February 14, 2018
Weil represented Soros Fund Management (Soros) as a bidder in the sale for substantially all of the assets of Violin Memory, Inc. (VM) in VM’s chapter 11 bankruptcy proceeding filed in the United States Bankruptcy Court for the District of Delaware.
Weil assisted Soros in successfully winning the bankruptcy auction with a bid for substantially all of VM’s assets structured through a plan of reorganization, and designed to allow Soros to continue operating VM’s memory chip business while preserving VM’s valuable tax attributes. Weil also represented Soros in providing VM’s debtor-in-possession financing facility to provide sufficient liquidity to carry VM through plan confirmation. The plan was effective April 21, 2017.
The Weil team that represented Soros was led by Business Finance & Restructuring Department Co-Chair Gary Holtzer; Business Finance & Restructuring Department partner David Griffiths; and Tax partner Stuart Goldring. The team included Tax partners Stanley Ramsay and David Bower; Head of Executive Compensation & Benefits Paul Wessel; Private Equity partner Brian Gingold; Real Estate counsel Elliot Ganchrow; Banking & Finance associate Christina O’Connell; Tax associates Steven Ort and Aaron Cha; and Private Equity associate Timothy Burns.
Weil was recognized with the Information Technology Deal of the Year (over $250 million) for the restructuring of Violin Memory, Inc. in M&A Advisor’s 12th Annual Turnaround Awards.