May 24, 2023
On May 23, 2023, Cravath partner Paul H. Zumbro was appointed chair of the New York City Bar Association’s Bankruptcy and Corporate Reorganization Committee. The Committee consists of leading bankruptcy lawyers and judges and serves several roles important to the bankruptcy and restructuring landscape, including through hosting committee discussions and public panels; preparing comment letters on proposed legislation and rulemaking; and advising and assisting bankruptcy courts on significant matters. Paul’s term as chair will begin on September 1, 2023.
Deals & Cases
February 06, 2023
On February 6, 2023, RedHill Biopharma Ltd. (“RedHill”), a specialty biopharmaceutical company, announced the extinguishment of all RedHill’s debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement between RedHill’s U.S. subsidiary RedHill Biopharma Inc. and HealthCare Royalty (“HCR”) dated February 23, 2020 (as amended) in exchange for the transfer of its rights in Movantik® (naloxegol) to Movantik Acquisition Co., an affiliate of HCR. Cravath is representing RedHill in connection with the transaction.
Deals & Cases
August 11, 2022
On August 5, 2022, the New York Supreme Court, Commercial Division, dismissed with prejudice a lawsuit brought by Moby S.p.A., one of the world’s largest passenger shipping companies, against Cravath client Morgan Stanley and two of its employees. The lawsuit was related to Moby’s restructuring proceeding in Milan, Italy.
Deals & Cases
July 22, 2022
On July 18, 2022, Chapford SMA Partnership, L.P. received final approval from the United States Bankruptcy Court for the Southern District of Texas to become a replacement debtor in possession (“DIP”) lender for GWG Holdings, Inc. (“GWG”) and its debtor subsidiaries in their chapter 11 proceedings. In addition to the replacement DIP facility, this Chapford-sponsored investment vehicle entered into an option agreement giving GWG the right to sell its life settlement portfolio to the investment vehicle for $610 million pursuant to a fully-negotiated APA and requiring GWG to designate the investment vehicle as “stalking horse” bidder in any sale process should it choose to pursue a sale of its portfolio. Cravath is representing Chapford SMA Partnership, L.P., in connection with the DIP financing and option agreement.
Deals & Cases
June 24, 2022
On June 24, 2022, Credit Suisse Asset Management (“CSAM”) announced it has reached an agreement with Bluestone Resources (“Bluestone”) that maps out a plan for the payment of cash to noteholders, including the Supply Chain Finance (“SCF”) funds, which can then be distributed to investors in those funds.
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