The TMA Turnaround & Transactions Awards committee selected the Gibson Brands, Inc., transaction handled by Pillsbury for its 2019 Mid-Size Company Transaction of the Year Award. The award was presented to the professionals who worked on the transaction, including Pillsbury Insolvency & Restructuring partner Andrew Troop, at a special awards ceremony and conference in Cleveland on September 26, 2019.

The TMA Turnaround and Transaction Awards are among the most prestigious and important recognitions in the industry. They are given after many rounds of diligence and analysis by a volunteer awards committee representing a cross section of Turnaround Management Association professionals.

Gibson Brands and its various affiliates filed for Chapter 11 in May 2018. The company includes the iconic brands Gibson Guitar and Epiphone Guitar.

A Pillsbury team led by New York partner Andrew Troop represented Henry Juszkiewicz and David Berryman, the company’s CEO and President, and the majority shareholders of Gibson Brands, Inc., through the Chapter 11 process.

Prior to the bankruptcy filing, Pillsbury’s clients, the company and the senior noteholders entered into a Restructuring Support Agreement that provided for a change of control from Juszkiewicz and Berryman to the noteholders. It also provided Juszkiewicz and Berryman with cash compensation, equity interests and continuing roles with the reorganized company. Unless resolved consensually, the matter would have required a court ruling on the scope of the Bankruptcy Code’s absolute priority rule and the scope of releases, where shareholders are compensated by the reorganized company and its new owners and creditors are not paid in full.

Along with Troop, the Pillsbury team included employment special counsel Julia Judish from Pillsbury’s Washington, DC office and former corporate counsel Matthew Kane.