Debevoise & Plimpton LLP was honored at the 16th annual Turnaround Awards with both the Restructuring Community Impact and the Restructuring Deal of the Year (Over $5B) awards for its role in advising Philippine Airlines Inc. (PAL) in connection with its chapter 11 restructuring. The M&A Advisor’s Turnaround Awards recognize the leading distressed M&A transactions, restructuring, refinancing, products and services, firms, and dealmakers.

A team led by partner Jasmine Ball, which included counsel Nick Kaluk and Elie Worenklein and associates Mitchell Carlson, Tzerina Dizon and Rory Heller, advised PAL in the pre-negotiated restructuring, which was approved by the U.S. Bankruptcy Court on December 17, 2021. The PAL restructuring will produce approximately $4.5 billion in incremental liquidity, permanently reduce costs by over $2.75 billion, and allowed the company to re-optimize the size and shape of its business in order to compete effectively in the post-pandemic marketplace.

View the list of all winners and deals here.

Debevoise’s Restructuring Group develops practical and innovative solutions to clients’ complex transactional and litigation problems. Consistently ranked as a leading firm in Bankruptcy and Restructuring in Chambers USA and in Corporate Restructuring in The Legal 500 US, Debevoise regularly plays a major role in high-profile out-of-court restructurings, strategic transactions and litigation involving troubled businesses, Chapter 11 cases and cross-border insolvencies. The Restructuring Group advises companies, creditors, sponsors, boards of directors, acquirers and other parties-in-interest in complex distressed situations, and is widely recognized by clients and peers for providing business-oriented and sophisticated advice on the wide range of legal issues triggered by financial distress.