Mayer Brown achieves dual recognition at M&A Advisor’s annual Turnaround Awards

Mayer Brown advised on two winning transactions at the 20th M&A Advisor Turnaround Awards, recognized in the “Chapter 11 Reorganization of the Year” and “Out-of-Court Restructuring of the Year” categories. The annual awards honor transactions that represent the highest standards of excellence in the restructuring and corporate finance profession.

The winning transactions are:

• Chapter 11 Reorganization of the Year ($1B to $5B): Reorganization of Exela

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, employed cutting-edge DIP securitization structures pioneered by Mayer Brown. The Mayer Brown team was led by Restructuring partner Brian Trust and Banking & Finance partner Zachary Carrier.

• Out-of-Court Restructuring of the Year (Over $500M): Restructuring of Block 216

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 Thomas (Tom) Kiriakos, Real Estate partner Jeffrey O’Neale, Banking & Finance partner Eric Reilly, and Litigation & Dispute Resolution partner Jean-Marie Atamian.

View the complete list of winners here.

###