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Bayard Case Recognized at 2018 Turnaround Atlas Awards

Bayard, PA. announced today that one of its matters received recognition at the 2018 Global M&A Network Turnaround Atlas Awards for work handled by its Business Restructuring and Liquidations Group.

Violin Memory restructuring and acquisition by Soros Fund Management won the Turnaround of the Year award in the Middle Markets category.  Bayard acted as Delaware Counsel to the debtor, Violin Memory. The Bayard deal team consists of Scott D. Cousins, Justin R. AlbertoErin R. Fay, Evan T. Miller, and Gregory J. Flasser.

The Violin Memory Plan confirmation followed a deal based on a plan support agreement (the “PSA”) that was approved by the Court on February 8, 2017. Pursuant to the PSA, the Debtor was sold for $23 million to VM Bidco LLC, an affiliate of Quantum Partners LP (“QP”).  The sale price consisted of (i) an $8 million debtor-in-possession financing which converted into an exit facility, and (ii) $15 million in cash for recoveries under the Plan in which QP received all equity interests in the reorganized Debtor.  The Plan, which was accepted by more than 96% of the unsecured creditors, provided an estimated 7.5%-8.5% recovery to unsecured creditors.

The Global M&A Network Turnaround Atlas Awards ceremony took place on July 19, 2018, at the Metropolitan Club of New York where the winners were honored. Covering 5 continents, and evaluating over 320 eligible deals, the winners were selected in various categories of industry/sectors, investors, corporate, and restructuring styles, regional and global transactional awards from small, middle-to large cap segments.

Click here for the announcement and complete list of winners.

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