Mayer Brown advises on two transactions recognized by The M&A Advisor’s 14th Annual Turnaround Awards

Mayer Brown advised on two transactions – “Restructuring of the Year” in the $1 billion to $10 billion category, and “Chapter 11 Reorganization of the Year” in the $500 million to $1 billion category – that were honored by The M&A Advisor in its 14th Annual Turnaround Awards. The annual awards recognize the leading distressed transactions, restructuring, refinancings, products and services, firms, and professionals in the US and international markets.

The winning transactions are:

Restructuring of Waypoint Leasing Holdings Ltd.: Restructuring of the Year ($1B to $10B)
Mayer Brown represented BNP Paribas, Glas Trust Company LLC (the successor to BNP Paribas) and Wells Fargo Bank, National Association, as agents, respectively, for separate syndicates of lenders, in connection with the workout, restructuring, financing and multi-jurisdictional insolvency cases of Waypoint Leasing Holdings Ltd. Waypoint financed its pre-petition operations through a series of complex, bi-lateral secured credit facilities at its subsidiaries, with a parent guarantee. Additionally, the lenders in each credit facility financed Waypoint on a post-petition basis through funding under complicated DIP loans and/or use of cash collateral. The restructuring culminated in a third-party M&A resolution for the Glas Trust Company-led syndicate, and a credit-bid M&A resolution for the Wells Fargo-led syndicate. The Mayer Brown team was led by Restructuring, Bankruptcy & Insolvency partner Brian Trust and Banking & Finance partners Scott Zemser and Barbara Goodstein (all New York) and also included: Banking & Finance partner George Miller (New York), Tax Transactions & Consulting partner Jason Bazar (New York), Corporate & Securities partner Colin Carley (New York), Restructuring, Bankruptcy & Insolvency partner Sean Scott (Chicago), Restructuring, Bankruptcy & Insolvency associates Christine Walsh (New York) and Lisa Holl Chang (Chicago), Banking & Finance associates Walker Scheile, Andreas Adler and Alexander Warents (all New York), and Tax Transactions & Consulting associates David Goett (San Francisco) and Maria Grecco (São Paulo/New York).

Restructuring of Procure Cancer Treatment Entities: Chapter 11 Reorganization of the Year ($500MM to $1B)
Mayer Brown lawyers represented BNP Paribas Fortis Bank S.A./N.V., as agent on behalf of four overlapping but different syndicates of lenders, in connection with the restructuring / refinancing / exit of several secured loans for cancer treatment centers across the US in the original aggregate principal amount of approximately $500 million. This representation required attention to healthcare, regulatory and restructuring issues (among others) all while navigating the interests of a large number of parties frequently seeking differing outcomes. The resolution of these loans ultimately involved the innovative use of the municipal bond market to facilitate exit financing (both out-of-court and in connection with a prepackaged chapter 11) and, separately, through a highly contested section 363 bankruptcy sale process. The Mayer Brown team was led by Restructuring, Bankruptcy & Insolvency partner Brian Trust (New York) and included: Restructuring, Bankruptcy & Insolvency partner Joaquin C de Baca, Tax Transactions & Consulting partner Jason Bazar, Banking & Finance partner George Miller, Restructuring, Bankruptcy & Insolvency associates Christine Walsh and Youmi Kim (all New York), and Litigation & Dispute Resolution partner Elizabeth Mann (Los Angeles).

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