Lawyers from Pillsbury’s nationally ranked Insolvency & Restructuring practice were honored in connection with several transactions at Global M&A Network’s 10th Annual Turnaround Atlas Awards on July 19. The transactions involve U.S. and international clients in the oil and gas and technology sectors, underscoring the practice’s global reach and multifaceted industry capabilities.

Honors for Top Energy Industry Restructuring (Small) went to a team of Pillsbury lawyers who advised Northstar Offshore Ventures LLC, a Houston-based, wholly owned subsidiary of Orinoco Natural Resources, in its acquisition of certain oil and gas assets from Northstar Offshore Group, LLC in a Section 363 bankruptcy sale. The team advising Northstar was led by partners Patrick Potter, Hugh Ray III and Andrew Troop, with senior counsel Dan Brown.

Orinoco is a Roanoke, Va.-based natural resources firm owned by Tom and Ana Clarke, who also control the Virginia Conservation Legacy Fund, Inc. Pillsbury previously advised VCLF in its $860 million acquisition of the bankrupt Patriot Coal Corp.’s assets in 2015, another award-winning transaction. Also in connection with this year’s Turnaround Atlas Awards, Mr. Clarke was honored with the Turnaround Leadership recognition celebrating his work as CEO of Merida Natural Resources, Orinoco Natural Resources and VCLF.

Global M&A Network also awarded Pillsbury in the category of Top Cross-Border Turnaround (Small – Mid-Market) for its work in the EMAS CHIYODA Subsea reorganization, in which a Pillsbury team led by Hugh Ray III advised India-based infrastructure and engineering firm Larsen & Toubro Hydrocarbon Engineering Ltd. Pillsbury developed a new framework agreement that helped preserve a jeopardized $3 billion oil terminal and subsea pipeline contract with Saudi Aramco when EMAS filed for bankruptcy. The matter also earned a “Commended” honor in 2017 in from Financial Times North America Most Innovative awards program.

Lastly, Pillsbury’s work advising Violin Memory Inc. in its reorganization and acquisition by Soros Fund Management LLC was honored with the award for Top Mid-Market Turnaround (250-500M). In the deal, the Soros Fund acquired Violin Memory through a plan of reorganization that would fund creditor recoveries, provide post-petition financing converting into exit financing and exchange prepetition unsecured debt for sole equity ownership of the reorganized company while preserving more than $390 million of net operating loss carryforwards for use by Violin. Violin Memory was advised in the transaction by Insolvency & Restructuring partners Deryck Palmer and Cecily Dumas and counsel David Forsh, and by Corporate & Securities partner Jim Masetti.

Pillsbury’s Insolvency & Restructuring practice advises clients across industries in overcoming operational, financial and corporate governance challenges. The practice’s lawyers devise cutting-edge solutions for banks and other financial institutions, secured and unsecured creditors, debtors and borrowers, indenture trustees, distressed investors and other interested parties, deftly navigating clients through business cycles, bankruptcies, complex restructurings and workouts. The team has extensive experience handling chapter 11 cases, pre-arranged and pre-packaged bankruptcies, out-of-court restructurings, distressed M&As, capital raising and refinancings, recapitalizations and asset sales.