Four Decades for Justice
On May 1, 2023, Cravath partner George E. Zobitz participated in the 2023 Complex Financial Restructuring Program, which was hosted by the American Bankruptcy Institute during its VALCON 2023 conference in New Orleans, LA. Jed spoke on a panel entitled “Resolutions,” which examined how fraudulent‑transfer issues and their potential resolutions affect various stakeholders’ strategies.
Deals & Cases
April 06, 2023
On April 6, 2023, GasLog Ltd. (“GasLog”) and GasLog Partners LP (“GasLog Partners”), each an international owner and operator of liquefied natural gas carriers, announced that they have entered into a definitive merger agreement pursuant to which GasLog will acquire all of the outstanding common units of GasLog Partners not beneficially owned by GasLog for overall consideration of $8.65 per common unit in cash. Cravath is representing GasLog 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.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
July 22, 2022
On July 18, 2022, Chapford SMA Partnership, L.P. received final approval from the United States Bankruptcy Court for the Southern District of Texas to become a replacement debtor in possession (“DIP”) lender for GWG Holdings, Inc. (“GWG”) and its debtor subsidiaries in their chapter 11 proceedings. In addition to the replacement DIP facility, this Chapford-sponsored investment vehicle entered into an option agreement giving GWG the right to sell its life settlement portfolio to the investment vehicle for $610 million pursuant to a fully-negotiated APA and requiring GWG to designate the investment vehicle as “stalking horse” bidder in any sale process should it choose to pursue a sale of its portfolio. Cravath is representing Chapford SMA Partnership, L.P., in connection with the DIP financing and option agreement.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. © 2023 Cravath, Swaine & Moore LLP.