Greenberg Glusker announced that its Bankruptcy, Reorganization and Capital Recovery practice has been chosen to receive a Turnaround Award by The M&A Advisor in the category of Section 363 Sale of the Year.

The award for the Section 363 Sale of the Year (between $10 million and $50 million) was given to recognize Greenberg Glusker’s work in connection with the sale of Rhythm & Hues (R&H), the multiple Oscar winner and visual effects provider for the movie “Life of Pi.”

Greenberg Glusker worked with Scouler as the financial adviser, and Houlihan Lokey as the investment banker.

Following an emergency bankruptcy filing, and an interim DIP loan, debtor R&H was sold in less than 90 days in a 363 auction for approximately $30 million. The company, which had run out of cash to pay payroll before the Chapter 11 filing, was transitioned to a successful sale. During this time period, the Greenberg Glusker restructuring and deal teams worked virtually around the clock to ensure the debtor’s successful transition into Chapter 11, the approval of the DIP loan and other administrative requirements of bankruptcy, and engaged in a robust two-day auction for the sale.

“The intense efforts of our bankruptcy team with the support of the corporate and employment lawyers at the firm came together seamlessly to support R&H in arranging financing for the company, handling the numerous employment-law issues as the company transitioned into Chapter 11 and the ultimate sale of the company,” said Brian Davidoff, chair of Greenberg Glusker’s Bankruptcy, Reorganization and Capital Recovery practice.

“The award winners represent the best of the distressed investing and reorganization industry in 2013 and earned these honors by standing out in a group of very impressive candidates,” said David Fergusson, president of The M&A Advisor. “From lower middle market to multi-billion dollar deals, we have recognized the leading transactions, firms and individuals that represent the highest levels of performance.”