Choate Receives 2013 “Restructuring Deal of the Year” Award from The M&A Advisor

Choate has received The M&A Advisor’s 2013 “Restructuring Deal of the Year” (over $50 million to $100 million) award for representing Salus Capital Partners, LLC in the restructuring and sale of National Envelope, the largest privately held envelope manufacturer in North America.  After Salus committed to provide a $67.5 million debtor-in-possession financing, National Envelope ultimately secured a three-way $70 million sale.  Without the financing, National Envelope would have been forced to liquidate its assets and terminate the vast majority of its employees.

The M&A Advisor Turnaround Awards, now in their eighth year, honor the excellence of the leading distressed investing, restructuring and turnaround deal-making professionals.  The awards are judged by an independent jury of turnaround industry experts and are respected as a top honor in the industry.

Choate’s finance and restructuring team, led by partners John Ventola and Sean Monahan, represented Salus Capital Partners, LLC in the turnaround of National Envelope, which had filed for Chapter 11 bankruptcy.  Salus’ debtor-in-possession loan of $67.5 million provided the working capital that allowed National Envelope to maintain its normal operations during the sales process, which was developed as a private sale instead of a typical Chapter 11 auction due to the need for a quick turnaround time.  National Envelope’s $70 million sale of its operating assets, accounts receivable and inventory to three different companies enabled nearly all of National Envelope’s 1,590 employees to keep their jobs at the same wages, benefits and location.

A leader in sophisticated financial transactions, Choate’s Finance and Restructuring Group has been nationally recognized as one of the leading practices of its kind by US News & World Report.  With commitments in excess of $20 billion, Choate represents leading financial institutions, institutional investors, borrowers and issuers in a full range of financings, including senior syndicated, second lien, mezzanine/subordinated, club and single-lender facilities and debtor-in-possession. 

The M&A Advisor, founded in 1998, is a premier industry organization facilitating connections and recognizing achievement of top performers in the M&A, turnaround and financing industries.