New York – July 24, 2018 – International law firm Greenberg Traurig, LLP received an award at Global M&A Network’s 10th Annual Turnaround Atlas Awards, July 19, 2018, in New York. According to the Global M&A Network website, the Turnaround Atlas Awards honor excellence from the restructuring, insolvency, distressed investing, and M&A industries in categories of best value-creating transactions, outstanding firms, top professionals, and legendary leaders.
The firm received the “Chapter 11 Restructuring of the Year – Middle Market” award for its role in the restructuring of Optima Specialty Steel.
The Greenberg Traurig team represented Optima and its subsidiaries, leading national manufacturers of specialty steel products, in their Chapter 11 bankruptcy cases filed in Delaware. As of the Chapter 11 filing, Optima had $172 million in secured notes, $88 million in unsecured notes, and $30 million in trade debt, for an aggregate of $290 million in debt. After a highly contentious and litigious Chapter 11 process with the bondholders and creditors’ committee, a plan of reorganization was confirmed in October 2017. This plan of reorganization enabled the company to repay all creditors in full, including interest, and preserved intact all of Optima’s seven manufacturing facilities, 900 jobs, pension plans, and union contracts.
Skadden acted as counsel to the equity group, Latham & Watkins acted as counsel to the bondholders, Akin Gump acted as counsel to bond committee, and Squire Patton Boggs acted as counsel to the Unsecured Creditors’ Committee.
About Greenberg Traurig’s Restructuring & Bankruptcy Practice: Greenberg Traurig’s internationally recognized Restructuring & Bankruptcy Practice has broad advisory and litigation experience with the often-complex issues that arise in reorganizations, restructurings, workouts, liquidations, and distressed acquisitions and sales, in both domestic and cross-border situations and proceedings. With offices in commercial centers across the United States and throughout the world, the firm utilizes its invaluable business network to offer critical advice and counsel to multiple constituencies in insolvency situations.
About Greenberg Traurig: Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.