as the woman who wrote the book on "distressed M&A," Ms. Ball directed a team of over 100 Jones Day lawyers in a dozen legal disciplines and in several countries to effect a comprehensive restructuring of Dana's global business, including a successful out-of-court restructuring of Dana's finance company subsidiary, Dana Credit Corporation. Ms. Ball's tireless shuttle diplomacy among several stakeholder groups (e.g., unions, banks, investors, unsecured creditors, bondholders, and unsecured creditors) holding widely differing interests resulted in Dana's achieving a consensual plan of reorganization in record-breaking time. Significantly, Ms. Ball and her team successfully avoided the well-publicized difficulties of other auto industry participants by securing for Dana a fully committed $2 billion exit financing facility and an oversubscribed $790 million new equity investment in the reorganized companies. Ms. Ball's versatile skills as a leader – and her business acumen combined with her legal creativity -- are what distinguish her as an advisor and fostered Dana's historic success.

As part of Dana’s reorganization, among other things, Ms. Ball and her team negotiated a groundbreaking deal with the United Autoworkers Union, United Steelworkers Union, and nonunion representatives to transfer Dana's historic liabilities for retiree welfare benefits to two union voluntary employees' beneficiary associations (VEBAs) and one salaried VEBA in exchange for approximately $800 million in funding for the VEBAs; obtained the Pension Benefit Guaranty Corporation's consent to merge and freeze over 30 defined benefit pension plans; assisted Dana in divesting three of its major noncore businesses, both domestically and overseas; instituted a pan-European receivables securitization facility; and re-negotiated favorable contracts with Dana's significant OEM customers and its key suppliers. Ms. Ball's team also completed one of the largest company voluntary arrangements in the U.K., which relieved Dana's U.K. operations from more than $500 million in legacy burdens and facilitated the divestiture of Dana's engine hard parts business.

As a result of Jones Day's efforts led by Ms. Ball, Dana emerged from bankruptcy in February 2008 with a competitive cost structure, a rationalized manufacturing footprint, and streamlined corporate organization.

Ms. Ball is a member of the American College of Bankruptcy. She has been recognized by The Best Lawyers in America in every edition since 1999. She is listed in New York Super Lawyers for 2007 as well as listed by the publication as one of the top 50 female lawyers for the Metro New York area. In 2006, she was named one of the 12 "Outstanding Restructuring Lawyers" by Turnarounds & Workouts. She is also featured in The International Who's Who of Insolvency & Restructuring Lawyers 2006 and in The International Who's Who of Business Lawyers 2006, identified as one of the "Top 100 Restructuring Professionals" in the U.S. (K&A Restructuring Register), as a leading individual in bankruptcy in Chambers Global — The World's Leading Lawyers and in Chambers USA (2007 editions), and as a "highly recommended restructuring and insolvency practitioner in New York" by Global Counsel 3000 (2003-2004 edition), as well as by Who's Who in International Insolvency since 2000.

Jones Day is an international law firm with 30 locations in centers of business and finance throughout the world. With more than 2,300 lawyers, including more than 400 in Europe and 200 in Asia, it ranks among the world’s largest law firms. Jones Day acts as principal outside counsel to, or provides significant legal representation for, more than half of the Fortune Global 500 companies.

ABOUT TMA
With international headquarters in Chicago, TMA's 8,300 members in 43 regional chapters comprise a professional community of turnaround practitioners, attorneys, investors, lenders, venture capitalists, investment bankers, accountants, appraisers, liquidators, executive recruiters and consultants. Members adhere to a Code of Ethics specifying high standards of professionalism, integrity and competence. Its Certified Turnaround Professional (CTP) program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal.