ArentFox Schiff Awarded Section 363 Sale of the Year ($10MM to $50MM) by The M&A Advisor

ArentFox Schiff was honored by The M&A Advisor with its Section 363 Sale of the Year ($10MM to $50MM) for its representation of the Official Committee of Unsecured Creditors of Winc, Inc.

The 18th Annual M&A Advisor Turnaround Awards will recognize the leading distressed transactions, restructuring, refinancing, products and services, firms, and professionals in the United States and international markets. Winners will be recognized at the 18th Annual Turnaround Awards in March in Palm Beach, Florida.

Winc manufactured and sold wine as a wholesaler to major grocery chains and other retail outlets, as well as through an online subscription-based direct-to-consumer business. The company filed for chapter 11 approximately one year after its initial public offering, with a proposal from the company’s founder for debtor-in-possession financing and a stalking horse purchase agreement for substantially all assets. 

The ArentFox Schiff team, led by partners George Angelich and Justin Kesselman, and associate James Britton, executed a strategy in support of the sale process that improved sale consideration, managed liabilities, ensured administrative solvency and ultimately led to a confirmable chapter 11 plan. The success of this case represents the efforts of several professionals, including CohnReznick, the financial advisors to the Committee; Saccullo Legal, local counsel for the Committee; Young Conaway Stargatt & Taylor, counsel to the Debtors; and RPA Advisors, financial advisor to the Debtors.

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