Cravath’s New York Office Moves to Two Manhattan West
On October 11, 2022, Cravath partner Paul H. Zumbro participated in the 16th Annual Judicial Symposium on Civil Justice Issues, which was hosted by the George Mason University Antonin Scalia Law School from October 9‑11, 2022 in Arlington, Virginia. Paul spoke on a panel entitled “Bankruptcy Law and Mass Tort Litigation Liabilities.” The event featured leading professionals to discuss the rapidly changing civil justice environment in the United States.
Deals & Cases
August 11, 2022
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.
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.
Deals & Cases
June 24, 2022
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.
Deals & Cases
March 30, 2022
Cravath represented Yell Holdco Limited in connection with the restructuring of its £214 million senior secured notes, including a £149 million debt‑for‑equity exchange. Yell Holdco Limited is part of the Hibu Group, a leading provider of managed digital marketing services to small and medium enterprises for all types of local businesses in the UK. The transaction closed on March 30, 2022.
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