Mayer Brown announced that the firm advised on three transactions that were named winners at Global M&A Network’s 14th annual Turnaround Atlas Awards. According to the publication, the awards recognize “the best value-creating transactions, outstanding firms, professionals and leaders from the global restructuring, insolvency and distressed investing communities.” The winning transactions are:
Washington Prime Group: Chapter 11 Restructuring of the Year
Mayer Brown represented GLAS USA LLC and GLAS Americas LLC, as administrative agent and collateral agent, respectively, under the $100 million DIP facility in connection with the Chapter 11 cases of Washington Prime Group, a major owner of malls and shopping centers across more than 100 locations across the US, and its affiliates. The firm also represented GLAS USA LLC as administrative and collateral agent under three separate syndicated credit facilities totaling over $1 billion of prepetition secured debt, and advised GLAS USA LLC and GLAS Americas LLC, as administrative agent and collateral agent, respectively, under the takeback facility that paid down the prepetition secured debt pursuant to a confirmed Chapter 11 plan of reorganization.
Avianca Holdings Chapter 11 Restructuring: Cross Border Turnaround of the Year
Mayer Brown represented BNP Paribas, as facility agent, security agent and lender in the multi-jurisdictional insolvency cases of Avianca Holdings S.A. and certain of its subsidiaries and affiliates. Avianca Holdings S.A. is a multi-LATAM company, one of the world’s oldest airlines, and the second largest airline in Latin America. This case exemplifies a COVID-19-impacted foreign airline that sought the material benefits and experience of US bankruptcy courts in handling multinational airline cases. Avianca emerged from Chapter 11 as a more efficient and financially stronger airline, with significantly reduced debt and over $1 billion of liquidity. The BNP Paribas-led financings were satisfied in full as part of a stipulated resolution with the Avianca debtors, which agreed to turn over the aircraft and equipment to BNP Paribas in connection with a complex sales process.
Hertz Global Holdings Chapter 11 Restructuring: Turnaround of the Year (l-m)
Mayer Brown represented Barclays, as administrative agent, under the $1.6 billion pre-petition Donlen ABS facility in the Hertz Chapter 11 case and, as administrative agent, under a $400 million post-petition super priority DIP/ABS facility with respect to the Donlen fleet leasing business. As part of the post-petition DIP/ABS facility, the firm achieved robust bankruptcy protections and guaranties in favor of Barclays and negotiated extensively with the debtors’ counsel and the committee’s counsel. The resolution of Hertz’s bankruptcy allowed it to shed more than $5 billion in debt, and the company also lined up access to nearly $10 billion in loans, credit lines and other debt.
Global M&A Network is a diversified media company, serving the alternative investing, private equity, M&A, restructuring, transactional and business communities world-wide.
Washington Prime Group: Chapter 11 Restructuring of the Year
Mayer Brown represented GLAS USA LLC and GLAS Americas LLC, as administrative agent and collateral agent, respectively, under the $100 million DIP facility in connection with the Chapter 11 cases of Washington Prime Group, a major owner of malls and shopping centers across more than 100 locations across the US, and its affiliates. The firm also represented GLAS USA LLC as administrative and collateral agent under three separate syndicated credit facilities totaling over $1 billion of prepetition secured debt, and advised GLAS USA LLC and GLAS Americas LLC, as administrative agent and collateral agent, respectively, under the takeback facility that paid down the prepetition secured debt pursuant to a confirmed Chapter 11 plan of reorganization.
Avianca Holdings Chapter 11 Restructuring: Cross Border Turnaround of the Year
Mayer Brown represented BNP Paribas, as facility agent, security agent and lender in the multi-jurisdictional insolvency cases of Avianca Holdings S.A. and certain of its subsidiaries and affiliates. Avianca Holdings S.A. is a multi-LATAM company, one of the world’s oldest airlines, and the second largest airline in Latin America. This case exemplifies a COVID-19-impacted foreign airline that sought the material benefits and experience of US bankruptcy courts in handling multinational airline cases. Avianca emerged from Chapter 11 as a more efficient and financially stronger airline, with significantly reduced debt and over $1 billion of liquidity. The BNP Paribas-led financings were satisfied in full as part of a stipulated resolution with the Avianca debtors, which agreed to turn over the aircraft and equipment to BNP Paribas in connection with a complex sales process.
Hertz Global Holdings Chapter 11 Restructuring: Turnaround of the Year (l-m)
Mayer Brown represented Barclays, as administrative agent, under the $1.6 billion pre-petition Donlen ABS facility in the Hertz Chapter 11 case and, as administrative agent, under a $400 million post-petition super priority DIP/ABS facility with respect to the Donlen fleet leasing business. As part of the post-petition DIP/ABS facility, the firm achieved robust bankruptcy protections and guaranties in favor of Barclays and negotiated extensively with the debtors’ counsel and the committee’s counsel. The resolution of Hertz’s bankruptcy allowed it to shed more than $5 billion in debt, and the company also lined up access to nearly $10 billion in loans, credit lines and other debt.
Global M&A Network is a diversified media company, serving the alternative investing, private equity, M&A, restructuring, transactional and business communities world-wide.
