BOSTON (July 25, 2022) – Casner & Edwards, LLP, Goulston & Storrs PC, and Jeffrey D. Sternklar LLC are pleased to announce that they have won The Global M&A Network’s 2022 Turnaround Atlas Award for Special Situation M&A Deal of the Year for their work on the Tri-Wire Engineering Solutions, Inc. sale of substantially all assets to ITG Communications, LLC. The awards honor the best value-creating transactions, outstanding firms, professionals, and leaders from the global restructuring, insolvency, and distressed investing communities.
The Tri-Wire transaction was completed through a Chapter 11 Section 363 sale process in the U.S. Bankruptcy Court for the District of Massachusetts (Eastern Division). Casner & Edwards served as counsel to Tri-Wire, led by partners Michael Goldberg, Davis Whitesell, and Michael Zullas. Goulston & Storrs served as co-counsel to ITG, led by directors James Wallack and Timothy Carter, along with Jonathan Motley of Safford Motley PLC. Jeffrey Sternklar served as counsel to the Unsecured Creditors Committee.
Tri-Wire is one of the largest independent providers of consumer broadband installation and maintenance for large cable operators. After experiencing operational challenges and working capital issues beyond repair, SGS Capital Advisors was retained in July 2021 to conduct an expedited marketing process to solicit interest from strategic and financial buyers. ITG, a national provider of fulfillment, construction, and project management services to the cable and telecommunications industries, submitted the highest and best bid of several offers, and Tri-Wire filed for Chapter 11 protection in September 2021 with ITG as the proposed stalking horse purchaser. The sale to ITG was approved by the bankruptcy court and closed in October 2021. “It is an honor to have our efforts on this complicated bankruptcy sale recognized by the Turnaround Atlas Awards. We worked collaboratively with Goulston & Storrs and others to manage many competing priorities among multiple stakeholders to create the best possible outcome for all parties. In the end, we were able to deliver maximum value, preserve hundreds of jobs, and ensure thousands of cable customers continued their service without interruption,” said Michael Goldberg from Casner & Edwards.
“We all worked diligently and collaboratively on an accelerated timeline to bring this deal to fruition. We are thankful to have had talented partners from Casner & Edwards, Jeffrey D. Sternklar, and Safford Motley in the trenches with us as we navigated many difficult issues. The sale was a win-win for both Tri-Wire and ITG, and receiving this award is a testament to the perseverance and dedication of everyone on the team who made this transaction a success,” said James Wallack from Goulston & Storrs.
About Casner & Edwards, LLP
Casner & Edwards, LLP represents businesses, individuals and institutions across New England and around the world, providing the core legal services they need to succeed. Clients work directly with a team of expert attorneys, and can expect full attention, seasoned advice, top quality work, and good value.
About Goulston & Storrs PC
Collaboration is not just a pillar of our strategy; it is the key to our competitive advantage and approach to clients, community, and each other. At Goulston & Storrs, we practice law with excellence and integrity. We are a place where mutual respect and collaboration drive open discussion, transparency, creativity and optimal results for our clients. We are committed to being a diverse and inclusive workplace where sophisticated business is conducted with genuine camaraderie. To learn more about us, visit www.goulstonstorrs.com.
About Jeffrey D. Sternklar LLC
Jeffrey D. Sternklar LLC is a leading law firm offering commercial bankruptcy law services nationwide. With more than 30 years of experience, we are a trusted name among businesses nationwide. We concentrate in all aspects of insolvency matters and bankruptcy cases.