Ropes & Gray won the Pioneering Spirit Award at the GRR Awards 2026 for its work advising HG Vora Capital Management, LLC and Nantahala Capital Management, LLC as supporting noteholders on an innovative restructuring of Fossil (UK) Global Services Ltd., an English subsidiary of Nasdaq-listed Fossil Group, Inc.
The GRR Awards are dedicated to celebrating excellence in the global restructuring community. The Pioneering Spirit Award recognizes a groundbreaking development in restructuring or insolvency practice, such as a bold or unprecedented move, an innovative strategy, or a legal tool tested for the first time.
The Fossil restructuring was the first in the UK market to combine an up-tiering solution with a single-class Part 26A restructuring plan sanctioned by the High Court, and the first time a U.S.-listed company restructured U.S.-governed debt outside the U.S.
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