Am Law 100 firm Polsinelli has been honored by Global M&A Network with the “Cross Border Turnaround of the Year” award (Small-Mid Markets category) for its representation of PhaseRX, Inc. in its Chapter 11 bankruptcy and acquisition by Roivant Sciences. The firm will be recognized at the 11th Annual Turnaround Atlas Awards gala on May 20 in New York City.
Polsinelli served as lead counsel to PhaseRX, a Seattle-based, publicly traded biopharma company, in its Chapter 11 bankruptcy case in Delaware. PhaseRX focused on therapeutics developed to treat enzyme deficiencies in the liver via intracellular enzyme replacement therapy, often for children with rare, life-threatening liver defects.
“Our team is honored to receive this award from Global M&A Network, a recognized leader in our industry,” said Chris Ward, Polsinelli’s Bankruptcy and Financial Restructuring Practice Chair. “We take pride in our hands-on approach in guiding our client’s through bankruptcy and financial restructuring issues in a cost-efficient manner. We’ll continue working to understand our clients’ businesses and address their concerns in a way that fits their needs, every step of the way.”
Polsinelli oversaw all substantive aspects of the Chapter 11 process on behalf of PhaseRX, including obtaining debtor in possession financing from Hercules Capital and the successful sale of substantially all of the company’s assets pursuant to Section 363 of the Bankruptcy Code to Roivant Sciences. Polsinelli’s legal team on behalf of PhaseRX included Ward and Shareholder Shanti Katona.
Global M&A Network’s Cross Border Turnaround of the Year award winners include the best value-creating, multi-jurisdiction restructuring transactions, which may be in or out of court, financial or operational. The restructured company must survive in part or per core operations post-restructuring, or as acquired assets.
Polsinelli also received a pair of awards at last year’s Turnaround Atlas Awards, including Retail Services Restructuring of the Year (above $500M) for its work on the Payless ShoeSource Restructuring, as well as Turnaround of the Year for California Proton Treatment Center’s Chapter 11 Restructuring and Recapitalization.
Polsinelli’s Bankruptcy and Financial Restructuring Practice has a national footprint and top-ranked corporate restructuring practice and health care group, with a mid-market rate structure. The firm has represented numerous chapter 11 debtors, official committees, individual creditors and bankruptcy litigants nationally in both restructuring matters and their non-bankruptcy alternatives.
The Practice’s representative engagements include: serving as lead counsel to the chapter 11 debtors in Senior Care Centers, Elements Behavioral Health, Inc., Orchids Paper Products Company, The Original Soupman and ActiveCare, Inc.; Delaware bankruptcy, regulatory and conflicts counsel to the TCEH Creditor’s Committee in Energy Future Holdings Corp., which was the seventh-largest bankruptcy ever filed; counsel to the Student Committee and CCI Student Trust in Corinthian Colleges; and serving lead counsel to the Official Committee of Unsecured Creditors in Cherry Bros., LLC d/b/a Cherrydale Farms, H. Krevit Incorporated, Open Range, Communications, Crossroads Wireless and Ultimate Escapes.
Polsinelli’s bankruptcy and financial restructuring team also recently launched a new website, The Devil’s Dictionary, a comprehensive guide designed to help clients and restructuring professionals understand the complex world of bankruptcy terms.
Polsinelli is an Am Law 100 firm with more than 850 attorneys in 22 offices nationwide. Recognized by legal research firm BTI Consulting as one of the top firms for excellent client service and client relationships, the firm’s attorneys provide value through practical legal counsel infused with business insight, and focus on health care, financial services, real estate, intellectual property, middle-market corporate, labor and employment and business litigation. Polsinelli PC, Polsinelli LLP in California.