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Schnader Recognized with International Financial Law Review Award

On March 16, 2016 by Schnader in Corporate

Schnader Harrison Segal & Lewis LLP is pleased to announce that a team of Schnader lawyers has been recognized for their role in International Financial Law Review’s (IFLR) Restructuring Deal of the Year. Winners were announced at a ceremony on March 2, 2016, in Hong Kong.

Schnader attorneys were part of a team of law firms representing an Indonesian company, PT Berlian Laju Tanker Tbk (“BLT”), a liquid cargo specialist, in its multinational debt restructuring exercise involving more than $2 billion. BLT’s debt restructuring plan was approved by an Indonesian court and, in January 2015, was granted comity by a U.S. Bankruptcy Court under Chapter 15 of the U.S. Bankruptcy Code. Schnader was counsel to BLT’s foreign representative in the Chapter 15 case. Schnader’s work on BLT’s restructuring began in 2012, when it represented the foreign representative of a group of BLT subsidiaries in their own Chapter 15 cases.  

The firms’ efforts also received a nomination for The Asian Lawyer‘s 2014 Emerging Markets Award in the category of Cross-Border/Litigation Dispute of the Year.

The team consisted of attorneys in disciplines and offices across the firm. New York attorneys Kenneth Puhala, chair of the Business Litigation Group, led the representation for litigation matters, and Corporate Practice Group chair Sarah Hewitt handled the representation regarding the transactions. From Wilmington, partner Richard Barkasy was the lead bankruptcy lawyer. In Philadelphia, Albert Dandridge, III, chair of the Securities Group, advised on U.S. securities law issues; and partner Walter Ferst advised on the transactional aspects of the implementation of the debt restructuring and, in Pittsburgh, counsel James Olson provided tax advice.

IFLR’s Asia Awards celebrate legally innovative teams and deals in the Asia-Pacific region, and are annually given to firms in categories including debt and equity linked deals, equity, high-yield, M&A, private equity, project finance, restructuring, and structured finance and securitisation.