Province is honored to be named “U.S.A. Turnaround Consulting Firm of the Year” by the Global M&A Network during today’s 14th Annual Turnaround Atlas Awards. The yearly award ceremony recognizes the best value-creating transactions, outstanding firms, professionals and leaders for their significant achievements in restructuring, insolvency and distressed investing.
In addition to being named “U.S.A Turnaround Consulting Firm of the Year”, Province also received two other distinguished awards during today’s event for its involvement in two prominent 2022 restructuring engagements, Washington Prime Group and CarbonLITE Holdings.
Province received the “Chapter 11 Reorganization of the Year” award for its role as financial advisor to the Official Committee of Equity Security Holders in the Washington Prime Group restructuring.
“After extensive negotiations surrounding the reorganization of Washington Prime Group, an expansive national mall owner, the chapter 11 plan of confirmation resulted in a successful outcome for all parties involved,” notes Province Principal, Daniel Moses. “Our efforts helped preferred and common equity holders to receive significantly improved recoveries from the initial plan, upwards of 50% in some cases.”
Furthermore, Province received the “Special Situation M&A Deal of the Year” award for its role as financial advisor to the Official Committee of Unsecured Creditors of CarbonLITE Holdings. “This transaction involved a highly complex, multi-component sale process with multiple counterparties and buyers,” said Province Principal, Edward Kim. “Province assisted Jefferies in maximizing investor interest in the process, which resulted in increased competitive tension and a higher-than-expected sale price for certain assets.”
In the award press release, the Global M&A Network highlights that “winning the independently governed awards equates to achieving the ‘Gold Standard of Performance’ standing in the industry, validating the firm and team excellence.”