Osler is pleased to announce that the Xebec Adsorption Group restructuring has been selected for a 2024 Small Company Turnaround/Transaction of the Year Award. Osler advised on the restructuring proceedings of the Xebec Group which culminated at the end of 2023 with the sanction of 11 plans of arrangement under the Companies’ Creditors Arrangement Act, and their recognition by the United States Bankruptcy Court District of Delaware.
The case was the result of highly complex and contentious proceedings, with multiple cross-border issues, several precedent-setting court orders, and settlement of a parallel securities class action. This turnaround featured 15 transactions, including overseas and cross-border transactions, all negotiated and closed within three months. Osler’s counsel resulted in a positive outcome for all stakeholders of the Xebec Group: the vast majority of the businesses continued under the new ownership, preserving the employment of hundreds of employees, and unsecured creditors of nearly all North American Xebec Group companies received distributions, while secured creditors were nearly repaid in full.
The Turnaround and Transaction of the Year Awards are chosen based on a rigorous peer-review process by the volunteer TMA Awards Committee. The judges review all components of each entry and look for well-defined, measurable outcomes.
Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions industry wide.
TMA members include turnaround specialists, lawyers, accountants, advisors, liquidators, consultants, as well as academics, government employees, and members of the judiciary.
Visit TMA’s website for more information.
