The Turnaround Management Association recognized advisory and tax firm CohnReznick with the Out-of-Court Restructuring of the Year Award for mid-markets at the 12th Annual Turnaround Atlas Awards.
This is the second major industry award for CohnReznick’s restructuring work for Coordinated Health.
The Turnaround Atlas Awards are independently governed awards that distinguish excellence in various categories of transactions, outstanding firms, top U.S professionals and other leaders. CohnReznick previously earned the Turnaround Management Association 2020 Turnaround and Transaction of the Year Award for its work for Allentown, PA-based Coordinated Health.
Cynthia Romano, global director of CohnReznick’s restructuring and dispute resolution practice, served as chief restructuring officer in the turnaround and sale of Coordinated Health.
Over an eight-month period, the CRO team oversaw the sale of Coordinated Health to Lehigh Valley Health Network, a $2.7 billion not-for-profit network, saving more than 1,300 jobs and bolstering Coordinated Health’s orthopedics program.
“The Coordinated Health restructuring was one of the most challenging of my career, requiring us to leverage the full capabilities of CohnReznick’s healthcare, performance improvement, restructuring and transaction teams. But it was also one of the most rewarding since the outcomes for all stakeholders were so positive,” Romano said in accepting the award. “On behalf of CohnReznick and our entire Coordinated Health CRO team, I want to thank the Turnaround Atlas Awards for recognizing our work with its prestigious Out-of-Court Restructuring of the Year Award.”
