The M&A Advisor recognized Sidley’s restructuring of HCR ManorCare, Inc. as the “Chapter 11 Reorganization of the Year ($1B to $5B)” at their 13th annual Turnaround Awards.
Sidley was recognized for its role in guiding HCR ManorCare, a national healthcare provider that operates over 500 facilities, through its chapter 11 bankruptcy case, which included confirmation of HCR ManorCare’s pre-packaged plan of reorganization. Sidley also advises HCR ManorCare in the restructuring of its long-term debt obligations, which includes a master lease agreement governing the company’s long-term care facilities and a senior secured credit facility. As of March 2018, HCR ManorCare and its non-debtor subsidiaries had more than $7 billion in total liabilities. The Sidley team was led by Chicago partners Larry J. Nyhan and Dennis M. Twomey and New York partner Jessica C. K. Boelter and assisted by counsel William Evanoff and associates Matthew Linder and Allison Stromberg, all in Chicago.
The annual Turnaround Awards recognize the transactions, firms and individuals that represent the highest levels of performance in the distressed investing and reorganization industry.