PSZJ Cases Win “Cross-Border Turnaround of the Year,” “Corporate Turnaround of the Year,” and “Liquidation of the Year” at 2021 Turnaround Atlas Awards

June 23, 2021

The firm is pleased to announce that it has received numerous accolades at the Global M&A Network’s 13th Annual Turnaround Atlas Awards for work in the chapter 11 bankruptcies of Yueting Jia, Tuesday Morning Corporation, and Rochester Drug Co-Operative, Inc. These prestigious awards honor the best value-creating transactions, firms, professionals, and leaders within the global restructuring, insolvency, and distressed investing communities.

PSZJ’s recognition for “Cross-Border Turnaround of the Year” was awarded for its representation of the debtor in the successful U.S.-based chapter 11 bankruptcy reorganization for Chinese entrepreneur Yueting "YT" Jia, founder of Faraday Future. The PSZJ turnaround team creatively resolved billions of dollars of debt held entirely by creditors located in China.

PSZJ’s successful reorganization plan for retailer Tuesday Morning Corporation was selected as this year’s “Corporate Turnaround of the Year.” The reorganization provided a 100% recovery to all general unsecured claims and recovery to equity interest holders as set forth in the plan, thereby avoiding the debtors being forced to consummate a proposed sale.

The firm’s award for “Liquidation of the Year” recognized its representation of the official committee of unsecured creditors in the chapter 11 bankruptcy of drug distributor Rochester Drug Co-Operative, Inc. The debtor filed for bankruptcy protection in March 2020, citing financial pressures and ongoing litigation over allegations that it and other pharmaceutical companies helped fuel the U.S. opioid crisis.

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