National turnaround firm takes home awards for work with Consumer Products and Energy clients
DALLAS, TX (June 12, 2019) — CR3 Partners is pleased to announce that the firm was awarded two Turnaround Atlas Awards on May 20, 2019 at the Global M&A Network Annual Gala. These awards celebrate exemplary work in the restructuring industry and honor firms that have achieved the “Gold Standard of Performance,” evaluating from over 290 eligible deals in the U.S. and abroad.
Led by Tom O’Donoghue as Chief Restructuring Officer, the engagement team for Hobbico, a large national distributor of radio-controlled hobby products to over 1,500 retailers, received the Consumer Products Restructuring of the Year award alongside Neal Gerber & Eisenberg LLP as advisors to the debtor for the successful Section 363 sale of the business. CR3 helped stabilize the operations during the holiday selling season and mitigated supply-chain disruptions while preparing the company for sale through the bankruptcy process.
CR3’s work in the energy sector was recognized through the Francis Drilling Fluids engagement, which was named the Energy Restructuring of the Year, Mid-Markets. Led by Greg Baracato as Chief Restructuring Officer, CR3 was engaged to manage the entirety of an orderly and expedited Chapter 11 filing and 363 sale process, which achieved payment in full to the secured lenders, the assumption of substantially all the existing contracts and assets by the purchaser, and continued employment of all employees. CR3 accepted the award together with Prophet Equity, which purchased the assets through the bankruptcy process.
“Our colleagues continue to shine and stand out in the restructuring industry, and we are extremely proud of them,” said Gene Baldwin, Partner at CR3 Partners. “To be honored with not one but two awards speaks to the caliber, capabilities, and breadth of our firm.”
About CR3 Partners, LLC
CR3 Partners is a national turnaround and performance improvement firm serving organizations and stakeholders across a broad range of industries during times of transition, opportunity, or distress. Our team consists of seasoned executives and industry veterans who bring a profound bias for action and exceptional results, with a keen focus on turnaround management, restructuring and operational improvement services. From our offices in Atlanta, Boston, Charlotte, Chicago, Dallas, Houston, Los Angeles, New York, and Richmond, CR3 Partners infuses agility, passion, experience and value creation into everything we do.