September 29, 2017
Business Finance & Restructuring Department Co-Chair Ray Schrock along with partners Jacqueline Marcus and Garrett Fail, and Mergers & Acquisitions partner Gavin Westerman will be honored by the Turnaround Management Association (TMA) for their work on the restructuring of Aéropostale Inc., the winner of the “Turnaround of the Year: Mega Company” award.
As debtors’ counsel, the four attorneys guided iconic retailer Aéropostale through one of the highest-profile, complex and innovative chapter 11 proceedings of the year. TMA is recognizing the Weil team for averting Aéropostale’s outright liquidation and securing the going-concern sale to a joint venture that included the company’s major landlords. The groundbreaking transaction saved over 500 stores and more than 10,000 jobs, and provides a potential model for future mall-based retail bankruptcies.
Schrock, Marcus, Fail and Westerman are being honored alongside the attorneys who served as counsel to the Official Committee of Unsecured Creditors. The winners will be honored during a special awards presentation at the 2017 Turnaround and Transaction of the Year Awards on Oct. 23, 2017.
TMA is an organization dedicated to turnaround management, corporate restructuring, and distressed investing. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees. Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions that have saved countless jobs and made a significant economic impact, both locally and globally.