WILMINGTON, Delaware (January 9, 2015) – Richards, Layton & Finger has received the 2014 M&A Advisor “Distressed M&A Deal of the Year ($25mm to $100mm)” award for its work in connection with the sale of Phoenix Payment Systems (EPX) to North American Bancard. The annual M&A Advisor Turnaround Awards recognize the year’s leading transactions, firms, and individuals in the distressed investing and reorganization industry. Selected by an independent jury of industry experts, Richards, Layton & Finger’s work on the Phoenix Payment transaction was chosen to receive the award from more than 250 nominees.
The Richards, Layton & Finger team, led by Russell Silberglied, assisted Phoenix Payment Systems, Inc. a/k/a EPX, an international payment processor, in the $50 million sale of substantially all of its assets to EPX Acquisition Company, LLC, an affiliate of North American Bancard, LLC. The purchase price exceeded all expectations at the commencement of the marketing process and is expected to provide significant recovery for all stakeholders of Phoenix Payment Systems, Inc.
With one of Delaware’s largest and most active bankruptcy practices, Richards, Layton & Finger has been involved in virtually every major chapter 11 case filed in the state. The firm regularly serves as counsel or co-counsel to the nation’s most respected bankruptcy firms to assist in their large, complex bankruptcy cases filed in Delaware. Richards, Layton & Finger’s bankruptcy team represents debtors, lenders, acquirers, investors, and creditors from nearly every business sector, and litigates chapter 11 claims, preference actions, fraudulent conveyance claims, challenges to acquisitions, and other actions arising in bankruptcy.