PORTLAND, Ore. (October 30, 2024) Tonkon Torp represented Meduri Farms in a major debt restructuring earlier this year, which has earned a nomination from M&A Advisor in the Restructuring of the Year, $10 million to $50 million category.
Lead counsel Michael Fletcher, with support from Tim Conway and Danny Newman, successfully finalized the approximately $25 million refinancing package, which included new capital to strengthen Meduri Farms’ financial position going forward and to facilitate debt repayment to existing lenders.
To accomplish the deal, the two Tonkon Torp attorneys worked closely with Philip Kaestle, managing director at SierraConstellation Partners, who served as chief restructuring officer to Meduri Farms, and Kevin Santos, a director at the firm, who served as interim chief financial officer to Meduri Farms.
“Philip and his team were exactly what the Meduri Companies needed from the moment they were brought in: fast, efficient, understanding, compassionate, and full of ideas and potential solutions. A perfect fit for a Pacific Northwest operation,” commented Newman.
Meduri Farms is the largest employer in Polk County, Oregon, and a leading global producer of dried fruit ingredients. The company has been family owned and operated since 1984. The recent debt restructuring preserved the unique nature of this community-based business, allowing it to continue contributing to the character of rural Polk County.
The annual M&A Advisor Awards recognizes the top transactions, restructurings, deal financings, products and services, firms, and professionals in the industry. The award ceremony is set for November 20, 2024, in New York City.
Tonkon’s continued partnership with SierraConstellation has helped assist major food processors in Oregon with various complex business matters. In the Meduri Farms effort, the Tonkon legal team pushed back against lender aggressiveness to deliver a practical and effective solution to help ensure that the debt restructuring not only provided immediate business relief but also protected Meduri Farms’ long-term viability. For the company that calls itself, “a local business with a global reach,” and for the working people of Polk County, the legal team’s focus on strengthening the company’s future prospects is a significant contribution to the ongoing well-being of the rural county.
Michael Fletcher has extensive experience representing private and public companies, shareholders, receivers, borrowers, lenders, debtors, and creditors. Recently, he was named to “The Best Lawyers in America® 2025” list. The peer-nominated honor recognizes the experience and dedication of lawyers in their specific fields.
Danny Newman focuses on bankruptcy, reorganization, and insolvency. He has worked on the largest chapter 11 cases in the Pacific Northwest and represented clients in all kinds in state court litigation and out-of-court workouts. He was recently chosen as one of the American Bankruptcy Institute’s (ABI) 2024 40 Under 40 award recipients.
About Tonkon Torp Tonkon Torp LLP is a leading business and litigation law firm serving public companies, substantial private enterprises, entrepreneurial businesses, and individuals throughout the Northwest. Tonkon Torp is celebrating its 50th year in business! See our History Timeline for more information, or visit tonkon.com.
Filed under Awards & Honors, Food & Beverage, Bankruptcy & Reorganization, News & Publications, News Releases