Cravath’s New York Office Moves to Two Manhattan West
On January 28, 2020, Cravath was featured by Law360 as a “Bankruptcy Practice Group of the Year,” for its work on “large and noteworthy cases,” including “helping to guide PG&E through a complex multibillion‑dollar bankruptcy and quickly put[ting] together a $289 million sale for The Weinstein Co.” Partner Paul H. Zumbro explained that the Firm’s success comes from never taking a “one‑size‑fits‑all approach... At Cravath, we pride ourselves on offering practical advice in complex situations” in a form suited to the individual client’s circumstances.
The article also notes the Firm’s representation of Akorn, Inc. in its efforts to restructure and refinance its debt and Credit Suisse in its role as restructuring advisor of American Energy in the latter’s out‑of‑court debt restructuring.
Deals & Cases
On March 27, 2019, PG&E Corporation (“PG&E” or “the Company”) received final approval from the United States Bankruptcy Court for the Northern District of California for its $5.5 billion in debtor‑in‑possession (“DIP”) financing, with J.P. Morgan as agent. The DIP financing will provide PG&E with necessary capital to ensure essential maintenance and continued investments in safety and reliability for the expected duration of the chapter 11 cases. PG&E and its primary operating subsidiary, Pacific Gas and Electric Company, filed their voluntary petitions under chapter 11 of the U.S. Bankruptcy Code on January 29, 2019. Cravath is representing PG&E in connection with the DIP financing and related chapter 11 case.
Deals & Cases
On May 8, 2018, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the sale of the assets of The Weinstein Company Holdings LLC (“TWC”) to Lantern Asset Management (“Lantern”) for $310 million in cash plus the assumption of up to $127.5 million in liabilities. The approval follows TWC’s filing of a voluntary petition for Chapter 11 bankruptcy in March 2018. In connection with the filing, the company entered into a “stalking horse” agreement with an affiliate of Lantern, under which Lantern agreed to purchase substantially all of the assets of TWC, subject to certain conditions including the Bankruptcy Court’s approval. Cravath is representing TWC in connection with the Chapter 11 case, the transaction with Lantern and related debtor‑in‑possession financing.
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