Four Decades for Justice
On June 1, 2016, UCI International LLC and certain of its affiliates (“UCI”) filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. UCI, a subsidiary of Rank Group, is a motor vehicle parts and systems business with approximately $469 million in funded indebtedness at the timing of its bankruptcy filing, including approximately $69 million in drawn borrowings under its senior secured asset‑based revolving credit facility (the “ABL Facility”), under which the two lenders are Credit Suisse AG, Cayman Islands Branch (“Credit Suisse”) and an affiliate of Rank Group. UCI also has $400 million in unsecured notes. UCI’s bankruptcy filing followed a missed $17.25 million interest payment on the unsecured notes in February 2016 and efforts at an out‑of‑court resolution.
Cravath represents Credit Suisse as lender and administrative agent of the ABL facility in connection with the Chapter 11 cases.
The Cravath team representing Credit Suisse in connection with UCI’s restructuring and court proceedings includes partners Paul H. Zumbro and Omid H. Nasab, practice area attorney Jin Hee Kim and associates Gregory D. Beaton, Sharon Freiman, Brendan C. Benedict, Samuel P. Niles and Sean M. Linnehan. Summer associates Matthew Weiner and Alex B. Weiss are also working on these matters.
Deals & Cases
November 27, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14 billion of credit facilities made available to RTX Corporation, an aerospace and defense company that provides systems and services for commercial, military, and government customers worldwide. The facilities consisted of a $10 billion bridge credit facility and a $4 billion term loan facility. The transactions closed on October 24, 2023 and November 7, 2023.
Deals & Cases
October 06, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $2.4 billion of credit facilities made available to Cencora, Inc., a leading global pharmaceutical solutions organization committed to improving patient access to products and enhance patient care. The facilities consisted of a $355 million tranche one revolving credit facility and a $2.045 billion tranche two revolving credit facility. The transaction closed on October 6, 2023.
Deals & Cases
August 30, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with an $800 million revolving credit facility made available to Albany International Corp. and certain of its subsidiaries. Albany International Corp. is a leading provider in the textile and materials processing business. The transaction closed on August 16, 2023.
Deals & Cases
August 30, 2023
Cravath represented the lead arrangers in connection with senior facilities to finance the pending acquisition of Palex Medical by funds advised by the private equity firms Apax Partners LLP and Fremman Capital. Palex Medical is a leading provider of high value‑added medical technology equipment and solutions in Southern Europe.
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