Mesirow Financial Receives Prestigious Turnaround Award
Investment Banking Group Recognized for Exceptional Transaction Execution
CHICAGO, May 3, 2010 — Mesirow Financial announced today that it has been awarded two 2010 Turnaround Awards by The M&A Advisor in the Distressed M&A Deal of the Year (below $100 million) and the Media, Entertainment or Telecom categories for its work on the acquisition of the Sun-Times Media Group (STMG). The award honored the collaborative efforts of Mesirow Financial's Investment Banking and Consulting groups, as well as law firm Goldberg Kohn Ltd. The firm's Investment Banking team acted as exclusive financial advisor to Sun-Times Media Holdings, LLC in its purchase of substantially all of the assets formerly owned by STMG. The acquisition was accomplished through a §363 asset sale pursuant to Chapter 11 of the U.S. Bankruptcy Code, and includes the Chicago Sun-Times, seven suburban daily newspapers, 51 weekly newspapers, Web sites and other assets.
"We're proud to be recognized for this complex deal that preserved hundreds of jobs and restored local ownership to such a great institution," said Jeff Golman, vice chairman of Mesirow Financial and head of the Investment Banking division. "This acquisition clearly demonstrates our Investment Banking team's ability to execute intricate deals within short timeframes."
STMG filed for bankruptcy protection in March 2009, after experiencing cash losses in the hundreds of millions since 2006. Mesirow Financial's Investment Banking group advised Sun-Times Media Holdings, LLC, an acquisition vehicle backed by local Chicago investors, on developing a strategic business plan which addressed the myriad issues facing the struggling media giant, including: anticipated continued decline in advertising and circulation revenues; negotiation of a mutually beneficial arrangement with STMG's 16 labor unions; the ability to right size STMG's cost structure; and to effectively stem STMG's anticipated negative cash flow immediately following the transaction. With a means to address these issues in place, in October of 2009, the investor group acquired certain assets of STMG.
The honor was presented at the 4th Annual Turnaround Awards Gala at the Colony Hotel in Palm Beach, FL. The Turnaround Awards Gala honors excellence in deal-making in the distressed investing, restructuring and turnaround marketplace. For more information on the The M&A Advisor please visit maadvisor.com.
About Mesirow Financial
Mesirow Financial's Corporate Investment Banking group provides a comprehensive menu of services, including M&A advisory, board of directors advisory, fairness and solvency opinions and private capital raising. With an exclusive focus on middle-market transactions, the group offers clients high-quality investment banking experience and advice.
Founded in 1937, Mesirow Financial is an independent, employee-owned firm with more than $37 billion in assets under management and 1,200 employees in locations across the country and in London. With expertise in Investment Management, Global Markets, Insurance Services and Consulting, the firm strives to meet the financial needs of institutions, public sector entities, corporations and individuals. For more information about Mesirow Financial, visit its Web site at mesirowfinancial.com.
For more information, contact: Julie Liedtke, Mesirow Financial, 312.595.7902.
The Mesirow Financial name and logo are registered service marks of Mesirow Financial Holdings, Inc., © 2010, Mesirow Financial Holdings, Inc. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. It should not be assumed that any recommendations incorporated herein will be profitable or will equal past performance. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow Financial investment vehicle(s).
Securities offered through Mesirow Financial, Inc. member NYSE, SIPC. Insurance services provided through Mesirow Insurance Services, Inc.
