McGuireWoods won a Turnaround Management Association (TMA) Non-Profit Turnaround of the Year Award for its role in the chapter 11 restructuring of a Massachusetts-based health system.
The award recognizes the advisors (legal, financial and operational) who worked on the bankruptcy reorganization of Heywood Healthcare, the owner of two hospitals, a major medical group and a network of outpatient locations serving north central Massachusetts and southern New Hampshire. Heywood filed for chapter 11 protection on Oct. 1, 2023, and its reorganization plan was confirmed a year later. The plan addressed Heywood’s tax-exempt bond obligations, allowing the bonds to retain their tax-exempt status post-bankruptcy. Heywood was able to reinstate its bonds upon its emergence from bankruptcy.
Partner Brian Swett led the McGuireWoods multidisciplinary team representing the primary secured creditor—as both bondholder and lender—in all aspects of the Heywood chapter 11 case and debt restructuring. The team included Jennifer Stearman, Shawn Fox, Hayoung Chung, Robert Kaplan, T.W. Bruno and Clinton Randolph.
“We are proud to be recognized by peers in the turnaround and restructuring industry,” said Swett, co-leader of McGuireWoods’ Restructuring & Insolvency Practice Group. “This award is a testament to the collaborative, results-oriented approach of our practice.”
McGuireWoods’ Restructuring & Insolvency Practice Group has a nationwide ranking in Chambers USA. The team handles large-scale regional, national and cross-border matters across industries, including healthcare.
The TMA, a global organization dedicated to corporate renewal, selects winners of the Turnaround and Transaction of the Year Awards through an independent process that evaluates innovation, results, stakeholder coordination and impact. Winners will be honored Oct. 16, 2025, at the TMA Annual Conference in New Orleans.