Platinum Group Received National 2018 “Turnaround of the Year” Award

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.