Shearman & Sterling was among the winners of an 8th annual M&A Advisor Turnaround Award for its work on Synagro Technologies’ acquisition by EQT Infrastructure. The award came in the Distressed M&A Deal of the Year (over $100mm to $1 Billion) category.
In that transaction, Shearman & Sterling advised Bank of America, N.A. as administrative agent in connection with a $30 million senior secured superpriority debtor-in-possession credit facility for Synagro. The firm also represented Bank of America as administrative agent for Synagro’s $390 million prepetition first lien facility. Synagro, one of the largest recyclers of biosolids and organic residuals in the United States, filed for chapter 11 bankruptcy protection April 24, 2013, with an offer in hand to be acquired by an affiliate of Swedish private-equity firm EQT. The EQT sale was consummated pursuant to a chapter 11 plan that went effective in August of 2013 and provided for repayment of the DIP and prepetition first lien lenders in full. The Shearman & Sterling team included partners Fredric Sosnick (New York-Financial Restructuring & Insolvency) and Robert Freedman (New York-Project Development & Finance); counsel Ned Schodek (New York-Financial Restructuring & Insolvency); and associates Devin Lei and James Park.