23 February 2017
Latham & Watkins’ Restructuring, Insolvency & Workouts Practice will be recognized for advising on five “Deals of the Year” at The M&A Advisor’s 11th Annual Turnaround Awards. The notable work includes US-based and cross-border transactions in 2016 that span diverse industries, including oil and gas, life sciences, digital media and manufacturing. According to The M&A Advisor, the annual award program serves as “the restructuring and distressed investing industry’s benchmark for excellence.”
The award-winning transactions include:
- Restructuring of BIND Therapeutics, Inc. – Distressed M&A Deal of the Year (Over US$25 million to US$50 million) and Restructuring Deal of the Year (Over US$25 million to US$50 million): Latham represented biotechnology company BIND Therapeutics, Inc. in its ongoing chapter 11 bankruptcy proceedings, including a chapter 11 auction. The sale process resulted in three bidders and a robust auction culminating in a sale to Pfizer that will allow BIND to pay all creditors in full with a substantial amount remaining for distribution to public shareholders.
- Chapter 11 reorganization of Quicksilver Resources Inc. – Restructuring Deal of the Year (Over US$1 billion to US$5 billion): Latham represented Credit Suisse as agent for the second lien bank and bond debt in the chapter 11 bankruptcy of Quicksilver Resources, an oil and gas exploration and production company. The team resolved a complex capital structure with cross-border guarantees, pledges and liens on some of the borrowers’ assets. Latham lawyers also successfully litigated material issues of unsettled state law.
- Cross-border restructuring of Alphatec – Cross-Border Restructuring Deal of the Year (Under US$1 billion): Latham represented Alphatec Holdings, Inc., a publicly traded developer and manufacturer of medical devices for spinal disorders, in the sale of its international operations and distribution channel to Globus Medical, a leading musculoskeletal implant manufacturer. The sale enabled Alphatec to restructure its current debt and enter into a new term loan for its US operations.
- Restructuring of Jumio, Inc. – Restructuring Community Impact Deal of the Year: Latham represented the primary petition and post-petition lender in connection with the sale of Jumio Inc., an online and mobile identity management and credentials authentication company, through a bankruptcy auction, enabled the company to continue as a going concern, and preserved hundreds of jobs. The team handled a range of bankruptcy, corporate, finance, SEC and regulatory-related litigation issues and drew on strong global capabilities in insolvency, corporate transactions, IP, employment, regulatory and antitrust matters.
These efforts reflect the breadth and sophistication of Latham’s Restructuring, Insolvency & Workouts Practice, which regularly advises companies, creditors and shareholders on the world’s largest and most complex restructurings and insolvency proceedings.