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Weil, Gotshal & Manges LLP
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Chapter 11 Bankruptcy
Experience
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Extended Stay Hotels
Sale of Extended Stay Hotels
Counsel to Extended Stay Hotels, the largest owner of mid-priced extended stay hotels with over 680 hotels across 44 states and 2 Canadian provinces, in its Chapter 11 sale to a group comprised of Centerbridge Partners, Paulson & Co. and Blackstone Real Estate Associates VI for $3.925 billion.
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General Motors Company
Term Loan Facility
Represented General Motors Company in a $1 billion delayed draw term loan facility for New Delphi 1, LLC and Delphi International Holdings S.a r.l. in connection with the acquisition by Delphi Automotive LLP, a company jointly owned by General Motors Company, Elliott Associates, L.P., Silver Point Capital L.P. and others, of certain of Delphi Corporation's US and non-US automotive supply businesses.
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Credit Suisse
Debtor-in-Possession Term Loan
Represented Credit Suisse, as agent, in a DIP loan to ProtoStar Ltd. and ProtoStar II Ltd. related to a $200 million prepetition credit facility.
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General Motors Corporation
Acquisition of Selected Facilities and Business from Bankrupt Entity
Represented General Motors Corporation in connection with its agreements with Delphi Corporation and Delphi's lenders for GM's acquisition, pursuant to Delphi's modified Chapter 11 Plan, of certain of Delphi's US facilities and Global Steering Business and for the joint acquisition by GM and Delphi's lenders of the balance of Delphi's US and non-US businesses. The total consideration for these transactions and related funding of Delphi exceeds $4 billion, in addition to forgiveness of $3.4 billion of debt owed to the lenders by Delphi.
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Galvex Holdings Ltd.
Sale of Certain Assets and Equity Interests of Galvex Holdings Ltd.
Represented Galvex Holdings Ltd. in the sale of certain assets and equity interests to SPCP Group LLC.
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Galvex Holdings Limited
Sale of Assets of Galvex Holdings Ltd.
Represented Galvex Holdings Ltd. in its sale of substantially all of its assets and represented Galvex Trade, Galvex Estonia OÜ, and Galvex Holdings' other affiliates in obtaining the dismissal of their chapter 11 cases. The Galvex entities own and manage the largest independent steel galvanizing facility in Europe, located in Tallinn, Estonia’s industrial port.
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WestPoint Stevens, Inc.
Sale of Substantially All Assets of WestPoint Stevens, Inc.
Represented WestPoint Stevens, Inc. in the $703 million sale of substantially all of its assets to American Real Estate Partners, L.P.
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MCI, Inc.
Sale of MCI, Inc. (formerly WorldCom, Inc.)
Represented MCI, Inc. (formerly WorldCom, Inc.) in its $10.632 billion sale to Verizon Communications, Inc.
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IWO Holdings, Inc.
Sale of IWO Holdings, Inc.
Represented IWO Holdings, Inc. in its sale to the company's senior noteholders.
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Ames Department Stores Inc.
LFD Operating, Inc. v. Ames Department Stores, Inc., et al.
Action by LFD Operating, Inc. for a determination that certain funds owed to LFD by Ames, a chapter 11 debtor, were actually LFD's property and not property of the estate.
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MCI Inc. (f/n/a WorldCom Inc.)
In re WorldCom, Inc.
Successfully argued against disqualification of auditor, KPMG, on behalf of WorldCom, Inc. in its Chapter 11 bankruptcy case.
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Enron Corporation
Sale of CrossCountry Energy, LLC by Enron Corporation
Represented Enron Corporation in its $2.45 billion sale of CrossCountry Energy, LLC to Southern Union Co. and GE Commercial Finance.
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WorldCom Inc.
In re WorldCom, Inc. (Embratel Sale Hearing)
Weil Gotshal successfully represented WorldCom Inc. (formerly MCI), in restructuring 200 companies outside of the US without insolvency proceedings, along side the WorldCom chapter 11 reorganization. In one instance, regarding the sale of Embratel, the Brazilian long distance concessionaire, to Telmex, the Mexican telephone company, Weil Gotshal successfully obtained court approval for the sale following a contested hearing.
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Footstar, Inc.
Sale of Footaction USA
Represented Footstar, Inc. in the sale of Footaction USA to Foot Locker, Inc.
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MCI, Inc.
Sale of Embratel Participações S.A by MCI, Inc. (WorldCom, Inc.)
Represented MCI, Inc. (WorldCom, Inc.) in the $400 million sale of its investment in Embratel Participações S.A to Telefonos de Mexico (TELMEX).
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Debtor's Estate of Enron Corporation
Acquisition of Whitewing Associates, LP and Whitewing Management LLC
Represented Enron Corporation in the $1.0 billion acquisition of Whitewing Associates, LP and Whitewing Management LLC from Osprey Trust.
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Enron Corporation
Sale of Mariner Energy, Inc. by Enron Corporation
Represented Enron Corporation in the $271 million sale of Mariner Energy, Inc. to MEI Acquisitions LLC.
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Enron Corp.
Chapter 11 of Enron
Represented Enron in its chapter 11 reorganization, which saved 24,000 jobs, all operating businesses, and $12 billion of going-concern value.
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NextWave Telecom, Inc.
Sale of 34 Spectrum Licenses by Nextwave Telecom Inc.
Represented Nextwave Telecom Inc. in its $1.4 billion sale of 34 spectrum licenses to Cingular Wireless LLC.
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WorldCom (MCI, Inc.)
Sale of WorldCom's Wireless Broadband Business
Represented WorldCom in the sale of its wireless broadband business to Nextel Spectrum Acquisition Corp.
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Ames Department Stores Inc.
LFD Operating, Inc. v. Ames Department Stores, Inc., et al.
Weil Gotshal represented the debtor, Ames Department Stores, (“Ames”) in an adversary proceeding commenced by LFD Operating, Inc. (“LFD”). LFD sought recovery of approximately $9 million. After a trial, the Bankruptcy Court held that Ames and LFD had a contractual debtor/creditor relationship, rather than a trust or agency relationship, and dismissed LFD’s complaint.
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Enron Corporation
Sale of Northern Natural Gas
Represented Enron Corporation in its $1.5 billion sale of Northern Natural Gas to Dynegy Inc.
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Enron Corporation
Withdrawn Merger Between Enron Corporation and Dynegy Inc.
Represented Enron Corporation in its $23 billion withdrawn merger with Dynegy Inc.
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Goldman Sachs And Wells Fargo Foothills
Chapter 11 of Coram Healthcare Corporation
Represented Goldman Sachs and Wells Fargo Foothill, Inc., as creditors, in the chapter 11 restructuring of Coram Healthcare Corporation.
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Credit Suisse First Boston
In re Washington Group, Inc.
Lead trial counsel for Credit Suisse First Boston, along with a group of secured lenders, in a large Chapter 11 case involving a worldwide project construction company. Obtained a trial victory on a contested confirmation of a plan of reorganization in Bankruptcy Court in Reno, Nevada. The trial focused primarily on novel and complex valuation issues. Ultimately, the victory was affirmed by the Ninth Circuit.
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Encompass Services Corporation
In re Encompass Svcs. Corp.
Represented Encompass in litigation related to the company's chapter 11 reorganization plan. Defended against allegations of director and officer liability. Encompass, a Houston-based construction services company with 2001 revenues of more than $4 billion, had its bankruptcy plan confirmed in just over 6 months.
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Olympia & York Realty Corp.
In re Olympia & York Realty Corp.
Represented the senior management and directors of Olympia & York in a Bankruptcy Court proceeding brought by the Canadian liquidator of O&Y. The liquidator sought to enjoin certain proposed management contracts for senior executives, in a case raising novel issues as to the limits of the Bankruptcy Code's reach and the interplay of the Code with common law business judgment principles. After an expedited trial, judgment was entered in favor of management and the directors.
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Reef Exploration Inc.
Reef Exploration, Inc.
Obtained an injunction preserving Reef Exploration, Inc.’s control over its substantial investment in an oil and gas field in south Texas after another working interest owner obtained an ex parte state court injunction preventing Reef from serving as operator for the field.
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Sunbeam Corporation
Chapter 11 Bankruptcy of Sunbeam Corporation
Successfully represented Sunbeam in its Chapter 11 filing, in connection with automatic stay motions and motion to dismiss complaints alleging fraudulent conveyance and aiding and abetting fraud claims.
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Unsecured Creditors Committee of Iridium
Unsecured Creditors Comm. of Iridium v. Motorola
Represented the Unsecured Creditors Comm. of Iridium in Chapter 11 proceedings and a massive multi-billion lawsuit against Motorola alleging breach of contract, fraudulent conveyance, preference and breach of fiduciary duty claims in connection with development of a global satellite personal communication system.
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Viasystems Inc.
Viasystems/Constr. Trust
Successfully resisted a $25 million constructive trust claim filed by the French receiver of a subsidiary of Viasystems, Inc. in Viasystem's Chapter 11 proceeding following expedited briefing and an evidentiary hearing.
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