The GM bankruptcy keeps spinning off more and more work.
We’ve tried to keep up with the counsel involved directly in the bankruptcy and subsequently the international teams.
Today we’ve tracked down the teams on two of the many 363 sales: GM’s sale of its Saturn business to Roger Penske for, among other things, assumption of $6.7 billion in indebtedness; and the sale of Delphi to private-equity fund Platinum Equity.
After the jump, counsel on the deals (including the titan retaking his place at the top of the masthead).
Sifting through the 8-Ks reminded us of why we hated bankruptcy sales. Anyway, we did the dirty work and tracked down the counsel. According to the purchase agreement,
- Joseph Gromacki and Michael Wolf of Jenner & Block were lead counsel on the deal for GM;
- Harvey Miller, Stephen Karotkin, and Raymond Gietz of Weil Gotshal also get copies for notice to GM; and
- John Rapisardi and Ronald Hopkinson of Cadwalader represented the Treasury Department.
Treasury? What? Apparently, the assets are being “washed” through the government before being sold on to Penske. Someone with more time is going to have to read this and explain it, please!
It’s also interesting to note that Miller’s name is going first again for Weil. Karotkin had his moment in the sun, but no one steals Harvey’s glory.
Of course, it’s possible we’re reading too much into Weil’s departure from alphabetical order in listing the partners, but we really don’t think so. More often than not, if names aren’t listed alphabetically, there’s a reason for it and a lot of time has been spent on the decision.
On the Delphi sale, it was a lineup that harkens back to the good old days: Skadden for the seller, Schulte for the private-equity buyer, and we can even pretend that Latham is representing the lenders (it actually represented the unsecured creditors’ committee). According to AmLaw Daily:
A team from Skadden, Arps, Slate, Meagher & Flom led by John “Jack” Butler, cohead of the firm’s restructuring practice, has been advising Delphi since it entered bankruptcy in October 2005. Butler declined comment. Schulte, Roth & Zabel advised Platinum on the proposed transaction, which will likely be the subject of at least two hearings before it gains the court’s formal approval, court records show. The first hearing on the plan is scheduled for Tuesday.
Related posts:
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.