JULY 2, 2012 – Global M&A Network has recognized Arent Fox with the 2012 Turnaround Atlas Award for the “Food and Beverage Turnaround of the Year.” The Turnaround Atlas Awards honor top performances from the distressed M&A, restructuring, reorganization and turnaround communities.

The Arent Fox team, lead by Mette Kurth, a partner in the firm’s bankruptcy group in Los Angeles, won the award for its outstanding representation of the Official Committee of Unsecured Creditors in the Contessa Premium Foods bankruptcy case. Arent Fox was instrumental in blocking a rushed sale of Contessa that was projected to generate little or no recoveries for unsecured creditors while leaving the reorganized company in the hands of its existing equity holders. Instead, Arent Fox successfully negotiated with Contessa and its team of advisors to create a collaborative process that allowed the Committee to participate in every aspect of the sale, from selection of the investment banker, to oversight of due diligence, to determination of the winning bid. Simultaneously, Arent Fox negotiated a critical settlement agreement with insiders who claimed an ownership interest in Contessa’s intellectual property, thus allowing Contessa’s business to be sold as a going concern. As a result of the sale process—together with a unique liquidation plan developed by Contessa’s advisors in consultation with the Committee—a sale was ultimately approved that resulted in 100 percent recoveries for Contessa’s unsecured creditors.

Firms are nominated for the Turnaround Atlas Awards by industry executives on behalf of their organization, colleagues, or clients. Winners are selected based on principles of objectivity and excellence by an independent committee of professionals.

In June of 2012, the turnaround and sale of Contessa Premium Foods was also awarded the Sector Deal of the Year Award (Retail Distribution/Manufacturing) by the Association for Corporate Growth.