http://www.davispolk.com/ en-us © 2011 Davis Polk & Wardwell LLP Wed, 19 Jun 2013 00:32:36 GMT Wed, 19 Jun 2013 00:32:36 GMT http://www.davispolk.com/events/detail.aspx?event=461 Event c94ce0f7-cdb6-4bea-b1c0-13b699f7f1bb Thu, 11 Jul 2013 12:00:00 GMT http://www.davispolk.com/events/detail.aspx?event=458 Event 0d8af0bb-ff86-47db-be98-090e8df60e69 Mon, 24 Jun 2013 12:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2306 News f50c75ad-d61a-4ea4-b497-9c13ed379081 Wed, 12 Jun 2013 00:00:00 GMT Davis Polk is advising JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and J.P. Morgan Securities LLC, as sole bookrunner and sole lead arranger under a $500 million superpriority debtor-in-possession credit facility to Exide Technologies and certain of its non-debtor subsidiaries, consisting of a $225 million first-out asset-based revolving credit facility and a $275 million second-out term loan, which are secured by collateral in the United States and 17 foreign jurisdictions. http://www.davispolk.com/news/detail.aspx?news=2299 News 30fb8d39-40ae-4266-aaeb-9582b75af81b Tue, 11 Jun 2013 00:00:00 GMT Davis Polk advised Credit Suisse AG, as administrative agent and collateral agent, and Credit Suisse Securities (USA) LLC, as sole bookrunner and sole lead arranger, in connection with a $145 million senior secured term loan credit facility for School Specialty, Inc. to finance the company’s emergence from bankruptcy protection. http://www.davispolk.com/news/detail.aspx?news=2300 News 65c9abff-1925-4ab0-98cf-958d4a1fc061 Tue, 11 Jun 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2275 News 9a30ece0-719f-422c-8173-bb7da11e23ce Fri, 24 May 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2247 News f6606564-b55a-453c-950b-3d33c5e5a49e Mon, 13 May 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2219 News f14701e2-a08e-44a1-a480-a931bd286eab Wed, 24 Apr 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2213 News 13430d0e-30e1-4d60-b812-4db182733a54 Fri, 19 Apr 2013 00:00:00 GMT Davis Polk has served as lead counsel to Pinnacle Airlines Corp. and its subsidiaries throughout their approximately year-long chapter 11 proceedings. On April 17, 2013, Pinnacle Airlines’ Plan of Reorganization was confirmed by the Bankruptcy Court for the Southern District of New York. http://www.davispolk.com/news/detail.aspx?news=2204 News bcf34bc0-7352-4983-892f-384e218c518a Thu, 18 Apr 2013 00:00:00 GMT Firms offering comprehensive financial services scored a significant victory on April 9, 2013, when Judge Robert Sweet of the United States District Court for the Southern District of New York dismissed Capmark Financial Group Inc.’s (“Capmark”) insider preference action against four lender affiliates of The Goldman Sachs Group, Inc. (“Goldman Sachs”), which arose out of Capmark’s 2009 bankruptcy. Davis Polk represented the Goldman Sachs lender affiliates and advanced the arguments adopted by Judge Sweet. The Court’s opinion rejected Capmark’s attempt to cast the lenders as “insiders” of Capmark based on an indirect equity interest in Capmark held by funds managed by affiliates of Goldman Sachs and Goldman Sachs’s service as an advisor to Capmark. In doing so, Judge Sweet reaffirmed that corporate veils separating a lender from an affiliated entity holding equity positions or serving as advisor to the debtor will not lightly be disregarded, and that participation in an arm’s-length transaction as an ordinary commercial lender will not give rise to insider status. Furthermore, Judge Sweet held that reorganized debtors are judicially estopped from making an about-face on key factual issues underlying relief secured in bankruptcy court. In sum, the Capmark decision should pose a substantial obstacle to claims alleging that a lender is an “insider” by virtue of affiliated entities’ contacts with a debtor in the absence of evidence that the lender actually used the affiliates’ contacts to influence the debtor’s decisions. /files/Publication/54716452-7e16-4962-99a8-7dc865b514ff/Presentation/PublicationAttachment/87291dac-f55c-4e98-8ccf-7f1fafa86bde/041513.capmark.pdf Publication 54716452-7e16-4962-99a8-7dc865b514ff Mon, 15 Apr 2013 00:00:00 GMT Davis Polk advised Credit Suisse Securities (USA) LLC as joint lead arranger and Credit Suisse AG as administrative agent in connection with a $500 million senior secured term loan provided to New HB Acquisition, LLC and New HB Acquisition (RE) LLC (collectively, the “Company”) in connection with the Company’s approximately $410 million acquisition of certain assets of Hostess Brands, Inc.’s cake business, including the Twinkies, Ho Hos, Ding Dongs and Donettes trademarks and other property. http://www.davispolk.com/news/detail.aspx?news=2205 News b77d918c-ff1b-41a8-b791-393f7d8f38f1 Tue, 09 Apr 2013 00:00:00 GMT Davis Polk advised Credit Suisse Securities (USA) LLC as joint lead arranger and Credit Suisse AG as administrative agent in connection with a $500 million senior secured term loan provided to New HB Acquisition, LLC and New HB Acquisition (RE) LLC (collectively, the “Company”) in connection with the Company’s approximately $410 million acquisition of certain assets of Hostess Brands, Inc.’s cake business, including the Twinkies, Ho Hos, Ding Dongs and Donettes trademarks and other property. http://www.davispolk.com/news/detail.aspx?news=2311 News f9ca4666-5593-47b8-9026-51648b919580 Tue, 09 Apr 2013 00:00:00 GMT http://www.davispolk.com/events/detail.aspx?event=460 Event 2c3c561b-c05c-474c-962b-1231e3eac68c Fri, 05 Apr 2013 12:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2179 News 220be4a2-fbd3-45b7-9e3e-01937bc67d9b Wed, 03 Apr 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2177 News e2b547b5-f65f-474c-af47-17bbbe134c7c Tue, 02 Apr 2013 00:00:00 GMT Davis Polk advised Citicorp North America, Inc., as administrative agent, and Citigroup Global Markets Inc., as sole lead arranger and bookrunner, on a $200 million asset-based senior revolving debtor-in-possession credit facility (DIP Revolver) for Eastman Kodak Company (Kodak). http://www.davispolk.com/news/detail.aspx?news=2166 News 78cf34d2-6ef3-4a68-b5eb-054467f8805d Mon, 25 Mar 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2134 News dbaf5e2b-5423-4cb9-b833-b090e22fa75d Wed, 20 Mar 2013 00:00:00 GMT /files/Publication/651b1a81-4fff-450b-8296-9a665228b635/Presentation/PublicationAttachment/a72b9853-e6be-46f9-a416-a1e155777c80/moskow.msmiller.NYLJ.article.mar13.pdf Publication 651b1a81-4fff-450b-8296-9a665228b635 Mon, 04 Mar 2013 00:00:00 GMT Davis Polk, together with Linklaters, represented the joint administrators of Lehman Brothers International (Europe) (“LBIE”) in connection with the litigation and settlement of $38 billion in claims between LBIE and Lehman Brothers Inc (“LBI”). http://www.davispolk.com/news/detail.aspx?news=2094 News 03f085d2-887a-4399-9e03-018013909c17 Tue, 26 Feb 2013 00:00:00 GMT On December 31, 2012, Strategic Growth Bancorp Inc. (“Strategic Growth”), an El Paso, Texas-based bank holding company, acquired Mile High Banks (the “Bank”), a Colorado community bank, from the Bank’s parent, Big Sandy Holding Company (“Big Sandy”), through an auction process conducted pursuant to section 363 of the Bankruptcy Code. Davis Polk represented Strategic Growth and advised on the complex and overlapping bankruptcy, mergers and acquisitions, credit, tax and bank regulatory issues presented by the transaction. /files/Publication/24f5b132-3b55-43e7-b6b3-109cc32032be/Presentation/PublicationAttachment/ab31e111-22d9-4ff6-ba9c-14dee64ed5cd/021413_Bancorp.pdf Publication 24f5b132-3b55-43e7-b6b3-109cc32032be Wed, 13 Feb 2013 00:00:00 GMT In an August 2012 decision in the Tropicana case, the U.S. Court of Appeals for the Third Circuit upheld the U.S. Bankruptcy Court for the District of Delaware’s denial of a creditor group’s $2.3 million “substantial contribution” claim for expenses incurred while attempting to impose governance changes after alleged mismanagement led to the company’s bankruptcy. The decision is nonprecedential, but in upholding a bankruptcy court ruling based largely on the motives underlying the creditor actions at issue, it nonetheless offers a further gloss on the demanding standard applied to substantial contribution claims in the Third Circuit and underscores why a creditor’s selfish motives are almost always fatal to its substantial contribution claim under that standard. Damian Schaible and Eli Vonnegut of the Davis Polk Insolvency and Restructuring Group recently published an article, "Can Selfish Be Substantial? Motivation in Substantial Contribution Claim Standards" discussing the Tropicana decision and substantial contribution claim standards generally. /files/Publication/7e6acb40-78ce-41fa-9fce-8ce52f33d518/Presentation/PublicationAttachment/9d130e0b-d9fd-4064-a512-8f89abcb9ffd/02.11.13.html Publication 7e6acb40-78ce-41fa-9fce-8ce52f33d518 Tue, 12 Feb 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2012 News 07987b56-9d8a-407d-9673-43fcfe872d79 Fri, 18 Jan 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2009 News d7b2b7fe-d44a-494e-bb0b-30cdc67c6457 Thu, 17 Jan 2013 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=2016 News 6ae04b91-130e-4493-afe7-545a0d89e473 Thu, 17 Jan 2013 00:00:00 GMT Davis Polk advised JPMorgan Chase Bank, N.A. as administrative agent and J.P. Morgan Securities LLC as joint lead arranger and bookrunner in connection with a $1.1 billion senior secured exit term loan facility for Tribune Company entered into pursuant to Tribune’s chapter 11 plan of reorganization. http://www.davispolk.com/news/detail.aspx?news=1998 News 2aa0e74b-2d0d-4609-8658-037eb9c07528 Mon, 31 Dec 2012 00:00:00 GMT Davis Polk advised JPMorgan Chase Bank, N.A., as administrative agent for the pre-petition senior lenders owed more than $8.5 billion (Senior Lenders) in the successful chapter 11 restructuring of the Tribune Company, which emerged from bankruptcy today. http://www.davispolk.com/news/detail.aspx?news=1997 News 477c5eaa-28ca-480b-bc84-01300fcf32d8 Mon, 31 Dec 2012 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=1963 News b70e0aec-9a95-4814-8625-e341356cdf12 Fri, 21 Dec 2012 00:00:00 GMT Davis Polk partner Damian Schaible will be among the speakers at the American Bankruptcy Institute’s 24th Annual Winter Leadership Conference. Schaible will participate in the panel, “Addressing Legacy Liabilities in Chapter 11 Cases.” http://www.davispolk.com/events/detail.aspx?event=412 Event ebfcf919-bb9e-4847-b83e-9975e3703bb7 Fri, 30 Nov 2012 12:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=1879 News f1f93dbc-0393-4ff0-bea7-001058669c3e Tue, 16 Oct 2012 00:00:00 GMT Davis Polk is advising Strategic Growth Bancorp in connection with its acquisition and recapitalization of Mile High Banks through a chapter 11 filing of its parent, Big Sandy Holding Company. http://www.davispolk.com/news/detail.aspx?news=1859 News 329ea8ab-f01e-43fa-b957-498ffe3ac858 Fri, 28 Sep 2012 00:00:00 GMT http://www.davispolk.com/news/detail.aspx?news=1831 News 0c7edc04-8cd0-4c21-ae2d-842786455d09 Thu, 13 Sep 2012 00:00:00 GMT /files/Publication/3ccd859b-c83c-4953-9f9c-bbce0446a119/Presentation/PublicationAttachment/c6a40357-2a3b-4db8-8f8f-bcff4e327f52/DBR%20Small%20Cap.Krause.080812.pdf Publication 3ccd859b-c83c-4953-9f9c-bbce0446a119 Wed, 08 Aug 2012 00:00:00 GMT Last week, the English High Court ruled that an “exit consent” used by Anglo Irish Bank to impose losses on subordinated bondholders was invalid under English law and violated the terms of the applicable trust deed. It is the first time that the legality of exit consents has been tested by an English court. Mr Justice Briggs considered the Delaware case of Katz v Oak Industries Inc, in which the use of an exit consent was upheld, but declined to follow that case. /files/Publication/e0253167-04c2-4de4-9277-00482144f453/Presentation/PublicationAttachment/70a00f8e-a9fc-4bec-a7f0-00334d6def0a/073012_Exit_Consents.pdf Publication e0253167-04c2-4de4-9277-00482144f453 Mon, 30 Jul 2012 00:00:00 GMT On July 18, 2012, several Davis Polk lawyers will present at “Recent Developments in U.S. Law,” a multi-day program being held by the Office of International and Non-J.D. Programs and Fordham Law's Corporate Law Center. Damian Schaible and Giorgio Bovenzi will present “Bankruptcy in the U.S.: 10 Things Every Lawyer Should Know,” Bovenzi and James McClammy will present “Cross-Border Insolvency and Chapter 15 of the United States Bankruptcy Code,” and Bovenzi and Jamila Diggs will present “Global Credit Risk Management.” http://www.davispolk.com/events/detail.aspx?event=361 Event b9c7548d-d555-4f97-ade1-230548b50573 Wed, 18 Jul 2012 12:00:00 GMT Davis Polk is advising Patriot Coal Corporation in connection with its reorganization under Chapter 11 of the Bankruptcy Code and the related $802 million in debtor-in-possession (DIP) financing. http://www.davispolk.com/news/detail.aspx?news=1755 News ecfc5320-9425-4297-ab54-37794b3c6929 Wed, 11 Jul 2012 00:00:00 GMT In a Chapter 15 case presenting interesting considerations for cross border lenders and borrowers, the Bankruptcy Court for the Northern District of Texas declined to implement in the United States the plan of reorganization that had been approved by a Mexican bankruptcy court in Vitro's Mexican concurso mercantil proceeding, because the plan (i) did not provide for distributions to noteholders consistent with Chapter 11 of the U.S. Bankrutpcy Code, (ii) did not sufficiently protect the interests of U.S. creditors, and (iii) did not protect the noteholders’ third-party claims against non-debtor subsidiaries, instead releasing those claims. The Texas bankruptcy court held that the distributions provided under the Mexican plan were not entitled to comity and the third-party releases were contrary to public policy of the United States. The decision has interesting implications which we discuss in this Client Update. /files/Publication/afa36cdc-0204-462f-bee0-2427f44d7644/Presentation/PublicationAttachment/7ce0f287-1a8e-4ae5-8c93-25e0abe118b6/06.25.12_Vitro_s_Mexican_Plan.pdf Publication afa36cdc-0204-462f-bee0-2427f44d7644 Mon, 25 Jun 2012 00:00:00 GMT