Firm’s Work on the Out-of-Court Restructuring of PlayPower, Inc. Recognized at International M&A Advisor Awards

October 22, 2012

Matter named "Restructuring Deal of the Year" at 4th annual international awards ceremony in New York City.

The deal team, in which Willkie played a major role, in the out-of-court restructuring of PlayPower, Inc., was recently honored at the 4th Annual International M&A Advisor Awards. The matter was named "Restructuring Deal of the Year."

Willkie represented PlayPower Holdings, Inc. and its domestic subsidiaries in connection with its out-of-court restructuring, which was supported by 100% of its secured lenders, noteholders and shareholders. PlayPower is one of the world’s leading playground manufacturers and markets a wide range of innovative products including commercial playground equipment, outdoor recreation equipment, contained play systems, and marine accessories. In connection with the restructuring transaction, among other things, Apollo Investment Corporation contributed $45 million in new money to PlayPower and acquired 100% of the company, and PlayPower’s outstanding indebtedness was reduced by approximately $140 million. In addition, PlayPower received a new revolving credit facility of $25 million from certain of its existing lenders.

The M&A Advisor connects professionals in the M&A, distressed investing and related financial industries through its conferences and awards events, newsletter and online community. The firm was also recently recognized for excellence at the M&A Advisor Turnaround Awards earlier in 2012 for its role in the out-of-court restructuring of Keystone Automotive Operations, Inc. and in 2011 for its role in the restructuring in chapter 11 of client EnviroSolutions Holdings, Inc.

The PlayPower restructuring was handled by: Bankruptcy – Partner Matthew Feldman, special counsel Robin Spigel and associates Penelope Jensen, Andrew Sorkin, Jennifer Hardy and Anna Burns; Corporate – partners Mark Cognetti and Jeffrey Goldfarb and associate Jared Nicholson and Litigation – associate Andrew Pfau.