March 12, 2014

The deal team, in which Willkie played a major role, on the restructuring in Chapter 11 of client EnviroSolutions Holdings, Inc. was honored with an  M&A Advisor “2011 Turnaround Award” for excellence.  The team was recognized in the award category “Consumer and Retail Products (Over $100mm)” deal of the year.  An independent body of experts, representing a cross-section of the turnaround industry, judged the finalist deals, and announced the winners at the 5th Annual Distressed Investing Summit and Turnaround Awards Gala In Palm Beach, Florida.

Last July, the U.S. Bankruptcy Court for the Southern District of New York approved a pre-negotiated plan of reorganization for EnviroSolutions, a waste management company based in Manassas, Va.  The company emerged from bankruptcy after less than five months in chapter 11.  Under its restructuring plan, EnviroSolutions was relieved of over $190 million in debt and was acquired by its senior secured lenders, who also received $85 million in new notes and agreed to provide up to $30 million in exit financing.  The company's senior and junior secured lenders, subordinated noteholders and an official committee of unsecured creditors all participated in the consensual restructuring agreement.  The matter was handled by partners John Longmire, Russell Leaf, Adam Turteltaub, Brian O'Connor, David Rubinsky, Christopher Peters and Jeffrey Goldfarb, and associates Shaunna Jones, Jennifer Hardy, Steven Rosenzweig, Benjamin Thompson, David Gise, Allan Wiesel, Jamie Lavin, Alex Cannon, and Andrew Schwartz.