The Turnaround Management Association honored Kirkland & Ellis LLP as a recipient of the award for "Large Company Turnaround of the Year" for its work in the successful Chapter 11 restructuring of Wellman, Inc. The winners were honored during the Oct. 8 keynote luncheon at the TMA Annual Convention in Phoenix.
"We are honored to be recognized by the TMA for our work on behalf of Wellman," said Jonathan Henes, partner at Kirkland & Ellis LLP and lead lawyer for Wellman. "More importantly, we are pleased that we could help Wellman emerge from Chapter 11 as a strong and viable entity."
The chief U.S. bankruptcy judge for the Southern District of New York, Judge Stuart M. Bernstein, also commended Kirkland in connection with Wellman's Chapter 11 restructuring. At a hearing on April 23, 2009, he called the case, "a poster child for what Chapter 11 is supposed to be."
The Chicago-based TMA has nearly 9,000 members in 45 regional chapters who comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants. The TMA is the only international nonprofit association dedicated to corporate renewal and turnaround management.
"This year TMA selected a handful of turnaround professionals who performed an exemplary service in guiding companies, both large and small, through this difficult environment, saving both companies and jobs in the process," said Mette H. Kurth, chair of the TMA's 2009 Awards Committee and a partner with Arent Fox LLP in Los Angeles. "The winners this year exemplify the ability of turnaround professionals to apply unique solutions and tools to overcome complex and challenging situations. They also represent the significant results that can be achieved by using well-executed, textbook turnaround management techniques to transform a troubled company of any size in a variety of industries."
Kirkland & Ellis LLP is a 1,500-attorney law firm representing global clients in complex restructuring, corporate and tax, litigation, dispute resolution and arbitration, and intellectual property and technology matters. Kirkland lawyers represent clients in five of the 20 largest public company Chapter 11 cases filed to date in 2009. The Firm has offices in Chicago, Hong Kong, London, Los Angeles, Munich, New York, Palo Alto, Calif., San Francisco and Washington D.C.