Davis Polk was honored by Turnaround Management Association (TMA) for the firm’s role advising an ad hoc group of secured noteholders in connection with the chapter 11 filing of WeWork. WeWork’s chapter 11 restructuring was named “Large Company Turnaround/Transaction of the Year” as part of TMA’s 2025 Turnaround and Transaction of the Year Awards. The publication also recognized Davis Polk partner Eli Vonnegut among the lead advisors on the matter.

The ad hoc group helped negotiate the terms of the restructuring and reduced the company’s leverage by over $4 billion. WeWork’s chapter 11 plan was confirmed by the bankruptcy court for the District of New Jersey following a hearing held on May 30, 2024, and WeWork emerged from chapter 11 on June 11, 2024.

The Turnaround and Transaction of the Year Awards recognize the most successful turnarounds and impactful transactions industrywide and will be presented on October 16, 2025, at the TMA Annual Conference in New Orleans.

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