McGuireWoods Honored With Three M&A Advisor Turnaround Awards for Reorganization, Deal Work
February 14, 2017
McGuireWoods has been honored in three deal categories in the annual M&A Advisor Turnaround Awards, which recognize top distressed investment and restructuring deals and the firms involved in closing those transactions.
Two awards are tied to the firm’s role in the Chapter 11 reorganization of coal giant Alpha Natural Resources, which emerged from bankruptcy in 2016. M&A Advisor hailed the restructuring as its “Chapter 11 Reorganization of the Year” for values over $5 billion. Also, the sale of certain Alpha assets under the U.S. Bankruptcy Code was named “Section 363 Sale of the Year” for deals from $500 million to $1 billion.
In the Alpha Natural Resources bankruptcy, McGuireWoods and other professionals represented Citicorp North America Inc., the agent for the pre-petition first lien lenders holding secured claims exceeding $800 million; and Citibank, N.A., the agent for the post-petition, debtor-in-possession financing. The McGuireWoods team leveraged its considerable restructuring, regulatory, labor and environmental experience in the coal industry to help bring the matter to a swift and successful conclusion.
“We were proud to represent our clients in a complex sale and reorganization that enabled Alpha Natural Resources to emerge from Chapter 11 in less than a year and provided the best possible result for its creditors and employees,” said Dion Hayes, chair of McGuireWoods’ Restructuring and Insolvency Department, who led the firm’s team representing the first lien and debtor-in-possession lenders.
M&A Advisor also recognized McGuireWoods for its role in the “Industrials Deal of the Year” — the acquisition of Diversified Global Graphics Group (DG3) by an affiliate of Resilience Capital Partners. The firm represented a financier of DG3, a leading provider of global print, technology and visual communication services.
“We were delighted to assist in facilitating DG3’s successful ownership change,” said Philip Perzek, a partner in the firm’s Debt Finance Department, who led the McGuireWoods team in the transaction.
The awards will be presented March 23 at a gala in Palm Beach, Florida, during M&A Advisor’s 2017 Distressed Investing Summit.
This is the second consecutive year in which McGuireWoods earned Turnaround Awards. Last year, the firm was recognized for advising longtime client Sprint in its retail partnership deal with RadioShack, a transaction named “Telecom Deal of the Year.”