Law360 Names Cravath a 2019 “Banking Practice Group of the Year”
January 29, 2020
On January 28, 2020, Cravath was featured as one of Law360’s “Banking Practice Groups of the Year.” The article highlights the Firm’s corporate and litigation departments’ representations of clients in their most complex and significant banking‑related matters.
Partner Michael S. Goldman spoke to Law360 about the Firm’s work to secure financing for Occidental in its $57 billion acquisition of Anadarko, which required close coordination on banking, capital markets and M&A matters on a short time scale. Michael also discussed the Firm’s ongoing representation of PG&E, which involved the arrangement of $5.5 billion of debtor‑in‑possession financing, among the largest DIP financings ever done, at the same time Cravath was advising PG&E on litigation and restructuring‑related matters.
Partner Lauren A. Moskowitz noted the Firm’s representation of Credit Suisse in ending nearly 17 years of Enron‑related litigation for client Credit Suisse, which highlighted Cravath’s ability to leverage multiple generations of legal talent behind a single client through long and multi‑layered litigation. Lauren also discussed the Firm’s successful representation of Credit Suisse Securities in a shareholder suit, and the article cited the Firm’s work to secure dismissal of litigation against client Morgan Stanley.
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J.D., 2005, Fordham University School of Lawmagna cum laude
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B.A., 2002, Cornell University
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J.D., 1987, Fordham University School of Lawcum laude
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B.A., 1984, University of Pennsylvaniacum laude
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Deals & Cases
May 22, 2019
Occidental’s $57 Billion Acquisition of Anadarko, Contingent $8.8 Billion Sale of Anadarko African Assets to Total and $10 Billion Investment from Berkshire Hathaway
On May 9, 2019, Cravath client Occidental Petroleum Corporation (“Occidental”) entered into a definitive agreement whereby Occidental will acquire Anadarko Petroleum Corporation (“Anadarko”) for $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock, in a transaction valued at $57 billion, including the assumption of Anadarko’s debt. This follows Occidental’s revised proposal to acquire Anadarko on May 5, 2019. (To read the announcement about the revised proposal, please click here.)
Deals & Cases
Court Approves PG&E’s $5.5 Billion in DIP Financing for Chapter 11 Reorganization
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.
