Employment Law Alert: New York Wage Theft Prevention Act -- Annual Notice Requirement Rescinded
Environmental Alert: Governor Cuomo Vetoes Bill That Would Have Extended Eligibility for the New York State Brownfield Cleanup Program and Tax Credits
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Kramer Levin Naftalis & Frankel received a Turnaround Atlas Award Tuesday night for the firm’s work as unsecured creditors committee counsel for Capmark Financial Group Inc. The complex bankruptcy transaction was named “Chapter 11 Reorganization Deal of the Year” (Large Markets) at the Global M&A Network’s annual awards gala in Chicago. To qualify for the large markets category, the restructuring had to be valued above $750 million. Kramer Levin represented the Official Committee of Unsecured Creditors in Capmark’s chapter 11 case. At the time of its filing, Capmark was one of the largest commercial real estate lenders and loan servicers in North America, with assets of approximately $20 billion and liabilities of approximately $21 billion. Kramer Levin actively represented the Committee in, among other things, over ten complex asset sales by Capmark, including the sale of Capmark’s North American mortgage servicing business to Berkadia within the first few weeks of the case being commenced. Kramer Levin also represented the Committee in formulating and negotiating a comprehensive plan of reorganization that distributed a recovery to unsecured creditors and gave control of the reorganized Company, including the ultimate ownership of Capmark Bank, to unsecured creditors. The Kramer Levin team advising the Committee was led by Corporate Restructuring and Bankruptcy Department co-chair Thomas Moers Mayer and partners Amy Caton and Joshua Brody. The Global M&A Network presents the annual turnaround awards to honor top performances from the distressed M&A, restructurings, reorganizations and the turnaround communities, worldwide. Winners are selected on the basis of “performance” criteria by an independent awards advisory group. Kramer Levin also was honored Tuesday with the “Healthcare Services Deal of the Year” for the firm’s representation of Saint Vincent Catholic Medical Centers of New York. Kramer Levin has played a leading role in some of the largest and most newsworthy bankruptcy cases, representing debtors, committees, and other significant players in chapter 11 cases. In particular, on the committee side, Kramer Levin is currently representing the official committee of unsecured creditors in the chapter 11 cases of Residential Capital, LLC, RG Steel, Hostess Brands, Inc., AES Energy Corporation and Evergreen Solar, Inc. Additionally, the firm represents the bankruptcy trustees appointed in the insolvency proceedings of Lehman Brothers Treasury Co. B.V. and the largest bondholder in the American Airlines bankruptcy.