Shearman & Sterling’s Financial Restructuring & Insolvency practice was among the winners of the 12th annual M&A Advisor Turnaround Award for its work relating to Nuverra Environmental Solutions, Inc.’s Chapter 11 reorganization. The firm was honored in the Restructuring Deal of the Year category (over $500MM to $1B).
The practice group represented Nuverra Environmental Solutions Inc., a Scottsdale, Arizona-based provider of full-cycle environmental solutions to customers developing and producing oil and natural gas from shale formations in the United States, and its affiliates in their prepackaged Chapter 11 cases commenced in the United States Bankruptcy Court for the District of Delaware. The cases were filed after a restructuring support agreement was reached among the debtors and certain holders of term loan and second-lien note claims. The resulting plan, which ultimately was supported by an official committee of unsecured creditors appointed in the cases, was confirmed on July 25, 2017, and the debtors emerged from bankruptcy on August 7, 2017.