Mayer Brown wins three Global M&A Network Turnaround Atlas Awards

Mayer Brown advised on three transactions named winners at the 2026 Global M&A Network’s 18th Annual Turnaround Atlas Awards, which recognize excellence in restructuring and turnaround transactions. The winning transactions are: 

Cross Border Turnaround of the Year (Large/Mega): Altice France Holdings S.A.
Mayer Brown advised the Altice Group on the historic restructuring involving more than $28 billion of debt for Altice France S.A. and Altice France Holdings S.A. Altice France is the second largest telecommunications provider in France. After a years’ long negotiation, Altice France finalized a financial restructuring plan with its creditors, enabling the group to reduce its debt by a total of $10 billion, bringing net debt to $18 billion. It will also secure the group's medium-term future by extending debt maturities from 2025 to 2028. Furthermore, it will allow Altice France to ensure a sustainable future for the group and continue providing cutting-edge telecommunications services to over 50 million customers throughout France. The restructuring of Altice France S.A. was implemented under an accelerated safeguard proceeding in France. This is one of the largest financial restructurings ever undertaken in the French and European markets. The Mayer Brown team was led by Paris Tax partners Laurent Borey, Nicolas Danan, and Louis Nayberg, and included New York Tax partner Jason Bazar.

Cross Border Distressed M&A of the Year (Large): Exela Technologies prearranged Chapter 11 restructuring and acquisition by XBP Europe Holdings
Mayer Brown represented PNC Bank, N.A. as administrative agent for both the pre-petition and post-petition securitization programs of Exela Technologies, Inc. and certain affiliates in connection with the company's Chapter 11 filing in the US Bankruptcy Court for the Southern District of Texas. As of the petition date, Exela carried approximately $1.4 billion in funded debt. The post-petition securitization program, harmonized with the delayed draw term loan DIP Facility, was trailblazing in structure (including a rolled-up pre-petition emergency bridge financing which primed subsequently approved DIP liens and DIP superpriority claims) and employed the latest state-of-the-art DIP securitization technology pioneered by Mayer Brown. The Mayer Brown team was led by Restructuring partner Brian Trust and Banking & Finance partners Zach Carrier and Evan DeCresce.

Out of Court Restructuring of the Year (Large): Block 216 Tower “Consensual Deed-in-Lieu of Foreclosure” Restructuring
Mayer Brown represented a REIT holding senior debt and a preferred equity investment in the restructuring and deed in-lieu of foreclosure transfer of a mixed-use project in Portland, Oregon comprised of a 251-key luxury hotel, 132 luxury condominiums, 159,000 square-feet of Class-A office space, and 11,000 square-feet of retail space involving the transfer and continuation of the hotel franchise agreement and navigating and resolving a myriad of intercreditor and other stakeholder-related issues and attendant injunctive litigation matters. Mayer Brown advised and represented the REIT through each phase of the matter and attendant litigation, including in defeating a mezzanine lender’s request for injunctive relief that would have stayed and prevented the restructuring, with the matter ultimately culminating, as noted, in the negotiation and consummation of a consensual deed-in-lieu of foreclosure transaction for the entire project. The Mayer Brown team was led by Restructuring partner Tom Kiriakos, Real Estate partner Jeffrey O’Neale, Banking & Finance partner Eric Reilly, and Litigation & Dispute Resolution partner Jean-Marie Atamian.

Learn more about Mayer Brown’s Restructuring practice.

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