A team of Haynes and Boone, LLP attorneys has been awarded the Global M&A Network's 2009 Turnaround Atlas Award of the Year for deals above $100 million.
The award, presented at the network's gala and dinner at the Hotel Allegro, honored the law firm's performance in the complex asset purchase and reorganization of Marcal Paper Mills, Inc., a fourth-generation family business bought out of bankruptcy by Highland Capital Management in May 2008.
When purchased, Marcal Paper Mills, Inc., had a transactional value of more than $184 million in assets and $149 million in liabilities. Before the close, the Highland private equity team worked for five months with Haynes and Boone to negotiate environmental settlements, obtain new labor contracts and reject unprofitable leases and contracts.
Ms. Janice V. Sharry, Dallas partner and team leader, was assisted by partners Lenard M. Parkins of New York, Thomas J. McCaffrey of Houston, Art Carter of Dallas and Mary Mendoza of Austin, as well as Dallas associate Jody Absher. For Highland, Portfolio Manager/Private Equity Shawn Lederman was the deal team leader, working with Patrick Daugherty, head of distressed and private equity investments, and Carl Moore, restructuring counsel.