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NEWS

July 8, 2014
Steven Reisman Named as Top 100 Restructuring & Turnaround Professional; Four Curtis Matters Honored with Turnaround Atlas Awards

 

New York, July 8, 2014 – Steven J. Reisman, co-chair of the Restructuring & Insolvency group at Curtis, Mallet-Prevost, Colt & Mosle LLP, has been selected as one of the Top 100 Restructuring & Turnaround Professionals by Global M&A Network. 

Mr. Reisman was one of just 40 lawyers included in the list, which spotlights professionals with “a demonstrable track record” in the global restructuring, distressed M&A and insolvency communities. 

“The top 100 professionals' list,” according to Global M&A Network, “acknowledges the individual and firm-wide team expertise; and compliments the firm's unique capabilities, track record, regional and global status.”

Mr. Reisman was honored in part for his work on four major transactions which were also honored by Global M&A Network with Turnaround Atlas Awards, which showcased the best value-creating transactions, outstanding firms and professionals at its annual awards gala and dinner on June 24 in Chicago. 

Curtis’ Restructuring and Insolvency group received awards in the following categories for the following matters: 1) Chapter 11 Reorganization of the Year (Large Markets) - Patriot Coal Corporation; 2) Special Situation M&A Deal (Large Market) – Residential Capital reorganization and $4.5 billion sale of assets to Ocwen Loan Servicing and Berkshire Hathaway; 3) Healthcare Services Turnaround - Rural/Metro Corporation reorganization, and 4) Media & Entertainment Turnaround - FriendFinder Networks reorganization, each as described in more detail:

Chapter 11 Reorganization of the Year (Large Markets) - Patriot Coal Corporation 

Curtis acted as conflicts counsel to the Debtors (alongside Davis Polk) in Chapter 11 cases which were confirmed in December 2013 in the United States Bankruptcy Court for the Eastern District of Missouri.   Patriot Coal is a producer and marketer of coal in the United States, with operations and coal reserves in the Appalachia (Northern and Central) and Illinois Basin coal regions.

The Curtis team of attorneys counseling the Debtors included Restructuring and Insolvency partners Steven J. Reisman, L. P. Harrison 3rd, and Michael A. Cohen; Litigation partners Theresa A. Foudy, Turner P. Smith and Jonathan J. Walsh; Corporate partner Evan S. Borenstein; Tax partner Eduardo A. Cukier; and associates Dienna Ching, Ellen McGrath, Stephanie R. Morris, Sarah E. Ryan, and Ellen Tobin.

Special Situation M&A Deal (Large Market) – Residential Capital Reorganization and Sale of Assets to Ocwen Loan Servicing and Berkshire Hathaway 

Curtis acted as conflicts counsel to the Debtors (alongside Morrison & Foerster) in Chapter 11 cases filed in May 2012 in the United States Bankruptcy Court for the Southern District of New York.  The unprecedented going-concern asset sale transactions to Ocwen and Berkshire Hathaway generated $4.5 billion of proceeds, exceeding the stalking horse bids by hundreds of millions of dollars.  Prior to its Chapter 11 cases, Residential Capital operated one of the largest mortgage servicing and origination businesses in the United States, servicing $374 billion of mortgage loans.

The Curtis team of lawyers advising ResCap was led by Restructuring and Insolvency partner Steven J. Reisman and included Litigation partners Theresa A. Foudy, Michael J. Moscato, and Jonathan J. Walsh; Restructuring and Insolvency counsel Maryann Gallagher; and associates Daniel A. Bloom, Peter Buenger, Bryan Kotliar, Ellen Tobin, and John Weber.

Healthcare Services Turnaround - Rural/Metro Corporation Reorganization

Curtis represented Wilmington Trust, National Association, in connection with Rural/Metro’s Chapter 11 proceedings as successor indenture trustee for certain unsecured 10.125% Senior Notes Due 2019 issued by Rural/Metro in the amount of $308 million.  Rural/Metro, a privately held corporation, emerged from Chapter 11 late last year after cutting its debt in half and receiving a $135 million infusion from its bondholders.  Rural/Metro is one of the largest providers of ambulance services in the United States, providing emergency and non-emergency medical transportation services, as well as a variety of fire protection services. 

Curtis lawyers counseling Wilmington Trust were led by Restructuring and Insolvency partners Steven J. Reisman and L. P. Harrison 3rd; Corporate partner Evan S. Borenstein; counsel Susana Namnum; and associate James V. Drew.

Media & Entertainment Turnaround - FriendFinder Networks Reorganization

Curtis represented Wilmington Trust, National Association, in connection with FriendFinder’s Chapter 11 cases as successor indenture trustee for certain 11.5% Non-Cash Pay Secured Notes due 2014, which notes were secured by a second priority lien against substantially all of FriendFinder’s assets.  The cases were filed in the United States Bankruptcy Court for the Southern District of Delaware.  The confirmed plan implements a financial restructuring and provides second lien noteholders with approximately 100% of the reorganized company’s new common stock.

Wilmington Trust was counseled by a team of Curtis attorneys led by Restructuring and Insolvency partner Steven J. Reisman; Corporate partner Evan S. Borenstein; counsel Susana Namnum; and associate James V. Drew.

Global M&A Network is a diversified information, digital media and professionals connecting company, exclusively serving the mergers, acquisitions, alternative investing, restructuring and turnaround communities worldwide. More information is available at: www.globalmanetwork.com.

The Curtis Restructuring and Insolvency group regularly advises debtors, creditors' committees, secured and unsecured creditors, financial institutions, equity owners and investors, trustees, liquidators and court-appointed fiduciaries, and foreign and domestic governmental agencies in all facets of restructuring and insolvency matters both in and out of court.  Curtis has developed a national reputation as the leading law firm in "conflicts counsel" engagements in large and complex Chapter 11 restructurings on both the debtor and creditors' committee sides.

Curtis, Mallet-Prevost, Colt & Mosle LLP is a leading international law firm providing a broad range of services to clients around the world. Curtis has 16 offices in the United States, Latin America, Europe, the Middle East and Central and East Asia. The firm’s international orientation has been a hallmark of its practice for nearly two centuries. For more information about Curtis, please visit www.curtis.com or follow Curtis on Twitter (twitter.com/curtislawfirm) and Facebook (Facebook.com/Curtis.Careers).

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