Honigman earns recognition at Atlas Turnaround Awards for its role in Treetops Resort Chapter 11 restructuring
Honigman Miller Schwartz and Cohn LLP is pleased to announce that it earned recognition for its role in the restructuring of Treetops Resort through its Chapter 11 Plan of Reorganization during the recent Atlas Turnaround Awards held in New York City. In the restructuring, Honigman represented the Official Committee of Unsecured Creditors, and spearheaded the negotiation of a plan of reorganization that provided unsecured creditors with a meaningful recovery. The successful restructuring through the Chapter 11 plan was named the winner of the Chapter 11 Restructuring of the Year in small markets (defined as assets valued below $50 million pre-pack or pre-negotiated Chapter 11 bankruptcy). The annual Turnaround Atlas awards honor landmark deals, industry leaders, influential professionals and outstanding firms of the year from the restructuring and turnaround communities worldwide. Global M&A Network, a diversified information and digital media company, presents the awards.
In July 2015, Treetops, which is a golf and ski resort located in Gaylord, Michigan, completed its voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. This process provided the resort’s ownership the opportunity to position itself financially for future property improvements by reaching a settlement with significant creditors and creditor constituencies in exchange for shedding legacy debt.
Honigman’s legal team included Joseph Sgroi, a partner and leader of the firm’s Bankruptcy, Reorganization and Creditor Rights Practice Group and Scott Kitei a partner in the practice.