2021年6月30日
Mayer Brown advises on three winning transactions in 2021 Turnaround Atlas Awards
Mayer Brown announced that the firm advised on three transactions that were named winners in Global M&A Network’s 13th annual Turnaround Atlas Awards, which honors the best value-creating transactions, outstanding firms, professionals and leaders from the global restructuring, insolvency, and distressed investing communities. The winning transactions are:
Covia Holdings Restructuring: Materials & Resources Restructuring of the Year
Mayer Brown represented PNC Bank, N.A. (PNC), as administrative agent and issuing bank, in connection with the complex DIP/letter of credit facility in Covia Holdings Corp.’s (Covia) Chapter 11 case. The innovative letter of credit facility, which replaced a prepetition AR securitization facility, utilized a securitization structure and harmonized complex intercreditor issues among various lenders. Mayer Brown also represented PNC, in its capacity as prepetition revolving credit administrative agent and lender, in connection with resolving certain claims asserted by the Official Committee of Unsecured Creditors, pursuant to a confirmed plan of reorganization.
Centric Brands Restructuring: Chapter 11 Restructuring of the Year (large, $1-5 B)
Mayer Brown acted on behalf of PNC as administrative agent and purchaser in the Chapter 11 bankruptcy cases of Centric Brands Inc. The prepetition securitization facility was amended, restructured and extended post-petition in the form of a DIP securitization facility to solve for the Chapter 11 debtors’ “severe liquidity challenge and disruption to the ordinary course of the debtors’ business operations.” Mayer Brown also represented PNC as administrative agent and issuing bank on account of a bilateral DIP facility providing letters of credit to Centric Brands Inc.
PG&E Restructuring: Chapter 11 Restructuring of the Year (mega market, over $5 B)
Mayer Brown served as counsel to MUFG in connection with PG&E Corporation’s Chapter 11 case, including advising the client as administrative agent under the $1 billion AR exit facility pursuant to the confirmed plan of reorganization for PG&E Corporation. Mayer Brown also advised BNP Paribas as joint lead arranger and lender under the $5.5 billion DIP Facility, as well as a lender under certain prepetition credit facilities.
Global M&A Network is a diversified media company, serving the alternative investing, private equity, M&A, restructuring, transactional and business communities world-wide.
Covia Holdings Restructuring: Materials & Resources Restructuring of the Year
Mayer Brown represented PNC Bank, N.A. (PNC), as administrative agent and issuing bank, in connection with the complex DIP/letter of credit facility in Covia Holdings Corp.’s (Covia) Chapter 11 case. The innovative letter of credit facility, which replaced a prepetition AR securitization facility, utilized a securitization structure and harmonized complex intercreditor issues among various lenders. Mayer Brown also represented PNC, in its capacity as prepetition revolving credit administrative agent and lender, in connection with resolving certain claims asserted by the Official Committee of Unsecured Creditors, pursuant to a confirmed plan of reorganization.
Centric Brands Restructuring: Chapter 11 Restructuring of the Year (large, $1-5 B)
Mayer Brown acted on behalf of PNC as administrative agent and purchaser in the Chapter 11 bankruptcy cases of Centric Brands Inc. The prepetition securitization facility was amended, restructured and extended post-petition in the form of a DIP securitization facility to solve for the Chapter 11 debtors’ “severe liquidity challenge and disruption to the ordinary course of the debtors’ business operations.” Mayer Brown also represented PNC as administrative agent and issuing bank on account of a bilateral DIP facility providing letters of credit to Centric Brands Inc.
PG&E Restructuring: Chapter 11 Restructuring of the Year (mega market, over $5 B)
Mayer Brown served as counsel to MUFG in connection with PG&E Corporation’s Chapter 11 case, including advising the client as administrative agent under the $1 billion AR exit facility pursuant to the confirmed plan of reorganization for PG&E Corporation. Mayer Brown also advised BNP Paribas as joint lead arranger and lender under the $5.5 billion DIP Facility, as well as a lender under certain prepetition credit facilities.
Global M&A Network is a diversified media company, serving the alternative investing, private equity, M&A, restructuring, transactional and business communities world-wide.
