The Turnaround Management Association Honors Ropes & Gray with 2020 “Non-Profit Turnaround of the Year” Award

The Turnaround Management Association honored Ropes & Gray with the 2020 “Non-Profit Turnaround of the Year” Award for the Lifespace Communities Inc. restructuring of the Mayflower Communities, Inc. and Tarrant County Senior Living Center, Inc. The winners were announced on August 11 and will be honored at the IMPACT 2020 TMA Experience virtual conference September 29 – October 1.

The Turnaround of the Year Award recognizes the individuals who improve business by implementing effective operations, establishing solid management, generating positive cash flow, or affecting other operational enhancements, typically outside of a court process, leading to the recovery of a struggling business. The Turnaround Management Association is a leading nonprofit serving corporate renewal and restructuring professionals.

Health care partner John Chesley (San Francisco) and business restructuring partner James Wilton (Boston) advised Lifespace Communities, operator of non-profit retirement communities, on all aspects of transaction structuring, bondholder negotiations and bankruptcy court proceedings necessary to achieve Lifespace’s strategic acquisition of Senior Quality Lifestyles Corporation, parent company of Tarrant County Senior Living Center, Inc. and Mayflower Communities, Inc. and affiliated entities.