February 5, 2013
Turnarounds & Workouts featured TBS International among its “Successful Restructurings of 2012.” Michael Rosenthal and Matthew Kelsey represented TBS in its prepackaged plan, which was confirmed less than two months after the filing of the chapter 11 and refinanced the company’s secured debt obligations that totaled approximately $220 million and provided for the payment in full of all other creditors. The plan was the result of extensive pre-petition negotiations and was supported by more than 95% of the company’s secured lenders. T&W also named client Arcapita BSC on its “Largest Chapter 11s – 2012” in the same issue. The feature was published in January 2013.