Jones Day wins 2024 TMA International Company Turnaround/Transaction of the Year Award
Jones Day has been recognized by the Turnaround Management Association (TMA) with the 2024 TMA International Company Turnaround/Transaction of the Year Award for its representation of Diebold Holding Company, LLC ("Diebold") as in-court legal counsel in proceedings in both the United States and the Netherlands. This was the first‐ever cross-border restructuring involving dual main proceedings under Chapter 11 of the U.S. Bankruptcy Code and a scheme of arrangement (the "Dutch Scheme") under the Dutch Act on Confirmation of Extrajudicial Plans (WHOA) and required novel and complex analyses on the scope and synthesis between the two insolvency regimes.
As a result of concurrent Chapter 11 and Dutch Scheme proceedings and a related Chapter 15 proceeding (which resulted in the first‐ever Chapter 15 recognition of a Dutch Scheme under WHOA), Diebold effectuated a comprehensive restructuring of its balance sheet and obtained a worldwide stay and discharge of its funded debt obligations.
The Jones Day team was led by Business Restructuring & Reorganization (BR&R) Practice Leader Heather Lennox and partners Jasper Berkenbosch, Nick Morin, and Dan Moss—all members of the BR&R Practice.
Jones Day's Business Restructuring & Reorganization Practice is recognized for its ability to resolve complex restructuring issues and problems in jurisdictions throughout the world involving debtors, creditors, and other parties in business restructurings, out-of-court workouts, chapter 11 cases, and other transactions with financially distressed entities. The Firm's clients in these matters receive a full range of services from more than 100 restructuring lawyers in financial centers worldwide.
The Turnaround & Transaction of the Year Awards are chosen based on a rigorous peer-review process by the TMA Awards Committee, which includes extensive research on each nominated case and consideration of well-defined, measurable outcomes.
Award winners will be honored at the TMA Annual Conference, October 15-18 in Philadelphia.
