New York – February 3, 2014 – Cooley LLP announced today that the 8th annual M&A Advisor Turnaround Awards has named the firm the winner of the "Chapter 11 Reorganization of the Year" award in the "deals under $100m category," for its work on behalf of the creditors of KIT digital. The award will be presented at the Awards Gala on March 11 in Palm Beach, FL.
Cooley represented the official committee of unsecured creditors in the Chapter 11 bankruptcy case of KIT digital, Inc., a public holding company with subsidiaries that provided digital television and media solutions. KIT's clients included the BBC, Google, News Corp. and Verizon, among approximately 2,500 others.
Kit digital struggled in the wake of disclosures of prepetition accounting irregularities and an SEC investigation, and filed for bankruptcy protection on April 25, 2013. As part of KIT's reorganization plan, private equity firms JEC Capital Partners, Prescott Group Capital Management and Stichting Bewaarder Ratio Capital Partners agreed to purchase the company, which now operates under the name Piksel.
The Cooley corporate restructuring & bankruptcy team that represented the unsecured creditors included partner Cathy Hershcopf and associates Michael Klein and Robert Winning.
For commentary on topics in the bankruptcy realm, visit Cooley's ‘Absolute Priority' blog, here.
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