Norton Rose Fulbright partners recognized with Turnaround Management Award for out of court restructuring

Norton Rose Fulbright partners Ryan Manns and Scott Kortmeyer have been recognized for their work on the restructuring of Cardinal Bay, Inc., a non-profit senior living organization. Cardinal Bay recently received the 2026 Non-Profit Company Turnaround/Transaction of the Year Award by the Turnaround Management Association (TMA).

The prestigious award recognizes outstanding achievements in the turnaround, restructuring and corporate renewal industry, with an emphasis on leadership, innovation and successful outcomes in complex business restructurings. Winners are selected through a rigorous peer-reviewed process conducted by TMA's volunteer awards committee. Honorees will be recognized at the TMA Annual Conference, taking place October 27-30 in Houston.

Ryan and Scott led the firm's representation of Cardinal Bay in the out-of-court restructuring of the company's US$230 million in secured bond obligations. The restructuring strengthened Cardinal Bay's long-term financial position while enabling it to continue to provide program-enriched housing for senior citizens and individuals with special needs across eight communities in Texas and Oklahoma.

Ryan has a nationally recognized restructuring and special situations practice representing public and private corporations, creditor constituencies, boards and management teams, liquidation trustees and purchasers of distressed assets in complex restructurings and commercial disputes.

Scott focuses his healthcare finance practice on representing 501(c)(3) and governmental healthcare entities in tax -exempt and taxable financings, restructurings and asset sales, and purchases inside and outside of bankruptcy court. He has served nationally in bond, borrower, credit enhancer and underwriter counsel roles for revenue financings involving healthcare systems, academic medical centers, retirement centers and nursing facilities.