Gibbons Part of Winning Team Selected for Turnaround Awards Restructuring of the Year
News
November 11, 2020
The M&A Advisor announced the winners of the 14th annual Turnaround Awards, naming New England Motor Freight (NEMF) and its ten affiliated debtors as its “Restructuring of the Year ($25M to $50M).” Gibbons P.C. served as counsel to the debtors in this matter. The awards were presented during a virtual event on November 10.
In addition to the Restructuring Award Category, awards were presented in the categories of Transaction of the Year, Refinancing of the Year, Sector Deal of the Year, Firm of the Year, Turnaround Product/Service of the Year, and Professional of the Year. A full list of this year’s award recipients can be found here.
Gibbons served as counsel to NEMF and ten affiliated debtors in possession in chapter 11 cases filed in February 2019. NEMF was a leading less-than-truckload (LTL) carrier in the Mid-Atlantic, Midwest, and Northeast U.S. which, together with its affiliates, has had annual gross revenues of approximately $370 million in recent years. Due to a downward trend exacerbated by the loss of key accounts, a shortage of drivers, and a new union contract with onerous terms, the debtors were forced to pursue an orderly liquidation of their businesses and assets under chapter 11. Among other things, Gibbons assisted the debtors in obtaining court approval of a hotly contested multi-day public auction sale of more than 7,000 pieces of equipment on which ten lenders held liens; the use of cash collateral held by two lenders; a robust severance and healthcare package for more than 3,000 terminated employees; and the going concern sale of two debtors under Section 363. Numerous other applications, including approval of critical vendor payments, KERP payments to certain employees, and a complaint to enjoin auto liability litigation against the debtors’ former drivers along with temporary restraints, were also presented to the court. The chapter 11 cases were successfully concluded with the confirmation of a chapter 11 plan of orderly liquidation in January 2020.
“These award winners are representative of those that reached the pinnacle of the distressed investing, bankruptcy and reorganization industry for 2019. They earned these honors by standing out in a group of very impressive candidates,” said Roger Aguinaldo, Founder of The M&A Advisor. “In an environment that is increasingly demanding of its professionals, we are recognizing the leading transactions, firms and individuals that represent the highest levels of performance.”
The other professionals with significant involvement in this matter are Elliott Greenleaf, P.C.; Whiteford Taylor & Preston LLP; Phoenix Management Services; CohnReznick LLP; and Lowenstein Sandler LLP.
About The M&A Advisor
Now in its 22nd year, The M&A Advisor was founded to offer insights and intelligence on mergers and acquisitions, establishing the industry’s leading media outlet in 1998. Today, the firm is recognized as the world’s premier leadership organization for mergers & acquisition, restructuring and corporate finance professionals, delivering a range of integrated services.
No aspect of this advertisement has been approved by the Supreme Court of New Jersey. A description of the selection process methodology for the awards referenced is available at gibbonslaw.com/awards.