Dechert’s Financial Restructuring Team Recognized with Deal of the Year Award

A Dechert LLP financial restructuring team has been honored after a restructuring agreement related to Modular Space Corp (“Modspace”) was named “Industrials Deal of the Year” at the 12th Annual M&A Advisor Turnaround Awards. The awards recognize the firms and professionals working on the leading refinancing and restructuring transactions of the year. 

ModSpace, one of North America’s largest suppliers of modular buildings, had long searched for solutions to its financing difficulties. Dechert represented an Ad Hoc Group of Noteholders holding some 72% of the company’s outstanding notes. In December 2016, the parties agreed a pre-packaged Chapter 11 plan under which ModSpace would convert US$400 million from debt to equity in the reorganized company, raise US$90 million through a rights offering to pay down part of an existing financing facility, and roll other obligations into a new US$640 million asset-backed exit financing facility.

Unusually, the plan, filed in Delaware Bankruptcy Court, was accepted by 100 percent of the creditors and equity holders who voted, allowing the court to approve the plan in less than two months.

Led by financial restructuring practice co-chair Michael Sage, the Dechert team included partner Brian Greer and associate Stephen Wolpert; corporate partners Scott Zimmerman, Richard Goldberg and associates Angelina Liang, Edward Newlands and Michael Rosenberg; and tax partner Joshua Milgrim.

Law firms involved in winning deals will be honored at a ceremony in Florida on March 20.

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