The M&A Advisor Names White & Case "Law Firm of the Year" at 2011 Turnaround Awards Gala
White & Case was named "Law Firm of the Year" at The M&A Advisor's 5th Annual Distressed Investing Summit and Turnaround Awards Gala on March 9, 2011, an evening recognizing achievement by the top performers for the M&A, turnaround and financing industries.
White & Case also received two transaction-based awards – "Turnaround Deal of the Year (Large Market)" and "Divestiture Deal of the Year" – for advising Pilot Travel Centers (PTC) on its Chapter 11 acquisition of Flying J. The transaction, which created the largest travel plaza operator in the United States with a combined value of more than US$5 billion, was also recently recognized as one of "The Most Innovative M&A Transactions in the United States in 2010" in the Financial Times' inaugural "US Innovative Lawyers" report.
White & Case represented PTC initially at a critical point in Flying J's bankruptcy. In the face of immense time constraints, the Firm created a framework for a transaction that simultaneously advanced PTC's stringent objectives and gained the support of the bankruptcy court and of Flying J's creditors' committee. White & Case created a structure that not only provided Flying J with the proceeds necessary to emerge from bankruptcy, but also provided it with the interim financing it needed to operate while in bankruptcy.
The deal, which was one of the first to be examined by the US government when it put together its "2010 Horizontal Merger Guidelines," involved more than 30 White & Case lawyers from multiple offices and practices, including M&A, Bank Finance, Financial Restructuring and Insolvency, Antitrust, Tax, Labor, Environmental, Employee Benefits and Intellectual Property and lasted more than a year.
Three other deals acted on by White & Case were finalists for Turnaround Awards:
(1) "The Chapter 11 Reorganization of Six Flags, Inc." was a finalist in the "Turnaround of the Year (Large Market)" and the "Distressed M&A Deal of the Year (Over $100mm)" categories.
(2) "The Bankruptcy of the Texas Rangers" was a finalist in the "Turnaround of the Year (Large Market)", the "Chapter 11 Reorganization of the Year (Upper Middle Market)" and the "Distressed M&A Deal of the Year (Over $100mm)" categories.
(3) The "Chapter 11 Reorganization of Generation Brands" was a finalist in the "Retail Manufacturing/Distribution" category.