The Global M&A Network honored the Haynes Boone team with the Pre-Pack Restructuring of the Year Award in a virtual award ceremony on July 21.
The Turnaround Atlas Award honors value-creating transactions, along with leading firms and professionals from the restructuring, investing and insolvency communities.
Haynes Boone represented the administrative agent for the senior secured lenders in the Chapter 11 of Sundance, a North America onshore independent oil and natural gas company, including the $137.5 million exit credit facility supporting the restructuring.
The restructuring was achieved through a prepackaged plan of reorganization, which was supported by 100% of the senior secured lenders.
The reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on April 19, 2021. Sundance emerged from Chapter 11 protection in a strengthened financial position having eliminated over $250 million of funded debt obligations, according to a Sundance press release.
The Haynes Boone team included Partners Austin Elam, co-chair of the firm’s Oil and Gas Practice Group, Frasher Murphy, chair of the Restructuring Practice Group, Eli Columbus, and Rich Kanowitz, along with Associates Reem Abdelrazik, Roy Schwartz and Tom Zavala.
The Haynes Boone Restructuring Practice Group handles issues in large and complex out-of-court financial restructurings and Chapter 11 reorganization cases. The Chambers USA 2022 directory (Chambers and Partners) ranked the practice as a market leader in Texas – with more individually ranked lawyers in Texas than any other Band 1 firm. Chambers states that the firm is “renowned for its work on complex bankruptcy and restructuring cases” and its “tailored advice” to debtors, creditors, and buyers of distressed companies' assets and business operations.
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services in energy, technology, financial services and private equity. With 600 lawyers, Haynes Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer. It was recognized in the BTI Consulting Group’s 2022 “A-Team” report, which identifies the law firms that in-house counsel commend for providing superior client service.