Jan 28, 2011
The complex workout of LyondellBasell, for which Cadwalader, Wickersham & Taft LLP, one of the world’s leading international law firms, served as debtor’s counsel, was honored as Investment Dealers’ Digest (IDD) Restructuring Deal of the Year. The IDD awards celebrate dealmakers that created the most value for their corporate clients and for their investors.
IDD noted that the LyondellBassell workout involved many “unique twists” and “moving parts.” Among the noteworthy accomplishments in the case were securing a $8 billion DIP facility, then the largest DIP facility in chapter 11 history, at a time when the credit markets were frozen; maintaining adequate funding for European non-debtor affiliates and protecting them from the exercise of creditor remedies during the Chapter 11 cases; settling the largest fraudulent conveyance case against secured lenders in Chapter 11 history; consensually resolving all major inter-creditor disputes over valuation, claims allowance and subordination; closing a $2.8 billion rights offering for post-emergence new equity capital; and managing an unprecedented closing into escrow in advance of confirmation of $3.25 billion of the $5 billion of committed new exit financing facilities.
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Dorothy Auth, Howard Wizenfeld
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Jodi Avergun is speaking at this ACI event on January 30 in Washington, DC.