Fredrikson Receives Minnesota Turnaround Management Association's Transaction of the Year Award

Fredrikson received the 2026 Transaction of the Year Award from the Minnesota Chapter of the Turnaround Management Association (TMA) for its role in the successful reorganization and sale of True North Transportation Holding Company. The award honors the most successful and impactful transactions of the past year.

In the case, a multidisciplinary team navigated a highly complex transaction involving a transportation and logistics platform that consisted of eight trucking companies operating through 35 separate legal entities. After struggling through challenges such as the global pandemic and a challenging supply chain environment, the company found itself in default on most of its debt obligations totaling more than $60 million. In late 2025, the company did not have sufficient funds to pay its hundreds of employees and independent truckers.

Fredrikson represented Steeplechase Advisors. Steeplechase stabilized operations while leading a complex sale process. The new buyer assumed and paid millions of dollars in vendor obligations, more than $20 million was distributed to secured lenders, and the jobs of hundreds of employees and independent truck drivers were saved.

Fredrikson's legal team included Ryan T. Murphy, Samuel M. Andre, James C. Brand and Schuyler L.M. Pals.

Fredrikson & Byron is a leading Midwest law firm working collaboratively to help businesses achieve their goals regionally, nationally and globally. With a reputation as the firm “where law and business meet,” our attorneys bring business acumen and entrepreneurial thinking to work with clients and operate as business advisors and strategic partners as well as legal counselors. The firm’s 425 attorneys serve clients from offices in Minnesota, Iowa, North Dakota, Wisconsin, Mexico and China. Learn more at fredlaw.com or LinkedIn.