NEW YORK – Feb. 12, 2024 – Global law firm Greenberg Traurig, LLP was recognized in five categories from M&A Advisors– Utilities Deal of the Year, Restructuring of the Year ($100MM to $250MM), Information Technology Deal of the Year, Industrials Deal of the Year (over $100MM), and Refinancing Deal of the Year (over $10B) – at the organization’s 18th Annual Turnaround Awards. According to the M&A Advisor website, the Turnaround Awards recognize excellence in deal making, accomplishments, and the contributions of leading firms and professionals.
“These accolades represent the devotion and commitment and depth of our Restructuring & Bankruptcy Practice as we deliver superior service to our clients around the globe. Being acknowledged by M&A Advisor is a great honor, and we are excited to applaud our team’s steadfast dedication,” Greenberg Traurig’s Restructuring & Bankruptcy Practice Co-Chairs Shari L. Heyen and David B. Kurzweil said in a joint statement.
The awards will be presented during the 2024 Distressed Investing Summit featuring the Annual Turnaround Awards Gala on March 18 and March 19 at the Ben Hotel in Palm Beach, Florida. Greenberg Traurig will receive the following awards:
- Utilities Deal of the Year for representing the Sandy Creek noteholders in the reorganization plan for Brazos Electric Chapter 11 and Chapter 7 cases. Resolution of operational and balance sheet issues in the Chapter 11 were achieved through a complex, multiparty negotiation with over 20 constituencies, which paved the way to a global compromise. Greenberg Traurig obtained $150 million in plan distributions as part of the negotiations, which was the foundation for confirmation of the plan after almost two years in bankruptcy and related litigation, where the debtors alleged that the Sandy Creek noteholders were owed nothing. In the Chapter 7, Greenberg Traurig assisted the Sandy Creek noteholders in acquiring the estate’s interest in the power plant in Texas. Greenberg Traurig’s team was led by Houston Shareholder, Shari Heyen, New York Shareholders Oscar N. Pinkas, Brian E. Greer, and Nathan A. Haynes, and Boston Shareholder Joseph P. Davis III.
- Restructuring of the Year ($100MM to $250MM) for the out of court restructuring of a fitness technology company on behalf of a private equity fund client. The restructuring eliminated all debt at a large discount and enabled the private equity firm to preserve ownership through a new investment alongside new investors. The firm’s restructuring team was led by Pinkas, Kenneth Zuckerbrot, Sara A. Hoffman and Jessica M. Wolfert.
- Information Technology Deal of the Year for its representation of billionaire Manoj Bhargava, the inventor of 5 Hour Energy, in his acquisition of ShopHQ and 123tv broadcasting stations out of the iMedia Brands bankruptcy. The sale process was uncommon as the debtors had tried to get a private sale approved at the insistence of insiders and the incumbent bidder. Bhargava’s entry into the bidding caused a bidding process and auction. A closing occurred only four weeks after Bhargava’s entry into the bidding. The firm’s team was led by Pinkas, Haynes, and Associate Wolfert.
- Industrial Deal of the Year (over $100MM) for its work in connection with the sale of substantially all Electric Last Mile Solutions, Inc. assets to Mullen Automotive, Inc. After many investors were considered, Mullen Automotive was selected as the Stalking Horse with a bid valued in excess of $100 MM, which was ultimately determined to be the best offer. Mullen is a development-stage electric vehicle manufacturer represented in the transaction by GT lead, Alison R. Weinberg-Fahey, and included Shareholder Hazel Ocampo.
- Refinancing Deal of the Year (over $10B) for representing Star Entertainment noteholders who owed $400 million in the workout and restructuring of the enterprise. The noteholders guided the company to a prepayment in full through three sets of amendments to the notes. As a result, the noteholders were paid in full, and the company was recapitalized with ample equity. The restructuring team was led by Pinkas, Greer and Associate Hoffman.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.