Hunton & Williams LLP Awarded 'Small Company Transaction of the Year' Honor for Raser Technologies, Inc. Reorganization

The Turnaround Management Association (www.turnaround.org), an international nonprofit organization dedicated to corporate renewal and turnaround management, has awarded Peter Partee and Mike Wilson, partners in Hunton & Williams LLP's Bankruptcy, Restructuring & Creditors' Rights practice group, the "Small Company Transaction of the Year" honor for successfully handling the reorganization of Raser Technologies, Inc. and 19 of its subsidiaries under Chapter 11 of the Bankruptcy Code. The award will be presented at the TMA's 24th Annual Convention, held in Boston, Mass.

Before its remarkable turnaround in 2011, Raser operated two business segments: one focused on producing geothermal electricity and one devoted to developing technology for alternative-fuel vehicles. The economic recession, limited access to capital, and operational issues related to equipment at the company’s Thermo One plant placed severe financial pressures on Raser in July 2010, leaving in doubt the company's ability to survive as a going concern. When drastic cost-cutting measures failed to fully address the company's financial issues, Raser turned to Hunton & Williams to advise it on a potential restructuring.

The team from Hunton & Williams pursued multiple avenues in early 2011 to keep the company intact. Following negotiations among numerous creditor constituencies, Raser was able to execute a Plan Support Agreement that provided a basis for a complete restructuring of the company's balance sheet through a Chapter 11 plan of reorganization.

In September 2011, Raser emerged from bankruptcy after only 126 days with a rationalized balance sheet and having drastically reduced its debt load from $112 million to approximately $6 million. Moreover, the company now has the ability and financial backing to implement its business plan and develop numerous other promising geothermal projects. 

Hunton & Williams handles major bankruptcy, restructuring and creditors' rights representations for a wide range of clients in federal and state courts across the United States, including the traditional bankruptcy fora of the Southern District of New York and the District of Delaware.

About Hunton & Williams LLP

Hunton & Williams LLP provides legal services to corporations, financial institutions, governments and individuals, as well as to a broad array of other entities. Since our establishment more than a century ago, Hunton & Williams has grown to more than 800 lawyers serving clients in 100 countries from 19 offices around the world. While our practice has a strong industry focus on energy, financial services and life sciences, the depth and breadth of our experience extends to more than 100 separate practice areas, including bankruptcy and creditors' rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, regulatory law, products liability, and privacy and data security.