US Department of Labor Issues Final Rule Expanding Overtime Protections: What Employers Need to Know
Developments Regarding Section 316(b) of the Trust Indenture Act
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At the 4th Annual M&A Advisor Turnaround Awards Gala on March 22, 2010 in Palm Beach, Florida, two Kramer Levin deals were named as the winner in three award categories. The acquisition by Kramer Levin client Deloitte of substantially all of the assets of BearingPoint's North American Public Services practice out of bankruptcy transaction was the recipient of both the Distressed M&A Deal of the Year ($100 mm and above) and Business Services Sector Deal of the Year awards. Deloitte LLP closed the acquisition of substantially all of the assets of BearingPoint's North American Public Services practice out of bankruptcy for total consideration of $350 million in cash, subject to adjustment, and the assumption of certain BearingPoint liabilities on May 8, 2009 . The Kramer Levin Deloitte team was led by partners Thomas E. Molner, Michael J. Mayerfeld, Kenneth H. Eckstein, Robert T. Schmidt, Kenneth Chin, Jeffrey S. Trachtman, Randy Lipsitz, James P. Godman, Barry Herzog, Robert N. Holtzman, Christine Lutgens and Robert M. Heller. The other members of the team were Randal D. Murdock, Kevin M. Moss, Jeffrey Taylor, Seth R. Merl, Mark Chass, Elise S. Frejka, Tzvi Rokeach, Avram J. Cahn, Lauren M. Macksoud, Adam Busch, Carly Vella, and Michael L. Kreiner.
The Chapter 11 reorganization of Kramer Levin client Bally Total Fitness was the recipient of the Consumer Services Sector Deal of the Year award. As Bally’s counsel, Kramer Levin assisted Bally in preparing and executing its successful chapter 11 reorganization. On September 1, 2009, Bally emerged from bankruptcy protection, approximately nine months after filing its bankruptcy petition. During this time, Kramer Levin assisted Bally in operating solely on cash collateral and restructuring its operational footprint. In order to implement its plan of reorganization, Bally entered into exit facilities in the aggregate amount of $96 million. The plan enabled Bally to reduce its debt by over $700 million, to less than $100 million, and reduced Bally's annual interest expense by more than $88 million. The Kramer Levin team was composed of partners Kenneth H. Eckstein, P. Bradley O'Neill, Philip S. Kaufman, Shari A. Krouner, Abbe L. Dienstag, James A. Grayer, Kenneth Chin, Barry Herzog and Paul M. Ritter. The other members of the team were Joshua Brody, Stephen Zide, Joseph A. Shifer, Jordan Kaye, Jennifer Sharret, David Blabey, Jr., Samantha V. Ettari, Mae R. Rogers, Michael Brooks, Melissa S. Blades, Audrey I. Bender and Daniel Berman.