TSL Express Daily News

Team Earns Turnaround of the Year and Chapter 11 Restructuring of the Year Distinction

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that its Restructuring & Dispute Resolution practice was honored twice in the 2021 Turnaround Atlas Awards presented by Global M&A Network in a virtual awards ceremony.

•            CohnReznick won Turnaround of the Year in the small markets category for its restructuring work for Le Pain Quotidien, an international chain of bakery restaurants with locations in seven major U.S. markets and 15 other countries worldwide. In addition to the restructuring work, CohnReznick advised on the acquisition of Le Pain Quotidien by Aurify Brands, a New York-based owner/operator of several casual restaurant chains. The acquisition work included Aurify’s purchase of Maison Kayser’s 16 U.S. bakeries which filed for bankruptcy last year.

Cynthia Romano, Global Leader for CohnReznick’s Restructuring and Dispute Resolution Practice led the engagement along with Senior Manager Molly Jobe.

•            The firm won Chapter 11 Restructuring of the Year in the small mid-markets category for its restructuring work for Rubie’s, the world’s largest costume designer and manufacturer. In April 2020, Rubie’s sought Chapter 11 bankruptcy protection to facilitate a financial restructuring. CohnReznick and CohnReznick Capital were selected as financial advisor and investment banker to the Official Committee of Unsecured Creditors in the Chapter 11 proceedings.

The CohnReznick team members advising on the Rubie’s project were

Restructuring and Dispute Resolution Practice Global Leader Kevin Clancy, Partner Vinni Toppi, Manager Ying Zheng, and CohnReznick Capital Managing Director Jeff Manning.

“Our Le Pain Quotidien work was especially challenging and complex since it ultimately involved the restructuring of one company and a transaction that involved three”, said Romano. “In a business environment where so many eateries were forced to close their doors during the pandemic, our restructuring work increased the value of the company, ultimately leading to its successful acquisition by Aurify.” She adds, “Thank you to my team, and thank you to Global M&A Network for recognizing our efforts with the ‘Turnaround of the Year’ Atlas Award.”  

In commenting on the Chapter 11 Restructuring of the Year award, Clancy said, “It’s especially gratifying when the work we do can help a longstanding, globally recognized brand like Rubie’s successfully emerge from bankruptcy with a new owner, new financial resources, and a new operating model. I look forward to the ongoing success of Rubie’s II, LLC and, on behalf of my CohnReznick and CohnReznick Capital colleagues, I am truly honored that Global M&A Network has chosen us for this significant award.”

About the Turnaround Atlas Awards

Global M&A Network describes its Turnaround Atlas Awards as the world’s most prestigious, independently governed awards honoring the best value-creating transactions, outstanding firms, professionals and leaders from the global restructuring, insolvency, and distressed investing communities. Winning a Turnaround Atlas Award equates to achieving the “Gold Standard of Performance” standing in the industry, validating the firm and team leadership since the winners are selected based on “deals criteria” and expertise. Learn more: globalmanetwork.com/prestigious/turnaround-awards/

About CohnReznick

As a leading advisory, assurance, and tax firm, CohnReznick helps forward-thinking organizations achieve their vision by optimizing performance, maximizing value, and managing risk. Clients benefit from the right team with the right capabilities; proven processes customized to their individual needs; and leaders with vital industry knowledge and relationships. Headquartered in New York, NY with offices nationwide, the firm serves organizations around the world through its global subsidiaries and membership in Nexia International. For more information, visit www.cohnreznick.com.