Carl Marks Advisors, a leading investment bank providing financial and operational advisory services to middle market companies, today announced that it has been recognized with three awards at The M&A Advisor’s 15th Annual Turnaround Awards, one of the restructuring and distressed investing industry’s benchmarks for excellence. Carl Marks Advisors was honored in the following categories:
- Out-of-Court Restructuring of the Year ($50M to $100M)
- Restructuring of the Year ($50MM to $100MM)
- Restructuring of the Year ($500MM to $1B)
Carl Marks Advisors won in the “Out-of-Court Restructuring of the Year” category for its work as Chief Restructuring Officer (“CRO”) for Lenox Corporation, the well-known manufacturer, distributor, and retailer of tableware. Originally brought on to conduct a business assessment of the company, Carl Marks Advisors was reengaged as CRO, helping implement a business turnaround in that role. CMA’s efforts included retaining necessary levels of lender and vendor support and liquidity, navigating the Company through the COVID-19 pandemic, and supporting the close of an out-of-court sale. A bankruptcy filing was thus avoided, an event that had seemed likely at the start of the engagement and could have led to the liquidation of the business.
In addition, Carl Marks Advisors was honored with the “Restructuring of the Year ($50MM to $100MM)” award for its work with Bar Louie, the locally themed, national gastro-bar operator and franchisor. The chain, which operated more than 100 venues at its peak, retained Carl Marks Advisors to serve as CRO, leading the company through a Chapter 11 filing and successful emergence via a 363 sale during the height of the COVID-19 pandemic.
Finally, the “Restructuring of the Year ($500MM to $1B)” award recognized the firm’s work with American Addiction Centers (AAC), a nationwide inpatient and outpatient addiction care and recovery center. Under Carl Marks Advisors’ guidance, AAC successfully exited Chapter 11 with a recapitalized balance sheet and was able to continue to treat patients throughout the bankruptcy process, despite the added stress of the pandemic.
“We are very proud of our teams’ hard work and dedication throughout the past year, which presented so many unique challenges, and we are gratified to see it recognized by The M&A Advisor,” said Duff Meyercord, Managing Partner, Carl Marks Advisors. “These three transactions are great examples of the positive impact we can have in helping companies navigate even the most perilous circumstances.”
About Carl Marks Advisors
Carl Marks Advisory Group LLC (Carl Marks Advisors) is a New York-based investment bank that provides financial and operational advisory services. Our integrated client service teams unite industry, operations, and transaction expertise to create effective solutions in complex situations. Securities are offered through Carl Marks Securities LLC, member FINRA and SIPC. Additional information about Carl Marks Advisory Group LLC and Carl Marks Securities LLC is available at www.carlmarksadvisors.com and www.carlmarkssecurities.com.
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