Four Decades for Justice
Paul H. Zumbro is Head of the Financial Restructuring & Reorganization (FR&R) Practice. His practice focuses on restructuring transactions and related financings, both in and out of court, as well as bankruptcy M&A transactions. Chambers USA quotes a client as saying Mr. Zumbro is “a master of dealing with chaos” who can “impose order on chaos.” Others praise his “very detail‑oriented and creative approach to matters” (Chambers Global).
Mr. Zumbro’s practice includes advising the Firm’s corporate and financial institution clients on bankruptcy issues and advising on debtor/creditor rights in a variety of contexts. His restructuring experience includes both debtor and creditor side representations, and also includes work in the fields of municipal and sovereign debt restructuring, as well as insolvency-related litigation matters.
Notable matters include representing:
Debtor Representation
The Weinstein Company (TWC) in its voluntary petition for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. As part of its bankruptcy case, TWC sold substantially all of its assets to Spyglass Media Group for $310 million (subject to adjustment) in cash plus the assumption of up to $127.5 million in liabilities. Following the sale, Cravath served as lead counsel for the almost three years of extensive negotiations that led to the global settlement of potential claims against TWC and potential claims against various parties related to Harvey Weinstein’s misconduct. The settlement received overwhelming support from TWC’s creditors and is incorporated in TWC’s bankruptcy plan, which establishes a multi-million dollar fund from which survivors of Harvey Weinstein’s sexual misconduct may receive compensation.
Creditor Representation
Sponsor Representation
Sovereign/Governmental Debt Restructuring
Bankruptcy M&A
DIP Financing, Exit Financing and Recapitalizations
Bankruptcy Litigation
Mr. Zumbro is a member of the American Bankruptcy Institute (ABI), the International Bar Association (IBA) and the IBA’s Banking Law and Insolvency, Restructuring and Creditors’ Rights Committees and was elected to serve on the Thomson Reuters Practical Law Bankruptcy Advisory Board. He is a frequent participant at bankruptcy and restructuring conferences, speaking on a broad range of complex topics from stalking-horse buyers to DIP best practices. Mr. Zumbro also recently testified on divisional merger bankruptcies (also known as the “Texas Two‑Step” bankruptcy practice) before the United States Senate Committee on the Judiciary’s Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights and recently authored a viewpoint piece entitled “How Congress Can Minimize the Cryptopocalypse,” which was published by The Wall Street Journal.
Mr. Zumbro has been named a “Bankruptcy MVP” by Law360 and has been cited by Chambers USA, The Legal 500 US, The Best Lawyers in America and IFLR1000 for his skill in bankruptcy and corporate restructuring. He has been named by Lawdragon as one of “500 Leading Global Restructuring & Insolvency Lawyers,” “500 Leading U.S. Bankruptcy & Restructuring Lawyers” and “500 Leading Lawyers in America.” Mr. Zumbro was awarded Turnaround Management Association’s 2021 “Mega Company” Turnaround/Transaction Award for his representation of PG&E in its chapter 11 bankruptcy. Additionally, he has been recognized as one of “Hollywood’s Top Dealmakers” by The Hollywood Reporter and as a leading finance lawyer by Chambers USA, Chambers Global, The Legal 500 US and IFLR1000.
Mr. Zumbro serves as Chair of the New York City Bar Association’s Bankruptcy and Corporate Reorganization Committee.
Mr. Zumbro was born in Bethesda, Maryland. He received a B.A. cum laude and with Distinction in the Major from Yale College in 1992 and a J.D. from Columbia Law School in 1997, where he was a Harlan Fiske Stone Scholar.
Mr. Zumbro joined Cravath in 1997 and was elected a partner in 2004.
Mr. Zumbro’s practice includes advising the Firm’s corporate and financial institution clients on bankruptcy issues and advising on debtor/creditor rights in a variety of contexts. His restructuring experience includes both debtor and creditor side representations, and also includes work in the fields of municipal and sovereign debt restructuring, as well as insolvency-related litigation matters.
Notable matters include representing:
Debtor Representation
The Weinstein Company (TWC) in its voluntary petition for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. As part of its bankruptcy case, TWC sold substantially all of its assets to Spyglass Media Group for $310 million (subject to adjustment) in cash plus the assumption of up to $127.5 million in liabilities. Following the sale, Cravath served as lead counsel for the almost three years of extensive negotiations that led to the global settlement of potential claims against TWC and potential claims against various parties related to Harvey Weinstein’s misconduct. The settlement received overwhelming support from TWC’s creditors and is incorporated in TWC’s bankruptcy plan, which establishes a multi-million dollar fund from which survivors of Harvey Weinstein’s sexual misconduct may receive compensation.
Creditor Representation
Sponsor Representation
Sovereign/Governmental Debt Restructuring
Bankruptcy M&A
DIP Financing, Exit Financing and Recapitalizations
Bankruptcy Litigation
Mr. Zumbro is a member of the American Bankruptcy Institute (ABI), the International Bar Association (IBA) and the IBA’s Banking Law and Insolvency, Restructuring and Creditors’ Rights Committees and was elected to serve on the Thomson Reuters Practical Law Bankruptcy Advisory Board. He is a frequent participant at bankruptcy and restructuring conferences, speaking on a broad range of complex topics from stalking-horse buyers to DIP best practices. Mr. Zumbro also recently testified on divisional merger bankruptcies (also known as the “Texas Two‑Step” bankruptcy practice) before the United States Senate Committee on the Judiciary’s Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights and recently authored a viewpoint piece entitled “How Congress Can Minimize the Cryptopocalypse,” which was published by The Wall Street Journal.
Mr. Zumbro has been named a “Bankruptcy MVP” by Law360 and has been cited by Chambers USA, The Legal 500 US, The Best Lawyers in America and IFLR1000 for his skill in bankruptcy and corporate restructuring. He has been named by Lawdragon as one of “500 Leading Global Restructuring & Insolvency Lawyers,” “500 Leading U.S. Bankruptcy & Restructuring Lawyers” and “500 Leading Lawyers in America.” Mr. Zumbro was awarded Turnaround Management Association’s 2021 “Mega Company” Turnaround/Transaction Award for his representation of PG&E in its chapter 11 bankruptcy. Additionally, he has been recognized as one of “Hollywood’s Top Dealmakers” by The Hollywood Reporter and as a leading finance lawyer by Chambers USA, Chambers Global, The Legal 500 US and IFLR1000.
Mr. Zumbro serves as Chair of the New York City Bar Association’s Bankruptcy and Corporate Reorganization Committee.
Mr. Zumbro was born in Bethesda, Maryland. He received a B.A. cum laude and with Distinction in the Major from Yale College in 1992 and a J.D. from Columbia Law School in 1997, where he was a Harlan Fiske Stone Scholar.
Mr. Zumbro joined Cravath in 1997 and was elected a partner in 2004.
American Bankruptcy Institute
Association of Commercial Finance Attorneys
International Bar Association
New York State Bar Association
New York City Bar Association
Law360
Best Lawyers in America
Chambers Global
Chambers USA
The Hollywood Reporter
IFLR1000
Law360
Lawdragon
The Legal 500 US
Turnaround Management Association
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
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.
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.
Activities & Publications
April 04, 2024
On April 3, 2024, Cravath partner Paul H. Zumbro participated in “Hot Topics in Bankruptcy,” a program co-hosted by The Association of Commercial Finance Attorneys and the New York City Bar Association at Cravath’s offices in New York. Paul and other experts delivered a presentation on equity-linked DIP loans, make wholes, appeal of sale orders, third-party releases and sale of preference claims.
Activities & Publications
October 24, 2023
On October 18, 2023, Cravath partner Paul H. Zumbro participated in “Plan Confirmation Issues: Recent Decisions and Hot Topics,” an event hosted by the New York City Bar Association in New York. Paul and others spoke alongside U.S. Bankruptcy Court Judge Lisa G. Beckerman to discuss trending topics and recent decisions impacting plan confirmation in business reorganizations, including good faith filing issues.
Accolades
June 23, 2023
On June 16, 2023, Cravath partners George E. Zobitz, Paul H. Zumbro, Lauren A. Moskowitz and Omid H. Nasab were named to Lawdragon’s list of “500 Leading Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients on financial restructuring and reorganization and related litigation matters. The list recognizes lawyers for their skills in financing, restructuring and litigating for or related to corporations in financial distress, ranging from “transactional lawyers whose ways with finance can transform a distressed company to financial litigators, both of the traditional bankruptcy court variety and, increasingly, those who challenge and defend financial restructuring moves that have become inherent to distressed deals.”
Activities & Publications
June 01, 2023
On May 31, 2023, Cravath prepared a memo for its clients entitled “Second Circuit Affirms Permissibility of Nonconsensual Third‑Party Releases in Purdue Pharma Bankruptcy Case.” The memo examined the significance of the U.S. Court of Appeals for the Second Circuit’s recent opinion reversing the District Court and affirming the permissibility of nonconsensual third‑party releases in bankruptcy plans under appropriate circumstances. Along with allowing the Purdue Pharma debtors to confirm their bankruptcy plan and claimants to receive payments thereunder, the decision reestablishes bankruptcy courts within the Second Circuit as potential venues for future mass tort bankruptcy filings. The memo also outlined the seven factors the Court provided to guide future courts in evaluating the propriety of granting nonconsensual third‑party releases.
Activities & Publications
May 30, 2023
In May 2023, an article written by Cravath partners George E. Zobitz, Paul H. Zumbro and Eric W. Hilfers, entitled “Executive Compensation: Need for a Change to the Bankruptcy Code,” was featured in The American Bankruptcy Institute’s Best of ABI 2022: The Year in Business Bankruptcy, which recognizes the best American Bankruptcy Institute Journal business articles published in 2022. The Cravath partners’ article examines Section 503(c) of the Bankruptcy Code, a part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), and the adverse impact it has had on the ability of companies in bankruptcy to optimize executive compensation. The article provides three proposals to amend the Bankruptcy Code, which would give companies more flexibility in designing executive compensation plans during the bankruptcy process.
Paul H. Zumbro is Head of the Financial Restructuring & Reorganization (FR&R) Practice. His practice focuses on restructuring transactions and related financings, both in and out of court, as well as bankruptcy M&A transactions. Chambers USA quotes a client as saying Mr. Zumbro is “a master of dealing with chaos” who can “impose order on chaos.” Others praise his “very detail‑oriented and creative approach to matters” (Chambers Global).
Mr. Zumbro’s practice includes advising the Firm’s corporate and financial institution clients on bankruptcy issues and advising on debtor/creditor rights in a variety of contexts. His restructuring experience includes both debtor and creditor side representations, and also includes work in the fields of municipal and sovereign debt restructuring, as well as insolvency-related litigation matters.
Notable matters include representing:
Debtor Representation
The Weinstein Company (TWC) in its voluntary petition for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. As part of its bankruptcy case, TWC sold substantially all of its assets to Spyglass Media Group for $310 million (subject to adjustment) in cash plus the assumption of up to $127.5 million in liabilities. Following the sale, Cravath served as lead counsel for the almost three years of extensive negotiations that led to the global settlement of potential claims against TWC and potential claims against various parties related to Harvey Weinstein’s misconduct. The settlement received overwhelming support from TWC’s creditors and is incorporated in TWC’s bankruptcy plan, which establishes a multi-million dollar fund from which survivors of Harvey Weinstein’s sexual misconduct may receive compensation.
Creditor Representation
Sponsor Representation
Sovereign/Governmental Debt Restructuring
Bankruptcy M&A
DIP Financing, Exit Financing and Recapitalizations
Bankruptcy Litigation
Mr. Zumbro is a member of the American Bankruptcy Institute (ABI), the International Bar Association (IBA) and the IBA’s Banking Law and Insolvency, Restructuring and Creditors’ Rights Committees and was elected to serve on the Thomson Reuters Practical Law Bankruptcy Advisory Board. He is a frequent participant at bankruptcy and restructuring conferences, speaking on a broad range of complex topics from stalking-horse buyers to DIP best practices. Mr. Zumbro also recently testified on divisional merger bankruptcies (also known as the “Texas Two‑Step” bankruptcy practice) before the United States Senate Committee on the Judiciary’s Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights and recently authored a viewpoint piece entitled “How Congress Can Minimize the Cryptopocalypse,” which was published by The Wall Street Journal.
Mr. Zumbro has been named a “Bankruptcy MVP” by Law360 and has been cited by Chambers USA, The Legal 500 US, The Best Lawyers in America and IFLR1000 for his skill in bankruptcy and corporate restructuring. He has been named by Lawdragon as one of “500 Leading Global Restructuring & Insolvency Lawyers,” “500 Leading U.S. Bankruptcy & Restructuring Lawyers” and “500 Leading Lawyers in America.” Mr. Zumbro was awarded Turnaround Management Association’s 2021 “Mega Company” Turnaround/Transaction Award for his representation of PG&E in its chapter 11 bankruptcy. Additionally, he has been recognized as one of “Hollywood’s Top Dealmakers” by The Hollywood Reporter and as a leading finance lawyer by Chambers USA, Chambers Global, The Legal 500 US and IFLR1000.
Mr. Zumbro serves as Chair of the New York City Bar Association’s Bankruptcy and Corporate Reorganization Committee.
Mr. Zumbro was born in Bethesda, Maryland. He received a B.A. cum laude and with Distinction in the Major from Yale College in 1992 and a J.D. from Columbia Law School in 1997, where he was a Harlan Fiske Stone Scholar.
Mr. Zumbro joined Cravath in 1997 and was elected a partner in 2004.
Mr. Zumbro’s practice includes advising the Firm’s corporate and financial institution clients on bankruptcy issues and advising on debtor/creditor rights in a variety of contexts. His restructuring experience includes both debtor and creditor side representations, and also includes work in the fields of municipal and sovereign debt restructuring, as well as insolvency-related litigation matters.
Notable matters include representing:
Debtor Representation
The Weinstein Company (TWC) in its voluntary petition for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. As part of its bankruptcy case, TWC sold substantially all of its assets to Spyglass Media Group for $310 million (subject to adjustment) in cash plus the assumption of up to $127.5 million in liabilities. Following the sale, Cravath served as lead counsel for the almost three years of extensive negotiations that led to the global settlement of potential claims against TWC and potential claims against various parties related to Harvey Weinstein’s misconduct. The settlement received overwhelming support from TWC’s creditors and is incorporated in TWC’s bankruptcy plan, which establishes a multi-million dollar fund from which survivors of Harvey Weinstein’s sexual misconduct may receive compensation.
Creditor Representation
Sponsor Representation
Sovereign/Governmental Debt Restructuring
Bankruptcy M&A
DIP Financing, Exit Financing and Recapitalizations
Bankruptcy Litigation
Mr. Zumbro is a member of the American Bankruptcy Institute (ABI), the International Bar Association (IBA) and the IBA’s Banking Law and Insolvency, Restructuring and Creditors’ Rights Committees and was elected to serve on the Thomson Reuters Practical Law Bankruptcy Advisory Board. He is a frequent participant at bankruptcy and restructuring conferences, speaking on a broad range of complex topics from stalking-horse buyers to DIP best practices. Mr. Zumbro also recently testified on divisional merger bankruptcies (also known as the “Texas Two‑Step” bankruptcy practice) before the United States Senate Committee on the Judiciary’s Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights and recently authored a viewpoint piece entitled “How Congress Can Minimize the Cryptopocalypse,” which was published by The Wall Street Journal.
Mr. Zumbro has been named a “Bankruptcy MVP” by Law360 and has been cited by Chambers USA, The Legal 500 US, The Best Lawyers in America and IFLR1000 for his skill in bankruptcy and corporate restructuring. He has been named by Lawdragon as one of “500 Leading Global Restructuring & Insolvency Lawyers,” “500 Leading U.S. Bankruptcy & Restructuring Lawyers” and “500 Leading Lawyers in America.” Mr. Zumbro was awarded Turnaround Management Association’s 2021 “Mega Company” Turnaround/Transaction Award for his representation of PG&E in its chapter 11 bankruptcy. Additionally, he has been recognized as one of “Hollywood’s Top Dealmakers” by The Hollywood Reporter and as a leading finance lawyer by Chambers USA, Chambers Global, The Legal 500 US and IFLR1000.
Mr. Zumbro serves as Chair of the New York City Bar Association’s Bankruptcy and Corporate Reorganization Committee.
Mr. Zumbro was born in Bethesda, Maryland. He received a B.A. cum laude and with Distinction in the Major from Yale College in 1992 and a J.D. from Columbia Law School in 1997, where he was a Harlan Fiske Stone Scholar.
Mr. Zumbro joined Cravath in 1997 and was elected a partner in 2004.
American Bankruptcy Institute
Association of Commercial Finance Attorneys
International Bar Association
New York State Bar Association
New York City Bar Association
Law360
Best Lawyers in America
Chambers Global
Chambers USA
The Hollywood Reporter
IFLR1000
Law360
Lawdragon
The Legal 500 US
Turnaround Management Association
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
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.
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.
Activities & Publications
April 04, 2024
On April 3, 2024, Cravath partner Paul H. Zumbro participated in “Hot Topics in Bankruptcy,” a program co-hosted by The Association of Commercial Finance Attorneys and the New York City Bar Association at Cravath’s offices in New York. Paul and other experts delivered a presentation on equity-linked DIP loans, make wholes, appeal of sale orders, third-party releases and sale of preference claims.
Activities & Publications
October 24, 2023
On October 18, 2023, Cravath partner Paul H. Zumbro participated in “Plan Confirmation Issues: Recent Decisions and Hot Topics,” an event hosted by the New York City Bar Association in New York. Paul and others spoke alongside U.S. Bankruptcy Court Judge Lisa G. Beckerman to discuss trending topics and recent decisions impacting plan confirmation in business reorganizations, including good faith filing issues.
Accolades
June 23, 2023
On June 16, 2023, Cravath partners George E. Zobitz, Paul H. Zumbro, Lauren A. Moskowitz and Omid H. Nasab were named to Lawdragon’s list of “500 Leading Bankruptcy and Restructuring Lawyers” in recognition of their work advising clients on financial restructuring and reorganization and related litigation matters. The list recognizes lawyers for their skills in financing, restructuring and litigating for or related to corporations in financial distress, ranging from “transactional lawyers whose ways with finance can transform a distressed company to financial litigators, both of the traditional bankruptcy court variety and, increasingly, those who challenge and defend financial restructuring moves that have become inherent to distressed deals.”
Activities & Publications
June 01, 2023
On May 31, 2023, Cravath prepared a memo for its clients entitled “Second Circuit Affirms Permissibility of Nonconsensual Third‑Party Releases in Purdue Pharma Bankruptcy Case.” The memo examined the significance of the U.S. Court of Appeals for the Second Circuit’s recent opinion reversing the District Court and affirming the permissibility of nonconsensual third‑party releases in bankruptcy plans under appropriate circumstances. Along with allowing the Purdue Pharma debtors to confirm their bankruptcy plan and claimants to receive payments thereunder, the decision reestablishes bankruptcy courts within the Second Circuit as potential venues for future mass tort bankruptcy filings. The memo also outlined the seven factors the Court provided to guide future courts in evaluating the propriety of granting nonconsensual third‑party releases.
Activities & Publications
May 30, 2023
In May 2023, an article written by Cravath partners George E. Zobitz, Paul H. Zumbro and Eric W. Hilfers, entitled “Executive Compensation: Need for a Change to the Bankruptcy Code,” was featured in The American Bankruptcy Institute’s Best of ABI 2022: The Year in Business Bankruptcy, which recognizes the best American Bankruptcy Institute Journal business articles published in 2022. The Cravath partners’ article examines Section 503(c) of the Bankruptcy Code, a part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), and the adverse impact it has had on the ability of companies in bankruptcy to optimize executive compensation. The article provides three proposals to amend the Bankruptcy Code, which would give companies more flexibility in designing executive compensation plans during the bankruptcy process.
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