Kramer Levin was named Creditors Restructuring Law Firm of the Year at the Global M&A Network’s annual awards gala held June 24, 2014 in Chicago. The award recognizes the firm’s overall depth and breadth of experience, unique skills, client commitment and dedication in representing various creditors in several of the nation’s largest bankruptcy cases in 2013-14, including Residential Capital, The City of Detroit, Jefferson County, American Airlines, EFIH, Patriot Coal and Hostess Brands.
Kramer Levin also received the Special Situation M&A Deal of the Year for the firm’s representation of the Official Committee of Unsecured Creditors in Residential Capital. It played a key role in the auction process for the sale of ResCap’s servicing and origination business, and ultimately was successful in helping to negotiate a $1 billion increase in value to the sale price for a total purchase price of approximately $4.5 billion. Ultimately, in May 2013, Kramer Levin helped negotiate a $2.1 billion settlement between Ally Financial Inc., ResCap and ResCap’s major creditor constituencies, including each member of the Creditors’ Committee, settling numerous contested issues in the bankruptcy cases. ResCap confirmed its Chapter 11 plan, jointly proposed with the Creditors’ Committee, on December 11, 2013, and emerged from bankruptcy on December 17, 2013.
Kramer Levin also was honored with the Private Equity Turnaround award for its representation of the Official Committee of Unsecured Creditors in Hostess Brands, Inc., one of the largest wholesale bakers and distributors of bread and snack cakes in the United States, including the iconic Twinkies®. The Committee oversaw the company’s major brand sales, including the sale of the snack cake business to Apollo Global Management and C. Dean Metropoulos for approximately $410 million.
The firm also won the Reorganization of the Year, Large Markets award for the Patriot Coal Corporation reorganization under Chapter 11 of the bankruptcy code. Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States. Over the course of the 18-month bankruptcy, Kramer Levin, on behalf of the Creditors’ Committee, was the principal advocate for unsecured creditors on all major facets of the case. Patriot Coal confirmed its reorganization plan on December 17, 2013, and emerged from bankruptcy on December 18, 2013.