Emeco received Restructuring Deal of the Year Award at last night's Turnaround Management Association (TMA) Awards for their AUD$686 million global restructure involving a debt/equity swap with a rights offering, two acquisitions and full refinancing.
Baker McKenzie acted for Emeco on this momentous transaction. The restructure was by Australian creditors scheme of arrangement, subsequently recognised and - breaking new ground for an Australian scheme of arrangement - given effect in the United States by the US Bankruptcy Court.
Baker McKenzie lead partner, Bryan Paisley stated: "We are delighted that the deal has been recognised by the industry - it was a groundbreaking transaction which involved amongst many facets two acquisitions, a debt/equity swap and a rights issue. Emeco's recent results indicate the strong platform this transaction has provided for the business."
The work involved Baker McKenzie lawyers in Sydney, New York, Chicago, Singapore, London, Santiago and Houston across various practice groups in assisting Bryan, including David Holland, Maria O'Brien, David Walter, Teresa Ientile, Heather Sandell, Peter Debney, Bernice Ng, Rebekah Lam, Jeanie Chang at Baker McKenzie [in Hong Kong], Justin Wong and Emily Hunter in Sydney, Adam Farlow, Debra Dandeneau, Kyle Pilkington, Charles Farnsworth and Heather Byrne on the US Securities aspects and David Heroy, Erin Broderick and Mark Young on the Chapter 15.
The TMA Awards are Australia's most prestigious turnaround industry awards, showcasing some of Australia's finest turnaround organisations. The Restructuring Deal of the Year Award recognises the individuals who orchestrate a financial restructure, including a merger, acquisition, refinancing and debt and/or equity transactions leading to recapitalisation of a struggling business.