Carl Marks Advisory Group has been honored for its outstanding advisory services in the real estate sector. Carl Marks, along with its partners, received the Sector Deal of the Year in Real Estate award during the 2013 Distressed Investing Summit and Turnaround Awards Gala last month in Palm Beach, Florida.
The investment banking group of Carl Marks Advisory Group was recognized for its services as financial advisor to the Official Committee of Unsecured Creditors (UCG) as PJ Finance sought protection under Chapter 11 in the summer of 2012 due to pressures from declining occupancy and cash flow. The Carl Marks team was led by Christopher Wu and Scott Webb. Mark Power and Joseph Orbach of Hahn & Hessen served as counsel to the UCC.
"This award is gratifying, especially given the hardships that the real estate sector and its creditors have faced in recent years,” said Christopher K. Wu, partner at Carl Marks Advisory Group. “We are very proud that our hard work and advice enabled the company to reorganize and recover substantial value throughout the bankruptcy process."
"Carl Marks showed us outstanding creativity, a strong voice of advocacy and persistence in achieving this remarkable result," said Alberto Carrizal, chairman of the Unsecured Creditors Committee.
Carl Marks was also chosen as a finalist in multiple categories demonstrating another strong and active year for the firm: Distressed M&A Deal of the Year (Over $100mm), Chapter 11 Reorganization of the Year (Over $250mm), Chapter 11 Reorganization of the Year (Over $250mm), Chapter 11 Reorganization of the Year (Between $10mm to $250mm), Sector Deal of the Year Award in Healthcare/Life Sciences (Between $10mm to $100mm) and Sector Deal of the Year Award in Professional Services (B-to-B over $100mm).
The annual M&A Advisor Turnaround Awards exclusively honor the accomplishments of the top distressed investing, restructuring and turnaround professionals and firms. This year, 149 finalists were eligible competitors in 40 categories of transactional awards. An independent awards advisory group selected winners on the basis of performance criteria.