Two teams of Haynes and Boone, LLP lawyers have been recognized for transactions in the 2018 Global M&A Network Turnaround Atlas Awards. The firm’s work was recognized for different deals that won the Turnaround of the Year and the Special Situation M&A Deal of the Year awards in the middle markets segments.
The Turnaround of the Year award is for Haynes and Boone’s representation of Erickson Incorporated and its affiliates in their Chapter 11 bankruptcy cases, which culminated in a confirmed Plan of Reorganization. Partner Ken Kattner led the Haynes and Boone team that represented Erickson, a helicopter operator and manufacturer, in its Dallas bankruptcy cases. Erickson confirmed its group plan of reorganization less than five months after filing the bankruptcy. The plan restructured and recapitalized the companies operations, and reduced the company’s pre-bankruptcy debt by over $400 million. In order to improve its capital structure and finance its exit from bankruptcy, Haynes and Boone’s legal team advised Erickson on (i) a commitment for an asset based lending facility with a borrowing capacity of up to $150 million, (ii) negotiated agreement on non-cash repayment for $69.8 million in financing obtained during the bankruptcy, and (iii) developed and implemented a backstopped $20 million rights offering.
Haynes and Boone lawyers working on the matter included Partners Ian Peck, Hank Flores, Eli Columbus, Autumn Highsmith, Craig Unterberg, Alex Grishman, Counsel Kourtney Lyda and Associate David Staab. Over 60 Haynes and Boone lawyers from a variety of practice areas assisted in bringing the case to a successful conclusion.
The firm also received an award for Special Situation M&A Deal of the Year. A Haynes and Boone team led by Partner Patrick Hughes represented Landry’s, Inc. in its $57 million acquisition of substantially all of the operating assets of Ignite Restaurant Group, Inc. and affiliates, which owned the Joe’s Crab Shack and Brick House restaurant chains across the country.
The Ignite group’s filed chapter 11 bankruptcy involved a contested bankruptcy auction and sale process. After significant litigation and negotiations involving multiple constituencies, Landry's prevailed on its highest bid over a number of other interested parties. Landry’s owns and operates over 500 nationally known restaurants that operate nationwide, including Landry’s Seafood, Saltgrass Steak House, Bubba Gump Shrimp Co., Morton's The Steakhouse, and other well known chains, in addition to premium dining offerings as well.
Turnaround Atlas awards recognize excellence within the worldwide restructuring and turnaround communities. Over the last eight years, winners are selected independently based on the deal performance criteria via performance benchmark index.
The firm was honored at a celebratory Turnaround Atlas Awards gala in New York on July 19.