NEW YORK, July 11, 2011 /PRNewswire/ -- Carl Marks Advisory Group LLC, the investment banking and corporate revitalization firm headquartered in New York, was honored for its outstanding achievement for middle-market Chapter 11 reorganization by Global M&A Network. The firm was acknowledged for its financial advisory services in the case of FX Luxury Las Vegas I LLC, owner of approximately 18 acres of property with substantial retail operations on the Las Vegas Strip, with the "Chapter 11 Reorganization of the Year – Middle Markets" award. Carl Marks, along with transaction partner Haynes and Boone LLP, received the honor during the 2011 Turnaround Atlas Awards Gala last month in Chicago.
The gold standard of performance, the annual Turnaround Atlas Awards exclusively honors excellence in assignments and deals completed from the restructuring, reorganization and turnaround communities worldwide. This year, 184 finalists were eligible competitors in 30 categories of transactional awards. Winners are selected on the basis of "performance" criteria by an independent awards advisory group.
For its winning assignment, Carl Marks was retained to act as exclusive financial advisor by Haynes and Boone and Herrick, Feinstein, in their respective capacities as counsel to a group of second lien debt holders, including Five Mile Capital Pooling International LLC, Transamerica Life Insurance Company, Spectrum Investment Partners LLC, and The Huff Alternative Fund LP, for FX Luxury Las Vegas I after the company filed for voluntary Chapter 11 of the U.S. Bankruptcy Code in April 2010.
Carl Marks assisted FX Luxury Las Vegas I in successfully emerging from Chapter 11 via a plan of reorganization that involved a unique and creative financing structure that was a "win-win for all parties."
"Our investment banking team possesses astute knowledge of how to navigate the dynamic reorganization process, which ultimately yields value and success for our clients," said Christopher K. Wu, partner of Carl Marks Advisory Group. "Additionally, we couldn't have had this success without the strategic advice and leadership of our transaction partner, Haynes and Boone, with whom we are honored to share this recognition."
About Carl Marks Advisory Group LLC and Carl Marks Securities LLC
Carl Marks Advisory Group LLC, with offices in New York, Vienna, Va., Bedminster, N.J., and Charlotte, N.C., provides a wide array of investment banking and financial, operational and real estate advisory services to the middle market, including mergers and acquisitions advice, sourcing of capital, financial restructuring plans, strategic business assessments, improvement plans and interim management. Carl Marks is the recipient of the 2010 Turnaround Management Association's Turnaround of the Year Award in the Large Company category, the 2011 M&A Advisor's Debt Financing Deal of the Year, and the 2011 Turnaround Atlas Awards Chapter 11 Reorganization of the Year – Middle Markets.
Carl Marks Securities LLC, based in New York, assists its clients in executing private placements of debt and equity. The firm is a member of FINRA and SIPC. Additional information about Carl Marks Advisory Group LLC and Carl Marks Securities LLC is available at www.carlmarks.com.
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