September 14, 2021

TMA Names PG&E Bankruptcy Re-emergence and Chapter 11 Protection as Mega-Company Turnaround Transaction of the Year for 2021

The Turnaround Management Association (TMA) has named Munger, Tolles & Olson a winner of the “Mega-Company Transaction of the Year Award” as part of its 2021 Turnaround and Transaction of the Year Awards. Munger Tolles represented PG&E in its regulatory, legislative, transactional and litigation issues arising out of its Chapter 11 proceeding. Led by partner Henry Weissmann, the firm assisted PG&E in devising a restructuring plan to emerge from bankruptcy and in obtaining approval from the California Public Utilities Commission and the Governor for that plan. 

“This year's award winners have made a significant impact on the global economy during one of the most challenging times for business in generations,” says TMA Global Chief Executive Officer Scott Y. Stuart, Esq. “While 2020 was a tremendously difficult year for everyone, the  excellent work done by  turnaround and restructuring industry professionals during this period is certainly a bright spot and something we can all be proud to celebrate,” adds Stuart.   

TMA presents annual awards to professional teams that orchestrate a nonoperational restructuring, including merger and acquisition, sale, loan, liquidation, debt restructuring, or other capitalization typically within a court process, to preserve value in a struggling business. The PG&E transaction was recognized within the Mega- Company category, which considers companies with revenue at the time of the transaction in excess of $1 billion.

In addition to Munger, Tolles & Olson, other firms honored for this successful outcome included AlixPartners, Cravath Swaine & Moore LLP, Jones Day, Lazard, Lincoln International, PJT Partners LP and Weil Gotshal & Manges LLP.