Morris Nichols Recognized by The M&A Advisor 2021 Turnaround Awards
The M&A Advisor has announced the winners of the 15th Annual Turnaround Awards. Morris Nichols was recognized in the award category for “Restructuring of the Year ($100MM to $500MM)” for the restructuring of VIVUS, Inc.
On December 3, 2020, US Bankruptcy Judge Laurie Selber Silverstein confirmed VIVUS, Inc.’s amended Chapter 11 plan that incorporates a settlement reached among the Official Committee of Equity Security Holders (the “Committee”), the company and its secured lender. Following the Court’s earlier rejection of the plan’s treatment of equity, which led to the appointment of the Committee, the Committee negotiated an enhanced settlement for equity which provides for an increased cash distribution and a royalty arrangement with the reorganized company.
Morris Nichols advised the Official Committee of Equity Security Holders, with co-counsel Skadden. The Morris Nichols team included partners Robert J. Dehney, Eric D. Schwartz and Andrew R. Remming and associates Joseph C. Barsalona II and Michelle M. Fu.
“These award winners represent the best of the distressed investing and reorganization industry over the past year,” said Roger Aguinaldo, Founder of The M&A Advisor. “We are in an environment that has seen whole industries, such as retail, restaurants, leisure and hospitality experience depression-like effects. Despite it all, these professionals have helped companies during these difficult times. We recognize these leading transactions, firms and individuals that represent the highest levels of performance.”
The M&A Advisor has been honoring leading turnaround transactions, companies and dealmakers since 2002. The 2021 Turnaround Awards will celebrate the achievements of the award recipients at a gala on Wednesday, September 29, 2021 in New York City.
ABOUT THE M&A ADVISOR
Founded in 1998, The M&A Advisor is a global network of M&A, turnaround, and finance professionals across domestic and international dealmaking. Recipients of its prestigious awards are among the most respected financial professional around the world. www.maadvisor.com
ABOUT MORRIS, NICHOLS, ARSHT & TUNNELL LLP
Recognized as Delaware’s premier law firm, Morris Nichols handles bet-the-company, high-stakes matters in the four key areas of corporate litigation, alternative entities and corporate counseling, bankruptcy and restructuring, and intellectual property litigation. The firm is regularly involved as lead counsel or co-counsel in matters of national and international significance, as well as those affecting its immediate community. morrisnichols.com
