Katten’s Bankruptcy Team Wins Multiple M&A Advisor Turnaround Awards

NEW YORK, September 20, 2021 / PRNewswire / – Katten today announced that its insolvency and restructuring practice has been recognized by The M&A Advisor in five categories at the 15th annual Turnaround Awards, known as one of the benchmarks of excellence in the industry restructuring and troubled investment.

“Ours is an exceptionally talented group of lawyers with a wealth of skills and experience, and it is very satisfying when others recognize these successes that we have had for our clients,” said Steven J. Reisman, Co-chair of Katten’s Insolvency and Restructuring practice. “The engagements that have garnered these latest accolades are among the most important, sophisticated and high-profile Chapter 11 cases of the past year.”

Katten President Roger P. Furey added: “There is no doubt that the Katten Insolvency and Restructuring group is a leader in the representation of independent directors in Chapter 11 cases and extrajudicial restructurings. Additionally, the Katten team has extensive experience handling Chapter 15 cases, distressed asset acquisitions and representing creditors committees. They have set the bar very high in taking the best approach to guide clients out of the financial crisis and to a positive outcome. ”

Katten’s Insolvency and Restructuring practice has been recognized for its work in the following categories:

  1. Restructuring of the year (more than $ 5 billion). Katten represented the independent directors of JC Penney Corporation, Inc. in its Chapter 11 affairs. Following the pandemic, one of the country’s most iconic department store chains was forced to shut down virtually all of its operations and to market the sale of almost all of its assets. Faced with these immense operational and financial challenges, Katten advised independent directors on the company’s successful sales and restructuring strategy, which saved more than 85,000 jobs at JC Penney.The Katten team was led by Steven J. Reisman and included insolvency and restructuring partners Jerry L. Hall, Cindi M. Giglio and Stephanie Hor Chen, Real estate partner Michael S. McBride, and Litigation Partner Eric T. Werlinger.
  2. Offer of the year on commodities. Katten represented hospitality company Aurify Brands in connection with its acquisition of the assets of Le Pain Quotidien (LPQ) in its Chapter 11 case.Katten devised a process whereby Aurify provided a pre-petition bridging loan to avoid a Chapter 7 deposit while Aurify successfully negotiated a new franchise agreement. Katten then advised Aurify to turn the pre-petition loan into DIP financing and to make a purchase of LPQ’s US assets through a credit offer on its debt. The plan was successful and Aurify emerged with US assets and saved LPQ business in the US and over 1,000 jobs.

    The Katten team was led by Steven J. Reisman and included insolvency and restructuring partners Cindi M. Giglio and Jerry L. Hall, Partner companies Wade A. Glover and Paul Rosen, and Private Credit Partner Brian S. Stern.

  3. M&A operation in difficulty of the year (more than $ 1 billion). Katten represented Ernst & Young Inc. in its capacity as court appointed monitor for Cirque du Soleil Canada Inc. in its proceedings under the Companies’ Creditors Arrangement Act. Canada and its Chapter 15 case in the United States.Katten advised Ernst & Young, who oversaw the successful sale of virtually all of Cirque du Soleil’s assets to a group of first and second lien lenders. The sale preserved the company’s business as a going concern and saved hundreds of jobs during the pandemic that forced the company to go out of business.

    The Katten team was led by Steven J. Reisman and included insolvency and restructuring partners Jerry L. Hall and Shaya Rochester, partner in transactional tax planning Todd hatcher, and corporate partner Michelle A. Gyves.

  4. M&A transaction in difficulty of the year ($ 500 billion to $ 1 billion). Katten represented the Official Unsecured Creditors Committee in the Chapter 11 matters of High Ridge Brands Co., a seller of skin, hair and oral care products.Katten struck swiftly to negotiate a settlement between the Committee, the Debtors and their secured lenders which created significant value for unsecured creditors and avoided litigation regarding the validity and scope of the alleged liens on the Debtors’ assets. This settlement smoothed the way for two value-maximizing Section 363 asset sales that preserved debtors’ jobs and day-to-day operations, and generated greater cash proceeds than in the United States. $ 120 million for Debtors. Katten’s efforts have yielded an extraordinary result for his “out of the money” constituents.

    The Katten team was led by Steven J. Reisman and included insolvency and restructuring partners Jerry L. Hall, James V. Drew, and Cindi M. Giglio, and Litigation Partner Robert T. Smith.

  5. Chapter 11 Reorganization of the year $ 1 billion). Katten has represented the selfless director of Mariposa Intermediate Holdings LLC in the company’s Chapter 11 affairs. Mariposa Intermediate Holdings LLC is a subsidiary of Neiman Marcus Group, Inc.Katten’s multidisciplinary team investigated potential claims and causes of action to determine if the releases proposed as part of the company’s Chapter 11 plan were appropriate. The investigation focused on a set of prior transactions involving the company’s Mytheresa brand and potential claims against the company’s officers and directors.

    Debtors and the official Unsecured Creditors Committee (which sought to pursue the claims under investigation) reached a settlement offering additional value to unsecured creditors, in return for consent to the plan’s releases. The Chapter 11 plan was approved by the bankruptcy information court, and debtors graduated from Chapter 11 after deleveraging by approximately $ 4 billion.

    The Katten team was led by Steven J. Reisman and included partner in insolvency and restructuring Geoffroy king and litigation partner Robert T. Smith.

The annual Turnaround Awards recognize the main troubled transactions, restructurings, refinancing, products and services, companies and professionals of United States and international markets.

Katten is a full-service law firm with nearly 650 attorneys in locations across United States and in London and Shanghai. Clients seeking sophisticated, high-value legal services turn to Katten for advice at the local, national and international levels. The main areas of practice of the firm include Corporate, Capital Markets and Funds, Insolvency and Restructuring, Intellectual Property, Litigation, Real Estate, Structured Finance and Securitization, Transactional Tax Planning, Credit private and private wealth. Katten represents public and private companies in many industries, as well as a number of government and non-profit organizations and individuals. For more information visit katten.com.

Contact:

Jackie heard
+1.312.902.5450
[email protected]

Léonor Vivanco-Prengaman
+1.312.577.8371
leonor.viv[email protected]

SOURCE Katten

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