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Mintz Advises on Turnaround Management Association’s 2020 Nonprofit Turnaround of the Year

Mintz has been recognized as a legal advisor in the Turnaround Management Association (TMA)’s 2020 Non-Profit Turnaround of the Year, which involved a complex workout of continuing care retirement communities Mayflower Communities, Inc., and Tarrant County Senior Living Center, Inc. The firm and other winners of TMA’s 2020 Turnaround and Transaction of the Year Awards will be honored at an awards celebration during the organization’s annual (and virtual) conference on September 30.

Specifically, Mintz represented the bond trustee (and bondholders) in the bankruptcy and restructuring of several continuing care retirement communities involving a common sponsor, including Mayflower Communities, Inc., and Tarrant County Senior Living Center, Inc., which are located in Indiana and Texas, respectively. The Mintz team handled every aspect of the pre- and post-bankruptcy matters on behalf of the bond trustee and bondholders, including: (i) the negotiation and resolution of the terms and conditions of the restructured debt for one community; (ii) disputes involving disposition of the other community; and (iii) representation of the bond trustee in each of the respective bankruptcy proceedings which included the approval of the pre-packaged restructuring for one community and the sale of the other community.

As demonstrated by this prestigious recognition, Mintz’s national Bankruptcy & Restructuring Practice has deep expertise in distressed debt and institutional bondholder representation, among other areas of focus. The Mintz team that advised the bond trustee and bondholders in this matter was led by Member Daniel Bleck and included Member and Chair of the firm’s Bankruptcy & Restructuring Practice William Kannel, Member and Co-chair of the firm’s Cross-Border Asset Recovery Practice Joseph Dunn, Members Leonard Weiser-Varon and Poonam Patidar, Special Counsel Charles Azano, and Associate Timothy McKeon.

TMA is the largest nonprofit serving corporate renewal and restructuring professionals worldwide. Over the course of many months, TMA’s volunteer Awards Committee carefully reviewed, selected, and vetted the winners of the coveted 2020 Turnaround and Transaction of the Year Awards. The professionals associated with these awards, including the Mintz team, successfully navigated complex and challenging special situations, resulting in positive outcomes that preserved value, saved jobs, and demonstrated the power of collaborative and creative efforts to achieve a positive end.