Akin Gump Advises on Restructuring Deal of the Year at IFLR Americas Awards 2015
(New York) – Akin Gump is pleased to announce it advised on the deal recognized as the Restructuring Deal of the Year at the International Financial Law Review (IFLR) Americas Awards 2015. The winners were announced yesterday at a ceremony in New York.
Akin Gump was recognized for its work on the restructuring of Overseas Shipholding Group (OSG) in which the firm represented the official committee of unsecured creditors in the successful Chapter 11 proceedings of OSG and its 180 debtor affiliates. The debtors were one of the largest tanker shipping organizations worldwide and the only major industry player with both a significant U.S. and international flag fleet.
OSG filed for bankruptcy protection in November 2012, at which time unsecured claims were trading at a fraction of face value. Upon consummation of the debtors’ plan of reorganization, the committee’s unsecured creditor constituents received repayment in full of their claims or were reinstated at face amount, in both instances with payment of post-petition interest.
The Akin Gump team on this matter was led by financial restructuring partners Danny Golden and Fred Hodara.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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