Mayer Brown wins multiple M&A Advisor Turnaround Awards
Mayer Brown advised on five transactions that have been named winners in The M&A Advisor 19th Annual Turnaround Awards, which honor the top transactions, firms, and individuals in the distressed investing, bankruptcy, and restructuring sectors from the past year. The winning transactions are:
Chapter 11 Pre-Packaged Bankruptcy of Air Methods: Professional Services Deal of the Year
Air Methods, a provider of air medical services in the US, obtained approval from the US Bankruptcy Court for the Southern District of Texas of its prepackaged plan of reorganization. The company emerged from Chapter 11, reducing Air Methods’ total debt by approximately $1.7 billion. A Mayer Brown team, led by partners Brian Trust and Zach Carrier, represented a leading US bank as the administrative agent in connection with a pre-petition securitization program, a post-petition DIP securitization program (which harmonized complex intercreditor issues with a side-by-side delayed draw term DIP facility) and an exit securitization program in connection with the consummation of the plan of reorganization.
Restructuring of Wolverine Fuels: Out-of-Court Restructuring ($500M to $1B)
A Mayer Brown team led by partners Louis S. Chiappetta, Joaquin C de Baca and Brian Trust advised Wolverine Fuels, LLC, one of the nation’s largest bituminous coal producers, on the successful out-of-court cross-border debt and off-take contracts restructurings, resulting in more than $3 billion in projected increased revenue over the life of the various off-take agreements.
Cyxtera: Information Technology (Over $1B)
Mayer Brown played a key role in Cyxtera’s successful asset sale as part of its plan of liquidation, approved by the US Bankruptcy Court for the District of New Jersey. The sale involved the transfer of substantially all of Cyxtera’s assets to Brookfield Infrastructure Partners L.P., and its institutional partners. The Mayer Brown team, led by partners Brian Trust and Zach Carrier, represented a leading US bank serving as the administrative in connection with a pre-petition securitization program and a post-petition DIP securitization program. The post-petition DIP securitization program was the first transaction of its kind in the District of New Jersey.
Audacy: Telecommunication Services Deal of the Year
Audacy Inc. and its 47 affiliated subsidiaries (collectively, the “debtors”), a prominent entity in the radio and podcasting industry, initiated Chapter 11 bankruptcy proceedings in the Southern District of Texas. Mayer Brown attorneys advised the agent of a pre-petition receivables securitization program, a post-petition DIP securitization program (which materially increased the amount of the financing) and an exit securitization program which successfully financed Audacy’s pre-packaged Chapter 11 case. The bankruptcy court in the Southern District of Texas confirmed Audacy’s reorganization plan, which included converting $1.6 billion of debt into equity. The Mayer Brown team was led by partners Brian Trust and Zach Carrier.
Restructuring of Pluralsight, Inc. and Rescue Financing from Vista Equity Partners: Out-of-Court Restructuring of The Year (Over $1B)
Mayer Brown represented a key investor and foreign super fund in connection with Pluralsight’s “double dip” sponsor financing in April 2024 and successful out-of-court debt-to-equity exchange and recapitalization in August of 2024. Through the exchange, the existing shareholders ceded control over Pluralsight to a group of secured lenders who agreed to exchange their debt for equity. The recapitalization transaction resulted in the reduction of Pluralsight's funded debt and facilitated the injection of additional capital into the business in the form of a delayed draw term loan facility and revolving credit facility. The Mayer Brown team was led by partners Brian Trust and Tim Clark.
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