Wolfson Bolton Kochis PLLC is honored that a transaction involving the firm has been recognized by the Turnaround Management Association Detroit Chapter as Transaction of the Year (Small Company).
The recognition relates to the Chapter 11 sale of Lonero Engineering Co., Inc., a fourth-generation precision machining business founded in 1951. For decades, Lonero supplied patented tooling used in deep rolling automotive crankshafts for internal combustion engines. As the automotive industry accelerated its transition toward electric vehicles, Lonero faced significant financial pressure tied to the rapid decline in demand for its core products.
In the Chapter 11 case, Wolfson Bolton Kochis represented Lonero Acquisition Company LLC, the successful purchaser in a court-supervised sale process that helped preserve the company as a going concern.
The matter involved substantial challenges. At the time of filing, Lonero had limited cash, unpaid wages, utility arrearages, and significant secured debt. The company was also facing the risk of liquidation following the appointment of a receiver. Through a fast-moving sale process and competitive auction, the transaction ultimately produced a successful outcome that maximized value and preserved operations.
The sale closed on July 2, 2025. As a result of the transaction, skilled manufacturing jobs were preserved, secured claims were paid in full, and a 74-year-old industrial company was saved as an ongoing business.
This recognition reflects the importance of strategic legal counsel, disciplined execution, and coordinated problem-solving in distressed transactions where timing and precision are critical. Wolfson Bolton Kochis is grateful to have played a role in a transaction that helped deliver a meaningful outcome for the business and its stakeholders.
The award will be presented on May 5 at the TMA Detroit Annual Awards Reception at The Kingsley Bloomfield Hills in Bloomfield Hills, Michigan.
For businesses and stakeholders facing financial distress, complex transactions, or restructuring challenges, Wolfson Bolton Kochis’ practice areas provide additional information about the firm’s work in restructuring and bankruptcy, litigation, finance, and broader corporate law matters.
