On September 14, 2021, Jeff Sabin, a partner in Venable’s Bankruptcy and Creditors' Rights Group, was selected by the Turnaround Management Association (TMA) to receive the prestigious 2021 Small Company Turnaround/Transaction of the Year Award for his role in the Chapter 11 sale and related plan to exit bankruptcy of Valeritas Holdings, Inc., formerly a public company.
Mr. Sabin was instrumental in developing and negotiating a global settlement among various major creditor constituencies and the Valeritas prepetition secured lenders, paving the way for a consensual Chapter 11 liquidating plan that enabled Valeritas to sell substantially all of its assets for approximately $23 million in cash, provide significant distributions to its unsecured lenders, and allow the vast majority of Valeritas employees to keep their jobs. The Venable team that worked on the matter also included counsel Carol Weiner Levy.
The TMA Turnaround and Transaction Awards are among the most prestigious and important honors in the industry. The awards are given after many rounds of diligence and analysis by 17 volunteer awards committee members representing a cross section of TMA professionals. These professionals dedicate many months of time to ensure that the nominated cases are properly vetted in a highly competitive field of excellent submissions.