Shearman & Sterling was among the winners of an 8th annual M&A Advisor Turnaround Award for its work on Synagro Technologies’ acquisition by EQT Infrastructure. The award came in the Distressed M&A Deal of the Year (over $100 million to $1 billion) category.
In that transaction, Shearman & Sterling advised Bank of America as administrative agent in connection with a $30 million senior-secured, super priority debtor-in-possession credit facility for Synagro. The firm also represented Bank of America as administrative agent for Synagro’s $390 million pre-petition first lien facility. Synagro, one of the largest recyclers of biosolids and organic residuals in the U.S., filed for chapter 11 bankruptcy protection April 24, 2013, with an offer in hand to be acquired by an affiliate of Swedish private-equity firm EQT.
The Shearman & Sterling team included partners Fredric Sosnick (New York-Financial Restructuring & Insolvency) and Robert Freedman (New York-Project Development & Finance), counsel Ned Schodek (New York-Financial Restructuring & Insolvency); and associates Devin Lei, Lisha Li and James Park.