TMA Australia is an industry association for turnaround management, insolvency, law, accounting and consulting. The Large Turnaround of the Year Award recognises those who establish effective operations, implement solid management, improve cash flow, and increase production, in addition to the other operational factors leading to recovery of a struggling business.
The firm received the award for its role as sole legal adviser to the receivers and managers appointed to the Ten Network in what was one of the years most publicised business news stories.
MinterEllison advised PPB Advisory (now part of PwC) as receivers and managers of Ten on all aspects of its complex receivership and sale to NYSE-listed giant CBS in August 2017, with the firm playing a key role in this well credentialed corporate turnaround.
"The Ten restructuring was arguably one of the most hotly-contested transactions in recent corporate Australian history, complete with highly sophisticated commercial media players vying for control of the broadcaster, while politicians debated broadcasting law reform," said Michael Hughes, the restructuring partner who, together with Brendon Watkins, co-led MinterEllison's large and diverse project team.
"The complexity of the Ten deal required seamless expert legal advice on restructuring and insolvency, corporate M&A, banking and finance, competition and regulatory engagement with ACMA, ACCC, ASIC, ASX and FIRB," said restructuring partner Brendon Watkins.
"We are extremely proud of our role as part of the team which helped facilitate the sale and recapitalisation of Ten," said corporate partner Glen Sauer, who led on the transactional side of the matter. "The network is now in a strong position, with lots of quality opportunities and great Australian and international content."
The MinterEllison team was led by Michael Hughes (Partner), Brendon Watkins (Partner), Glen Sauer (Partner) and Con Boulougouris (Partner). They were supported by Caitlin Murray (Partner), Michael Gajic (Partner), Katrina Groshinski (Partner), Paul Schoff (Partner), David Moore (Partner), John Mosley (Partner), Lindsay Powers (Senior Consultant), Taline Chater (Special Counsel), Cynthia Li (Special Counsel), Mellissa Lai (Senior Associate), Geread Dooley (Senior Associate), Anthony Sommer (Senior Associate) and Amy Reid (Associate).