Olshan Named Winner of the M&A Advisor 2017 Distressed M&A Deal of the Year
The M&A Advisor announced the winners of the 12th Annual Turnaround Awards and Olshan was named a winner for the Distressed M&A Deal of the Year ($10MM to $25MM) for its representation of Novation Companies Inc. in its chapter 11 case and its ultimate acquisition, during the bankruptcy process, of Healthcare Staffing, Inc. for $24 million. What makes this transaction particularly noteworthy was that Novation, as the acquirer, was a debtor in bankruptcy. During its operation in chapter 11, Novation was able to identify and close the acquisition of Healthcare Staffing Inc. (“HCS”) , which was the cornerstone of Novation’s Plan of Reorganization. Novation was able to settle outstanding multi-million dollar class action litigation, restructure its $84 million senior note obligations, and emerge with a profitable business. The HCS acquisition and debt restructuring allowed Novation to successfully emerge from bankruptcy with an effective chapter 11 Plan of Reorganization. The Olshan team that represented Novation included: Bankruptcy: Adam Friedman, and Jonathan Koevary; Corporate: Jason Saltsberg and Kenneth Mantel; Advertising: Scott Shaffer; and Litigation: Thomas Fleming.