Two major corporate restructurings handled by Willkie, as well as one major corporate restructuring in which Willkie played a role, were honored at the 2013 Turnaround Atlas Awards in Chicago, sponsored by the Global M&A Network. Willkie was recognized for its lead roles in the out-of-court restructuring of international resort operator Kerzner International, which was recognized as the Large Market Turnaround of the Year, and the out-of-court restructuring of Barneys New York, which was named Upper Middle Market Turnaround of the Year. Willkie was also recognized for its role in the reorganization and sale of Reddy Ice Corporation, which received an award as the Middle Market Chapter 11 Reorganization Deal of the Year.
The Global M&A Network, a conference organizer and sponsor of the Atlas Awards, notes that “winners are selected independently based on identifiable and measurable performance criteria such as restructuring style, pre/post financial workout and balance-sheet sustainability, operational/client/HR metrics, complexities per number of creditors, sector challenges, timeliness, negotiation and jurisdictional intricacies; professional leadership; resourcefulness; among other criteria unique to the award category.”
In the Kerzner transaction, Willkie advised Centerbridge Partners, TPG Opportunities Partners and Fidelity Investments in the resort operator’s year-long multinational restructuring and $3 billion refinancing. The matter was handled by Business Reorganization and Restructuring partners Matthew Feldman and John Longmire, Corporate partners William Hiller and Rosalind Fahey Kruse, Tax partner Richard Reinhold and Real Estate partner Thomas Henry, and associates Carly Glover, Joshua Deason, Julian Golay and John Knapke.
In the Barneys New York transaction, Willkie represented Istithmar World, an investment arm of the government of Dubai that manages more than $5 billion in assets. Barneys New York reduced its long-term liabilities by approximately $500 million in the transaction, and Istithmar emerged as a part owner of the restructured luxury goods retailer. The matter was handled by Business Reorganization and Restructuring partners Matthew Feldman and John Longmire, Corporate partner Rosalind Fahey Kruse, and associates Daniel Forman and Richard Kurdziel.
In the Reddy Ice transaction, Willkie represented Alvarez & Marsal Canada Inc., in its capacity as the court-appointed monitor and authorized foreign representative for Arctic Glacier International Inc. The matter was handled by Business Reorganization and Restructuring partners Marc Abrams and Mary Warren and Litigation partner Jeffrey Korn, and associate Alex Cannon.
At the event it was also announced that partner Matthew Feldman, co-chair of the firm’s Business Reorganization and Restructuring Department, is among the Global M&A Network’s 2013 “Top 100 Global Turnaround & Restructuring Professionals.”