Paul Zumbro Named a “2020 Bankruptcy MVP” by Law360
October 22, 2020
On October 20, 2020, Cravath partner Paul H. Zumbro was featured as a “2020 Bankruptcy MVP” by Law360 for his “extraordinary wins” and contributions to his practice area. The profile highlights Paul’s representation of clients in some of the year’s most complex and high‑profile restructuring matters, including PG&E in its $50 billion Chapter 11 bankruptcy and related wildfire settlements, The Weinstein Co. in its Chapter 11 bankruptcy, and a consortium led by India’s Bharti Global in the purchase of satellite operator OneWeb. Paul described his favorite parts of restructuring practice, including that it presents diverse and complex challenges and the opportunity to work with a broad range of stakeholders from companies to creditors to governments.
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J.D., 1997, Columbia Law SchoolHarlan Fiske Stone Scholar
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B.A., 1992, Yale CollegeDistinction in Major, cum laude
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Deals & Cases
September 25, 2020
PG&E Emerges from Chapter 11
On July 1, 2020, PG&E Corporation and Pacific Gas & Electric Company (together, “PG&E”) announced that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E’s Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. Cravath has represented PG&E as corporate, financing and litigation counsel in its Chapter 11 bankruptcy proceedings, as counsel in the arrangement of its Debtor‑in‑Possession financing, committed debt bridge financing, committed backstop equity financing and marketed equity exit financing, and in litigation related to the 2017 and 2018 Northern California Wildfires.
Deals & Cases
July 03, 2020
Bharti and HMG Consortium to Acquire OneWeb
On July 3, 2020, communications company OneWeb announced it has entered into an agreement with a consortium led by Bharti Global Limited (“Bharti”) and Her Majesty’s Government (“HMG”) (through the UK Secretary of State for Business, Energy and Industrial Strategy) for the acquisition of the OneWeb business in connection with its court‑supervised sale process. Bharti and HMG have committed to provide more than $1 billion to acquire OneWeb and fund the full restart of its business operations. Following a competitive process, the consortium’s winning bid will enable OneWeb to successfully emerge from the chapter 11 process. The agreement remains subject to approval by OneWeb’s creditors, the U.S. Bankruptcy Court and applicable regulators. Cravath is representing Bharti in connection with the transaction.
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.
Deals & Cases
PG&E Initiates Voluntary Reorganization in Connection with the Resolution of Potential Liabilities Resulting from Northern California Wildfires
On January 14, 2019, following a comprehensive review, PG&E Corporation (“PG&E” or “the Company”) announced its intent to initiate voluntary reorganization proceedings under chapter 11, through which it intends to address its responsibilities to stakeholders and achieve an orderly, fair and expeditious resolution of potential liabilities resulting from the unprecedented 2017 and 2018 Northern California wildfires. Cravath is representing PG&E as principal advisory counsel; in corporate matters related to its chapter 11 proceedings, including the arrangement of Debtor-in-Possession (“DIP”) financing; and as lead trial counsel in related litigation.
