The New York Chapter of the Turnaround Management Association (TMA) is sponsoring a competition among selected graduate business school students for the best paper on topics related to corporate financial distress and bankruptcy. TMA is the leading organization of professionals specializing in working with companies in distress. TMA has 6,700 members internationally and 800 members in its New York Chapter. Our membership includes investors, lenders, attorneys, consultants, investment bankers, academics, accountants, appraisers and other professionals who comprise the leaders in the field of corporate renewal.Update - Columbia Business School students placed first again in 2009. $3,000 First Place Award "Restructuring Pilgrim's Pride"Perched at the helm of the nation's poultry producers, Pilgrim's Pride filed for bankruptcy-court protection in 2008. It faced excessive debt following a $1 billion acquisition and difficult economic conditions affecting feed costs and chicken prices. This paper analyzes impacts on Pilgrim's finances and recommends that the company reformulate its business model and sell some assets to reduce debt.Authors: David Epstein, Steven Ostroff, Michael Sand, Satish Selvanathan and David TwerdunAdvisor: Professor Laura Resnikoff, Columbia Business SchoolColumbia Business School team wins second place at the Turn Around Management Association's Carl Marks Student Paper competition. TMA officers present award to EMBA students, Chester Han '08, Andrew Huml '08, Anand Kagalkar '08, Lena Saito '08 and Kristy Sundjaja '08.