Sydney, 15 September 2021: One of 2020's biggest turnaround success stories - the restructure and sale of Virgin Australia to Bain Capital, on which Clayton Utz advised - has been recognised at the peer-reviewed Turnaround Management Association's 2021 Turnaround/Transaction of the Year Awards.
The transaction was awarded International Company Turnaround/Transaction of the Year, with Clayton Utz Restructuring and Insolvency National Practice Group Leader Timothy Sackar also recognised for leading the legal team that advised Deloitte Restructuring Services as Virgin Australia's administrators.
Turnaround Management Association (TMA) Global CEO Scott Y. Stuart, Esq. described the award winners as having made "a significant impact on the global economy during one of the most challenging times for business in generations".
Timothy said it was satisfying to receive global peer recognition for his and the team's significant work on the transaction:
The rescue of Virgin Australia has rightly earned a place in Australia's aviation and corporate history. It set a new benchmark in terms of deal innovation and it was an incredibly satisfying outcome for our team to have helped achieve.
The TMA is the premier non-profit serving corporate turnaround and restructuring association worldwide.