Paul Zumbro Appointed Chair of New York City Bar Association’s Bankruptcy and Corporate Reorganization Committee

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.

On August 5, 2022, the New York Supreme Court, Commercial Division, dismissed with prejudice a lawsuit brought by Moby S.p.A., one of the world’s largest passenger shipping companies, against Cravath client Morgan Stanley and two of its employees. The lawsuit was related to Moby’s restructuring proceeding in Milan, Italy.

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.

On June 24, 2022, Credit Suisse Asset Management (“CSAM”) announced it has reached an agreement with Bluestone Resources (“Bluestone”) that maps out a plan for the payment of cash to noteholders, including the Supply Chain Finance (“SCF”) funds, which can then be distributed to investors in those funds.