Dechert Recognized with Two Awards for Chapter 11 Reorganization of RCS Capital Corporation
January 30, 2017
Dechert LLP’s representation of RCS Capital, the second-largest independent financial advisors network in the United States measured by number of advisors, in relation to its reorganization and restructuring has been named “Chapter 11 Reorganization of the Year (US$1 billion – US$5 billion)” at The M&A Advisor’s 11th Annual Turnaround Awards. The awards, a benchmark of excellence for the restructuring and distressed investing industries, recognize the leading U.S. and international distressed transactions, restructurings, refinancings, products and services, firms and professionals.
The restructuring of RCS Capital was also selected by Beard Group’s Turnarounds & Workouts in its annual “Successful Restructurings” round-up for 2016. T&W editors praised Dechert’s “novel, dual-step restructuring strategy [that] was formulated that helped the company reduce its debt by US$500 million, solidify long-term growth, and secure liquidity.” The publication noted that RCS Capital accomplished all this within a four-month Chapter 11 timeframe and emerged without the unplanned loss of independent investment advisors or clients, “a substantial achievement,” it said, “given the nature of the industry concerned.”
The Dechert team advising RCS was led by Michael J. Sage, co-chair of the firm’s business restructuring and reorganization practice, and partner Shmuel Vasser, and included corporate partners Sarah B. Gelb, Richard A. Goldberg and Martin Nussbaum, business restructuring and reorganization associates Janet Bollinger Doherty, Andrew C. Harmeyer and Stephen M. Wolpert, and corporate associates Bertrand J. Choe, Ruslan V. Koretski and Matthew Virag.
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