Morris Nichols Business Reorganization and Restructuring Group Wins TMA's 2012 Turnaround of the Year Award
Wilmington, DE (October 18, 2012) – Morris Nichols’ Business Reorganization and Restructuring Group received a Turnaround of the Year Award for its role as part of the turnaround team that helped reverse the fortunes of Trico Marine Group (TMG), one of Europe’s most widely-recognized brands in the offshore subsea-services industry. The award was announced by the Turnaround Management Association (TMA) and winners will be honored during a special awards ceremony at TMA’s 24th Annual Conference on November 3, 2012, in Boston.
TMG’s turnaround team, that included professionals from AlixPartners, LLP, Vinson & Elkins LLP, Houlihan Lokey, Evercore, and Paul, Weiss, Rifkind, Wharton & Garrison LLP, addressed TMG’s liquidity and covenant default issues and was successful in achieving a consensual debt-for-equity exchange with 99.9 percent of all note-holders tendering their notes for conversion. The team also successfully negotiated a new credit facility with the new equity holders, providing a significant amount of operating flexibility for the company.