Cravath’s New York Office Moves to Two Manhattan West
May 30, 2023
In May 2023, an article written by Cravath partners George E. Zobitz, Paul H. Zumbro and Eric W. Hilfers, entitled “Executive Compensation: Need for a Change to the Bankruptcy Code,” was featured in The American Bankruptcy Institute’s Best of ABI 2022: The Year in Business Bankruptcy, which recognizes the best American Bankruptcy Institute Journal business articles published in 2022. The Cravath partners’ article examines Section 503(c) of the Bankruptcy Code, a part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), and the adverse impact it has had on the ability of companies in bankruptcy to optimize executive compensation. The article provides three proposals to amend the Bankruptcy Code, which would give companies more flexibility in designing executive compensation plans during the bankruptcy process.
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