On April 4, the Global M&A Network will present Pillsbury with its “Restructuring of the Year” award in the Energy category at its 9th Annual Turnaround Atlas Awards gala ceremony in New York City. The award was for those restructurings valued between $5 million and $500 million.

Each year, the Global M&A Network recognizes winners of the best value-creating transactions awards from the insolvency, distressed M&A and turnaround communities.

Pillsbury was honored for its work as committee counsel for the Linc USA reorganization and its sale of assets. Hugh Ray, III, a Houston-based Insolvency & Restructuring partner, led the engagement and represented the official committee of unsecured creditors. Pillsbury partner Cecily Dumas and associate William Hotze assisted in preserving valuable claims and guaranteeing a cash recovery for unsecured creditors

“This engagement was particularly rewarding because we were able to obtain for the secured lenders real value for Linc’s assets. This was a significant increase from the estimated amount the trade creditors were expected to recover and was tremendous payout for our clients,” Ray said. “We also achieved an uncontested confirmed plan that preserves claims against Linc’s Australian parent.”

The chapter 11 bankruptcy was filed in the U.S. Bankruptcy Court for the Southern District of Texas. Its liquidation plan and disclosure statement was approved on February 13, 2017.

According to the Global M&A Network, winning a Turnaround Atlas Award equates to achieving the "Gold Standard of Performance" seal of endorsement, validating excellence, and preeminent status in the local, regional, and global markets since the winners are selected independently.

Last year, the Global M&A Network presented its 2016 Turnaround Atlas Award for Energy & Services “Restructuring of the Year” to Hugh Ray for his outstanding contributions in Dune Energy’s chapter 11 reorganization and the sale of its assets to White Marlin Oil & Gas Co.