The Global M&A Network’s 13th Annual Turnaround Awards will recognize two Lowenstein Sandler transactions in the network’s yearly celebration of the best value-creating transactions, outstanding firms, professionals, and leaders from the global restructuring, insolvency, and distressed investing communities.

The transactions honored include:

  • The restructuring and acquisition of GNC Holdings, Inc. by Harbin Pharmaceutical Group, affiliate of CITIC Capital, in the category of Cross Border Special Situation Deal.

Led by partners Jeffrey Cohen and Michael S. Etkin, Lowenstein represented the unsecured creditors’ committee of GNC Holdings, Inc., a leading global specialty retailer of health and wellness products for 85 years, in the successful negotiation of a Plan of Reorganization in the U.S. Bankruptcy Court in the District of Delaware, including the sale of the GNC business as a going concern. At one point, GNC operated approximately 5,200 retail locations in approximately 50 countries. The consensual resolution with the debtors, secured lenders, unsecured noteholders, and the purchaser resulted in a substantially increased recovery and other meaningful benefits for unsecured creditors.  The court commended all parties for their significant efforts in reaching consensus with respect to a complex case under extremely difficult circumstances.

Lowenstein client Duro Dyne National Corporation emerged from Chapter 11 on December 31, 2020. Duro Dyne, a leading manufacturer of sheet metal accessories and equipment for the HVAC industry, filed for bankruptcy protection on September 7, 2018, in the U.S. Bankruptcy Court for the District Court of New Jersey to address its liability for asbestos-related claims, which was ultimately settled under a consensual Plan of Reorganization that was confirmed on October 16, 2020.  The Lowenstein team was led by Jeffrey D. ProlDaniel A. Suckerman, and Stuart S. Yusem.

In addition to the GNC Holdings, Inc. and Duro Dyne National Corporation matters, other winning transactions with representations by Lowenstein Sandler included Yueting Jia, PG&E, Talalay Global, Arandell Holdings, Rubie’s Costume Company, and Northwest Company.

According to the Global M&A Network website, these honors “equate to achieving the ‘Gold Standard of Performance’ standing in the industry, validating the firm and team leadership since the winners are selected based on ‘deals criteria’ and expertise. … GM&AN verifies the accuracy of awards-related info; winners are evaluated independent of any involvement by the nominees or winners.”

The firm will be recognized at the June 24, 2021 awards ceremony during the Virtual Restructuring + Distressed Investing Forum.

About Lowenstein Sandler LLP
Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.

Stephen J. Kimmerling
Director, Marketing Communications
Lowenstein Sandler LLP
T: +1 973.597.6176