Weil’s extensive experience in this area extends to representing institutional and strategic purchasers of assets of troubled companies in distressed out-of-court M&A transactions as well as bidders in sales conducted under the Bankruptcy Code, including the special requirements, issues, and pitfalls related to these transactions (e.g., successor liability; bidding strategies, procedures, and protections; and tax structure).
Chapter 11 Plan Sponsorships
Representation of Cerberus, an investment company, in its acquisition of the insolvent Peguform Group, a manufacturer of plastic parts and modules for the interior and exterior of automobiles. The transaction involved one of the largest insolvency cases ever in the German industry.
- As the equity sponsor going into chapter 11 and the equity sponsor and senior lender (through an affiliate) upon exit in Premier Biloxi Entertainment (Hard Rock Biloxi Hotel & Casino)
- As a strategic investor in Williams Communications during their chapter 11 proceedings
Section 363(b) Sales
- Borders Group, Inc.: Representation of a joint venture composed of Hilco Merchant Resources, LLC; SB Capital Group, LLC; Tiger Capital Group, LLC; and Gordon Brothers Group as the winning bidder to enter into an agency agreement to conduct liquidation sales in 226 of 642 stores in the chapter 11 cases of Borders Group, Inc. and its affiliates.
- Rock & Republic: Representation of VF Corporation in the acquisition of all the worldwide intellectual property of Rock & Republic pursuant to Rock & Republic’s chapter 11 plan of liquidation.