The Association of Insolvency and Restructuring Advisors recognized Nate Simon of AlixPartners (first place), Bryan Fleming of Alvarez & Marsal (second place) and Hrvoje Cizmic of PwC (third place) as Certified Insolvency and Restructuring Advisor Award winners for 2020.
According to a survey from AlixPartners, in spite of currently available liquidity and low interest rates, 96% of restructuring experts believe the COVID-19 pandemic will cause their clients distress this year as enhanced access to liquidity from the past year dissipates.
The U.S. Bankruptcy Court for the Southern District of New York confirmed Garrett Motion’s plan of reorganization, positioning the company to complete the implementation of the plan, which will be led by funds managed by Centerbridge Partners and Oaktree Capital Management.
AlixPartners is serving as restructuring advisor to NPC International in the company’s recently approved Chapter 11 plan.
John Castellano, managing director in the turnaround and restructuring services practice of AlixPartners, was named a fellow of the American College of Bankruptcy.
AlixPartners hired Dr. Karsten Lafrenz as a managing director on the turnaround and restructuring team, serving clients in Germany, Austria and Switzerland. Lafrenz has more than 20 years of experience, most recently serving at McKinsey & Co as a partner.
AlixPartners promoted 12 individuals to the role of managing director, including seven members of the firm’s turnaround and restructuring services division.
J.P. Morgan, Wells Fargo and Bank of America provided a $110 million asset-backed lending facility to Tuesday Morning in the company’s emergence from its Chapter 11 filing.
PNC delivered a $135 million asset-based loan to Covia in the company’s recent Chapter 11 emergence. As of emergence, Golden Gate Capital invested in Covia and is now the largest individual shareholder.
Wells Fargo provided an ABL facility and Pathlight Capital provided a FILO facility for a total of $1.5 billion in financing for JCPenney after the company sold its retail and operating assets to Simon Property Group and Brookfield Asset Management to exit Chapter 11.