JACKSONVILLE, Fla. — Four professionals who advised Winn-Dixie Stores here through its 16-month stay in Chapter 11 bankruptcy have been awarded the Mega Company Turnaround award by the Turnaround Management Association. The Chicago-based association identified Flip Hubbard, a financial advisor for the Blackstone Group; Holly Felder Etlin, restructuring advisor, formerly with XRoads Solutions Group; and attorneys D.J. Baker of Skadden Arps Slate Meagher & Flom and Stephen Busey of Smith Hulsey & Busey, as turnaround leaders. Their efforts in creating a compromise on substantive consolidation, as well as their input on asset sales, creating a new footprint and launching service initiatives, helped Winn-Dixie emerge as a stand-alone company and post annual increases in EBITDA, sales, margins and cash position. The TMA awards will be presented this month in Boston.
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