Member News — The DAK Group Announced as Winner of the 12th Annual Turnaround Awards
January 10th, 2018
The M&A Advisor announced the winners of the 12th Annual Turnaround Awards. The DAK Group Restructuring of Violin Memory, Inc. was named a winner for the Information Technology Deal of the Year (Over $250MM).The awards will be presented at a Black Tie Gala on Wednesday, March 21st at the Colony Hotel, Palm Beach, FL.
“Since 2002, we have been honoring the leading turnaround transactions, companies and dealmakers. The DAK Group was chosen from over 250 participating companies to receive the award. It gives us a great pleasure to recognize The DAK Group and bestow upon them our highest honor for distressed investing and reorganization firms and professionals,” said David Fergusson, Co-CEO and President, The M&A Advisor. The DAK Group represents the best of the distressed investing and reorganization industry in 2017 and earned these honors by standing out in a group of very impressive candidates.”
Sheon Karol, the DAK Group Managing Director who led the team, said “the Violin Memory transaction showed that creative approaches enable unsecured creditors, and other stakeholders, to receive good recoveries even in dire situations. Although prospects were grim at the outset – two failed prepetition sales processes, no debtor-in-possession financing and only $4 million in cash – the professionals designed a sophisticated alternative to the usual forced quick sale. DAK was pleased to contribute by combining our middle market investment banking reach with creative financial advisory services.”
The DAK Group team consisted of Sheon Karol, Ari Fuchs and Claudia Levine.