€50 Billion Hypo Real Estate Liquidity Facility

On November 13, 2008, the funds under the groundbreaking €50 billion liquidity facility for Hypo Real Estate Group became available. Cravath advised a consortium of financial institutions participating in the Facility with respect to Hypo’s portfolio of U.S. assets. Both the German federal government and the nation’s central bank, Deutsche Bundesbank, were involved in the Facility, which is the largest partially government-guaranteed lending facility for a German banking institution to date.

The lawyers involved in this matter include partners Gregory M. Shaw and Michael S. Goldman and associates Janet M. Nadile, Kurt M. Lebakken, Felipe Quintero-Serrano, Andrew A. Hamad, Lisenka Van Holewinckel, Elizabeth Hundt and John L.A. Kicken on corporate matters and partner Michael L. Schler and associates Christian Brause and Andrew Carlon on tax matters.