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Tom Buck Recognized for Work on the Restructuring of the Lombard Public Facilities by the M&A Advisor

Tom Buck Recognized for Work on the Restructuring of the Lombard Public Facilities by the M&A Advisor

The M&A Advisor's 13th Annual Turnaround Awards will recognize Tom Buck and a few other professionals for their work on the Lombard Public Facilities Corporation. This case won for Refinancing of the Year. Winners will be awarded at a Black Tie Gala on Thursday, March 28, 2019 at the Colony Hotel in Palm Beach, FL. 

The Lombard Public Facilities Corporation (“Debtor”) is a single purpose entity for the purpose of developing and operating the  Westin Lombard Yorktown Center located in Lombard, Illinois. The Debtor commenced its Chapter 11 bankruptcy case in the Northern District of Illinois, Eastern Division, on July 28, 2017.  In just over seven months, the Debtor, with the assistance of the key stakeholders, was able to confirm its plan of reorganization which encompassed the restructuring of over $250 million of bond debt, the revitalization of the Hotel, and the preservation of 300 jobs.

The Consensual Restructuring involved the issuance new tax exempt bonds over a 50-year term and the formation of a TIF District by the Village of Lombard to include the Hotel.  In addition to the many hurdles surrounding the implementation of a multi-party, complex restructuring, the Debtor was able to overcome an eligibility challenge. The Bankruptcy Court's decision with respect to the Debtor's eligibility for Chapter 11 relief will likely be a key precedent for future Chapter 11 cases involving the restructuring of similar authority and/or  public private partnership financings. 

For a detailed list of winners, please click here: https://maadvisor.com/DITA/2019-DITA/13th_Annual_Turnaround_Award_Winners_List.pdf

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