NEW YORK (PRWEB) February 24, 2021
Global law firm Greenberg Traurig, LLP was counsel in two restructurings named on the Turnarounds & Workouts “Successful Restructurings of 2020” list.
Greenberg Traurig’s Restructuring & Bankruptcy Group advised on the following matters:
- Company counsel for AAC Holdings, Inc. AAC Holdings, the publicly traded parent of American Addiction Centers, which operates 26 addiction recovery facilities in eight states, filed for Chapter 11 protection in Delaware with in excess of $550 million in debt. It pursued a toggle Chapter 11 plan whereby the debtor exposed the assets to a 363 sale process. The lenders ultimately became a plan sponsor. The plan was confirmed on Oct. 20, 2020—within 122 days of the bankruptcy filing. Pursuant to the confirmed plan, a portion of the prepetition secured bank debt and the debtor-in-possession (DIP) credit facility were rolled into exit financing. The participating lenders also received warrants in the company. A portion of the prepetition junior bank debt was converted into equity in the company. The team included Restructuring & Bankruptcy Practice Co-Chair David B. Kurzweil; Shareholders Nancy A. Peterman, Alison Elko Franklin, Eric J. Howe, and Dennis A. Meloro; and Associate Matthew A. Petrie.
- Lender’s counsel for iQor Holdings, Inc. iQor Holdings, a global provider of technology-enabled business process outsourcing and product support services, commenced its Chapter 11 cases with a plan of reorganization supported by 100% of the creditors that submitted a ballot. Through its prepackaged Chapter 11 cases, iQor eliminated about $500 million in funded debt obligations, obtained $175 million in exit financing, and left general unsecured creditors unimpaired. iQor’s operations span North America, Europe, and Asia, and prior to the COVID-19 pandemic, iQor employed approximately 40,000 people globally. The team included Restructuring & Bankruptcy Practice Co-Chairs David B. Kurzweil and Shari L. Heyen, and Shareholders Timothy W. Bratcher and David M. Guess.
According to Turnarounds & Workouts, this annual list tells the stories of corporate restructuring professionals who worked together in the past year to restructure businesses, continue business operations, save jobs, and pay creditors.
About Greenberg Traurig’s Restructuring & Bankruptcy Practice:
Greenberg Traurig’s internationally recognized Restructuring & Bankruptcy Practice provides clients with deep insight and knowledge acquired over decades of advisory and litigation experience. The team has a broad and diverse range of experience developing creative and effective solutions to the highly complex issues that arise in connection with in- and out-of-court reorganizations, restructurings, workouts, liquidations, and distressed acquisitions and sales. Using a multidisciplinary approach, the firm’s vast resources and invaluable business network, the team helps companies navigate challenging times and address the full range of issues that can arise in the course of their own restructurings or dealings with other companies in distress.
About Greenberg Traurig:
Greenberg Traurig, LLP (GT) has approximately 2200 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 3.0 Certified. Web: http://www.gtlaw.com