The Turnaround Management Association announced that Kirkland & Ellis LLP will receive three awards at its TMA Annual Convention, which will be held from October 25-27. Kirkland will be awarded for "Turnaround of the Year - Mega Company," for its work in the successful restructuring of Chemtura Corp., "Transaction of the Year - Mega Company," for its work for General Growth Properties, Inc. (GGP) and "Transaction of the Year - Mid-size Company," for its representation of Neff Rental LLC.
The TMA Award honor professionals who aid struggling companies by fortifying operations and leadership, improving cash flow and increasing production. The Chicago-based Turnaround Management Association has more than 9,000 members in 48 regional chapters worldwide who comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.
Kirkland completed the successful restructuring of Chemtura Corporation, one of the largest publicly traded specialty chemical companies in the United States, on November 10, 2010. The company emerged from Chapter 11 after a complete operational restructuring of its business, which has a global footprint with a presence in North America, Europe, Africa and Asia. Partners Richard Cieri and Craig Bruens, and former partner Natasha Labovitz represented Chemtura.
Kirkland served as co-counsel representing GGP and certain of its affiliates, in their Chapter 11 reorganization. GGP and its consolidated affiliates reported approximately $29.6 billion in total assets and $27.3 billion in total liabilities as of December 31, 2008. The restructuring was completed on November 9, 2010. Partners James H.M. Sprayregen and Anup Sathy represented GGP.
Kirkland represented Neff Corporation, a construction equipment rental company, in its prearranged Chapter 11 restructuring involving approximately $600 million in indebtedness. The company filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan with eight affiliates. Neff, which was listed as the 13th largest Chapter 11 filing of 2010, emerged from Chapter 11 on September 21, 2010. Partners James H.M. Sprayregen, Anup Sathy and Ray Schrock represented Neff.
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. The Firm has offices in Chicago, Hong Kong, London, Los Angeles, Munich, New York, Palo Alto, Calif., San Francisco and Washington D.C.