Platinum Group received the national “Turnaround of the Year” award by the Turnaround Management Association (TMA) for its financial advisory work on behalf of Christ’s Household of Faith, Inc. (CHOF), a St. Paul-based nonprofit.
This apostolic community of 470 members live in homes owned by CHOF and work in various entities operated by CHOF, providing residential remodeling and renovation services. Hit by a revenue crisis during the 2008 recession, CHOF’s board retained Platinum Group to resolve financial issues when the nonprofit’s loan ended up in the hands of a distressed real estate fund. The loan’s foreclosure threatened CHOF’s survival — and was forcing the members to leave their homes. As a defense measure, a voluntary bankruptcy was filed to prevent the loss of assets and businesses supporting its operations.