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November 19, 2014
FriendFinder Networks Reorganization Wins M&A Advisor Award


The Chapter 11 reorganization of FriendFinder Networks was selected as the Technology, Media and Telecom Deal of the Year (US$100 million - US$1 Billion) at the 2014 M&A Advisor Awards Gala, held in New York on November 17, 2014.

FriendFinder operates an internet and technology business providing services in the social networking and web-based video sharing markets. Curtis represented Wilmington Trust, National Association, as successor indenture trustee for certain second lien secured notes in connection with FriendFinder’s successful Chapter 11 cases, which were filed in the United States Bankruptcy Court for the District of Delaware.

The plan confirmed in the FriendFinder Chapter 11 cases implemented a financial restructuring that, among other things, (a) provided second lien noteholders with approximately 100% of the reorganized company’s new common stock and (b) provided that general unsecured creditors would either be paid in full or satisfied in the ordinary course.

This restructuring was also selected as the 2013 Media & Entertainment Turnaround of the Year by the Turnaround Atlas Awards.

The Curtis team of lawyers was led by partner Steven J. Reisman and associate James V. Drew (Restructuring and Insolvency); and partner Evan S. Borenstein and counsel Susana Namnum (Corporate).

Five additional Curtis restructuring matters (Genco Shipping & Trading Patriot Coal, Trinity Coal, Ashley Stewart and Rural/Metro Corporation) were also nominated as finalists in a total of eight other categories for the 2014 M&A Advisor Awards.

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