Cravath’s New York Office Moves to Two Manhattan West
Cravath has been at the forefront of restructuring since the early days of the Firm itself, “practicing bankruptcy law for longer than most firms have even existed” (Law360). Cravath continues to represent clients in domestic and cross‑border restructuring transactions that have marked pivotal moments in U.S. and global markets, including the bankruptcy of PG&E and the Republic of Argentina’s historic debt restructuring.
Cravath’s Financial Restructuring & Reorganization (FR&R) Practice draws on our lawyers’ experience handling our clients’ most important and challenging cases and transactions, as well as a deep understanding of the business dynamics involved in finance and restructuring. Clients benefit from our role as a strategic, commercial partner in the face of issues triggered by financial distress or insolvency, receiving complete representation not only from our dedicated restructuring specialists, but also from the Firm’s premier finance, M&A, litigation and board advisory teams. In recognition of the FR&R practice’s successful representations, Cravath has twice been named a Bankruptcy Practice Group of the Year by Law360 and has been named Restructuring Advisory Firm of the Year by The Deal.
Cravath’s FR&R Practice continues to build on its reputation as a critical advisor for our clients, providing cutting-edge advice across all forms of restructuring, reorganization and bankruptcy matters, including both debtor and creditor side engagements, distressed M&A (in court and out of court), debtor‑in‑possession (DIP) and exit financing, advising boards of directors and independent directors, advising bondholder and other ad hoc creditor groups, as well as bankruptcy litigation. We also have important experience in the fields of municipal and sovereign restructuring.
On the distressed financing side, in addition to DIP and exit financings, we offer expertise in all aspects of balance sheet restructurings, including liability management transactions (exchange and tender offers) and out‑of‑court loan workout transactions, including recapitalizations and debt‑for‑equity exchanges. We also advise corporate clients on bankruptcy issues in a wide variety of commercial contexts, from analyzing the impact of potential bankruptcy filings of distressed commercial counterparties to structuring transactions to best mitigate bankruptcy risk, working with our colleagues across disciplines to ensure that our clients have the benefit of the Firm’s broad expertise.
Cravath’s Financial Restructuring & Reorganization (FR&R) Practice draws on our lawyers’ experience handling our clients’ most important and challenging cases and transactions, as well as a deep understanding of the business dynamics involved in finance and restructuring. Clients benefit from our role as a strategic, commercial partner in the face of issues triggered by financial distress or insolvency, receiving complete representation not only from our dedicated restructuring specialists, but also from the Firm’s premier finance, M&A, litigation and board advisory teams. In recognition of the FR&R practice’s successful representations, Cravath has twice been named a Bankruptcy Practice Group of the Year by Law360 and has been named Restructuring Advisory Firm of the Year by The Deal.
Cravath’s FR&R Practice continues to build on its reputation as a critical advisor for our clients, providing cutting-edge advice across all forms of restructuring, reorganization and bankruptcy matters, including both debtor and creditor side engagements, distressed M&A (in court and out of court), debtor‑in‑possession (DIP) and exit financing, advising boards of directors and independent directors, advising bondholder and other ad hoc creditor groups, as well as bankruptcy litigation. We also have important experience in the fields of municipal and sovereign restructuring.
On the distressed financing side, in addition to DIP and exit financings, we offer expertise in all aspects of balance sheet restructurings, including liability management transactions (exchange and tender offers) and out‑of‑court loan workout transactions, including recapitalizations and debt‑for‑equity exchanges. We also advise corporate clients on bankruptcy issues in a wide variety of commercial contexts, from analyzing the impact of potential bankruptcy filings of distressed commercial counterparties to structuring transactions to best mitigate bankruptcy risk, working with our colleagues across disciplines to ensure that our clients have the benefit of the Firm’s broad expertise.
Deals & Cases
September 14, 2023
On September 11, 2023, Bacardi Limited (“Bacardi”), the largest privately held international spirits company in the world, announced the completion of a transaction that makes the family‑owned company the sole owner of ILEGAL Mezcal®, a leading super premium artisanal mezcal. Cravath is representing Bacardi in connection with the transaction.
Deals & Cases
September 01, 2023
Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.
Deals & Cases
August 15, 2023
On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Deals & Cases
June 30, 2023
On June 30, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a royalty interest in the worldwide net sales of Orserdu™, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy, from Eisai Co., Ltd. for $85 million. In addition to the running royalties, DRI Healthcare Trust is also entitled to receive milestones based on the achievement of regulatory and sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Deals & Cases
April 27, 2023
On April 27, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that its wholly‑owned subsidiary has sold its royalty interest and milestone payment obligations in the worldwide sales of TZIELD™, the first disease‑modifying treatment for the delay of Stage 3 type 1 diabetes, to Sanofi S.A. (“Sanofi”) for $210 million. Cravath represented DRI Capital Inc. in connection with the transaction.
Activities & Publications
August 06, 2024
On August 1, 2024, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the second quarter of 2024. This edition also examines several recent litigation decisions and restructuring developments, as well as SEC rulemaking and regulatory updates.
Accolades
June 18, 2024
On June 14, 2024, Cravath partners Michael A. Paskin, George E. Zobitz, Paul H. Zumbro, Jelena McWilliams, Lauren A. Moskowitz and Omid H. Nasab were named to Lawdragon’s list of “500 Leading Global Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients on financial restructuring and reorganization and related litigation matters. The list recognizes the lawyers “who can make all the difference for a business, debtor or creditor and have done so time and time again.”
Activities & Publications
June 03, 2024
On May 31, 2024, Cravath partner Paul H. Zumbro participated in Continuing Legal Education Weekend 2024, a conference hosted by The Association of Commercial Finance Attorneys from May 31‑June 2, 2024, in Manchester, VT. Paul spoke on a panel entitled “Annual Bankruptcy Update,” which reviewed recent developments in bankruptcy law of interest to lenders. Paul spoke about restructuring support agreements and “lockup” agreements; avoidance action as collateral; Section 546(e) of the Bankruptcy Code; third party releases; and valuation considerations for secured lenders in retail bankruptcy cases.
Activities & Publications
May 25, 2024
On May 24, 2024, the United States Trustee for the U.S. Bankruptcy Court for the Central District of California appointed Cravath partner Jelena McWilliams to serve as the chapter 11 trustee in the bankruptcy case of Synapse Financial Technologies, Inc. (“Synapse”).
Activities & Publications
May 15, 2024
On May 9, 2024, Cravath partner Paul H. Zumbro participated in the American Bankruptcy Institute’s 2024 New York City Bankruptcy Conference. The event convened insolvency and restructuring professionals to discuss the challenges of the evolving insolvency landscape. Paul spoke on a panel entitled “Recent Confirmation Issues,” which reviewed the tools being deployed in the confirmation process (such as the use of conditional disclosure statements, toggle plans and lock‑ups/RSAs), equitable mootness in confirmation appeals and recent updates on releases and exculpation.
Deals & Cases
September 14, 2023
On September 11, 2023, Bacardi Limited (“Bacardi”), the largest privately held international spirits company in the world, announced the completion of a transaction that makes the family‑owned company the sole owner of ILEGAL Mezcal®, a leading super premium artisanal mezcal. Cravath is representing Bacardi in connection with the transaction.
Deals & Cases
September 01, 2023
Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.
Deals & Cases
August 15, 2023
On August 14, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a second royalty interest in the worldwide net sales of ORSERDU®, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy. DRI Healthcare entered into a purchase agreement with Radius Pharmaceuticals, Inc., a wholly owned subsidiary of Radius Health, Inc. for an upfront purchase price of $130 million. In addition to running royalties, DRI Healthcare is also entitled to receive milestone payments of up to $40 million on the achievement of sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Deals & Cases
June 30, 2023
On June 30, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that it has purchased a royalty interest in the worldwide net sales of Orserdu™, the first approved targeted therapy used in the treatment of postmenopausal women or adult men with advanced or metastatic breast cancer who have experienced disease progression despite prior endocrine therapy, from Eisai Co., Ltd. for $85 million. In addition to the running royalties, DRI Healthcare Trust is also entitled to receive milestones based on the achievement of regulatory and sales performance thresholds. Cravath represented DRI Capital Inc. in connection with the transaction.
Deals & Cases
April 27, 2023
On April 27, 2023, DRI Healthcare Trust, a global leader in providing financing to advance innovation in the life sciences industry, managed by DRI Capital Inc., announced that its wholly‑owned subsidiary has sold its royalty interest and milestone payment obligations in the worldwide sales of TZIELD™, the first disease‑modifying treatment for the delay of Stage 3 type 1 diabetes, to Sanofi S.A. (“Sanofi”) for $210 million. Cravath represented DRI Capital Inc. in connection with the transaction.
Activities & Publications
August 06, 2024
On August 1, 2024, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the second quarter of 2024. This edition also examines several recent litigation decisions and restructuring developments, as well as SEC rulemaking and regulatory updates.
Accolades
June 18, 2024
On June 14, 2024, Cravath partners Michael A. Paskin, George E. Zobitz, Paul H. Zumbro, Jelena McWilliams, Lauren A. Moskowitz and Omid H. Nasab were named to Lawdragon’s list of “500 Leading Global Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients on financial restructuring and reorganization and related litigation matters. The list recognizes the lawyers “who can make all the difference for a business, debtor or creditor and have done so time and time again.”
Activities & Publications
June 03, 2024
On May 31, 2024, Cravath partner Paul H. Zumbro participated in Continuing Legal Education Weekend 2024, a conference hosted by The Association of Commercial Finance Attorneys from May 31‑June 2, 2024, in Manchester, VT. Paul spoke on a panel entitled “Annual Bankruptcy Update,” which reviewed recent developments in bankruptcy law of interest to lenders. Paul spoke about restructuring support agreements and “lockup” agreements; avoidance action as collateral; Section 546(e) of the Bankruptcy Code; third party releases; and valuation considerations for secured lenders in retail bankruptcy cases.
Activities & Publications
May 25, 2024
On May 24, 2024, the United States Trustee for the U.S. Bankruptcy Court for the Central District of California appointed Cravath partner Jelena McWilliams to serve as the chapter 11 trustee in the bankruptcy case of Synapse Financial Technologies, Inc. (“Synapse”).
Activities & Publications
May 15, 2024
On May 9, 2024, Cravath partner Paul H. Zumbro participated in the American Bankruptcy Institute’s 2024 New York City Bankruptcy Conference. The event convened insolvency and restructuring professionals to discuss the challenges of the evolving insolvency landscape. Paul spoke on a panel entitled “Recent Confirmation Issues,” which reviewed the tools being deployed in the confirmation process (such as the use of conditional disclosure statements, toggle plans and lock‑ups/RSAs), equitable mootness in confirmation appeals and recent updates on releases and exculpation.
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