June 01, 2013
Bankruptcy Finance & Restructuring partner Gary Holtzer is among the winners of Turnaround Management Association’s (TMA) 2012 Transaction of the Year Awards. Mr. Holtzer was honored in the “Large Company” category (i.e., revenue of $300 million or more at the time of the transaction) for his work on Aquilex Holdings LLC’s out-of-court restructuring. Mr. Holtzer led the Weil team representing Ontario Teachers’ Pension Plan Trust, the indirect owner of an approximately 98.5% stake in Aquilex, prior to Aquilex’s restructuring.
Aquilex is an industrial cleaning and specialty, repair, and overhaul company servicing the energy industry across the US and Europe. After a steady decrease in the company’s revenues and earnings in 2010 and 2011, the company was on the verge of default. As a result of its complex out-of-court restructuring, Aquilex reduced its outstanding debt by 70% (or approximately $318 million), reduced its debt service costs by 69% (to approximately $13 million annually), and gained the liquidity it needed to operate.
TMA is a Chicago-based international non-profit association dedicated to corporate renewal and turnaround management. Its more than 9,000 members include turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters, and consultants. The awards recognize professionals who aid struggling companies and who have “saved countless jobs and made a significant economic impact, both locally and globally.”
The award winners will be honored at TMA’s 24th annual conference, November 1-3, 2012, in Boston, Massachusetts.