2026 TMA Chicago/Midwest Chapter Awards Program
Entries Due: June 30, 2026 - Extended 7/17/2026
2026 Turnaround/Transaction of the Year Award
Turnaround: Recognizes the individuals who establish effective operations, implement solid management, improve cash flow, and increase production, in addition to the other operational factors leading to recovery of a struggling business.
Transaction: Recognizes the individuals who orchestrate a non-operational restructuring, including merger and acquisition, sale, loan, liquidation, etc., to preserve value in a struggling business.
Distressed Real Estate Turnaround/Transaction Award: Recognizes the individuals who orchestrate a turnaround and/or restructuring transaction involving distressed real estate assets through any of various means such as driving restored occupancy, single or multi-site sale(s), foreclosure, deed in lieu, etc., that achieve an outcome of enhanced value preservation or stakeholder recovery.
Award Category
Transaction entries must be submitted in one of the categories listed below. The Awards Committee may re-categorize an entry should another category be more appropriate or advantageous. Each company may only be submitted to one category, and either transaction or turnaround, but not both.
• Small Company — Company revenue at onset of transaction was equal to or less than $100 million USD.
• Large Company — Company revenue at onset of transaction was greater than $100 million USD.
• Distressed Real Estate — Distressed real estate asset(s) are the subject of restructuring.
• Pro Bono — No fees in exchange for services; entry must demonstrate financial stability.
Mandatory Components
Entries absent any mandatory component will not be judged. Carefully check your submission. The completed entry form consists of:
• List of nominees. To the extent applicable, nomination of all contributing team members to include at least one each: attorney, financial advisor, turnaround manager, company leader, investment banker. Please briefly note individual contributions made by each team member and briefly explain why that person’s contribution is award-worthy.
• Key Players Contact Sheet.
• Completed narrative descriptions in compliance with indicated guidelines for word count.
• NEW: A submission can be made with a request to keep the client’s name confidential during public announcements and award ceremonies, subject to the following:
◦ The client name needs to be disclosed confidentially to the awards committee only (it will not be shared with any other group or individuals).
◦ Two key players from the client have to complete the key player form.
◦ Press releases and Executive Speaker Forum materials will be presented to the client for approval (if they win).
• Timeline of major events and the period during which each occurred, covering the five stages of a turnaround: (1) evaluation; (2) management and/or operational change; (3) emergency action/execution; (4) stabilization; and (5) return to normal/return to growth. Data should be included to demonstrate all stages, especially stage five, return to normal/return to growth.
• Historical Financial Statement Form (use of this form specifically is required).
• Information Release Form signed by nominee(s) and nominator(s).
Optional Attachments
A maximum of three attachments may be submitted consistent with these guidelines:
• Each attachment may not exceed 20 pages.
• Allowable attachments in written format include PowerPoint presentations and other value creation memoranda, brochures, booklets, newspaper clippings, newsletters, annual reports, press releases, awards and distinctions, and correspondences. Digital format attachments are not allowed (e.g., video recording, audio recording, and web links).
• Items specifically requested in the application, such as the final disclosure statement and confirmed plan of reorganization, do not have to adhere to the 20 page limit.
2026 Individual Awards
Award Criteria
• Outstanding Service Award — Awarded to an individual who exceeded expectations of his/her TMA position by doing something unique, innovative, or extraordinary during the period of July 1, 2024 to June 30, 2026.
• Emerging Leader Award — Awarded to a NextGen, or a professional early in their turnaround and restructuring career, who has demonstrated exceptional involvement in the Chapter and contribution to the turnaround industry during the period July 1, 2024 to June 30, 2026.
• Turnaround Legend Award — Honors an individual with a consistent track record of outstanding contribution throughout their career, making a lasting positive impact on the restructuring industry dedicated to stabilizing underperforming companies, rebuilding corporate value, and retaining jobs.
• Certified Turnaround Professional (CTP) Award — Recognizes a Certified Turnaround Professional for exemplifying distinctive leadership, expertise, and creativity attributable to the designation in a turnaround/transaction situation.
Turnaround Legend Award — Additional Criteria
As the premier professional community dedicated to corporate renewal and turnaround management, the Turnaround Management Association Chicago/Midwest Chapter presented its inaugural Turnaround Legend Award in 2015 to Melanie Cohen. The award seeks to honor those whose outstanding individual contributions have increased the stature and respect of the industry.
To be eligible for the Turnaround Legend Award, a nominee:
• Must have a minimum of 15 years continuous full-time involvement in the industry.
• Must be a current or former member of the TMA Chicago/Midwest Chapter.
• May be from any professional discipline, including academia.
• May be living or deceased.
Nominations Procedure
Those who wish to nominate an outstanding professional for the Turnaround Legend Award should submit a nominating letter by June 30, 2026. Additional letters of recommendation supporting the nomination may also be included. Please include a description of the individual’s professional background, accomplishments, and contribution to the industry. This can include a recent resume.
Attributes to Consider When Writing a Nomination Letter
• A recognized leader in the business community.
• Mastery of the concepts and practical applications of preserving corporate value.
• Significant contributions made in the awareness, stature, and growth of the industry.
• Significant contribution and involvement in the TMA Chicago/Midwest Chapter.
• Involvement in creating innovations and/or identified theories to bring improvements to the restructuring industry that have a lasting impact beyond the recipient’s career.
• A thought leader in speaking and/or writing about the industry.
• Has given back to the industry through support of professional affiliations and sharing of knowledge and experience with others.
Complete Entry Checklist — Individual Awards
All entries must comply with the following:
• All portions of the entry form must be completed.
• Information Release Form, signed by nominee.
• Submission via the online portal.
Optional Supporting Attachments
You may submit a maximum of three attachments with your entry. Attachments may not exceed 20 pages each. Acceptable attachments include:
• Letters of recommendation (should be addressed to TMA Awards Committee).
• Documents showing TMA involvement.
• Thought leadership articles.
• Quotations in relevant media.
• Relevant awards and distinctions.
General Information
Eligibility
Every nominee must be a TMA member in good standing prior to submitting the entry. TMA membership is on an individual basis. Visit turnaround.org to check current TMA membership status.
For the Turnaround/Transaction of the Year Award: the company must be stable and generating positive cash flow from operations, and the turnaround/transaction must have been completed between April 1, 2024 and March 31, 2026.
For Individual Awards: the nominated individual may only be nominated for one individual award.
Submitting Your Entry
All entries must be submitted through the online portal at turnaround.org/chicagomidwest. Late, incomplete, or non-compliant entries will not be accepted.
For the Turnaround/Transaction of the Year Award, name your submission file as: “Category – Name of Transaction” (e.g., “Small Transaction - XYZ Manufacturing”). For Individual Awards, name your file as: “Nominated Individual — Award Name.”
Judging
The Awards Committee is carefully composed to represent the diversity of the TMA membership. Entries are judged on individual merit; not all award categories will derive a winner in a given year. As judges review all components of the entry, they look for well-defined, measurable outcomes. The Awards Committee may re-categorize an entry should another category be more appropriate or advantageous.
For Individual Awards, judges evaluate TMA contributions such as enhancing chapter membership, elevating the presence of the chapter through unique events, and/or taking a provocative leadership role.
Notification
TMA will email confirmation of receipt upon initial screening of your entry. All nominees will be notified of the judging outcome by August 2026. Award recipients will be recognized at a chapter sponsored awards program on November 20, 2026.
Publicity
Consistent with TMA’s public relations initiative, TMA will distribute a local press release after award recipients are notified. Recipients will receive a copy of this press release, at which time they are encouraged to customize and distribute their own release to local media contacts. Recipients should refrain from distributing press releases in advance of TMA’s release.
Questions
Contact the TMA Chicago Office at TMAChicago@turnaround.org or (815) 469-2935.