Legality of the Leveraged Lending Guidance is Questioned
Limits on Creditors’ Remedies Against Solvent Debtors Echoed in the Quadrant Litigation
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Kramer Levin Naftalis & Frankel received a Turnaround Atlas Award Tuesday night for the firm’s work as debtor’s counsel for Saint Vincent Catholic Medical Centers of New York. The complex bankruptcy transaction was named “Healthcare Services Turnaround of the Year” at the annual awards gala in Chicago. The Saint Vincent’s Chapter 11 plan, which the U.S. Bankruptcy Court for the Southern District of New York confirmed on Monday, provides for a 100 percent recovery for administrative, priority creditors and secured lenders, and a substantial recovery by the employees and pensioners. Saint Vincent’s successfully consummated several going-concern sales of its healthcare services, preserving critical patient care needs in the communities served by the hospital system. During the case, the Saint Vincent’s management and legal team negotiated a $260 million sale of the Manhattan Hospital campus with the Rudin Family, which includes a requirement for opening a new comprehensive care center, including a precedent-setting free-standing emergency department, by North Shore-LIJ hospital. The Kramer Levin team was led by partners Kenneth H. Eckstein and Adam C. Rogoff. The team also included partner P. Bradley O’Neill, special counsel Gregory G. Plotko and associate Anupama Yerramalli. Kramer Levin worked on the matter with Grant Thornton LLP, which provided the interim management team led by Mark E.Toney and Steven Korf. 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. Kramer Levin also was honored Tuesday with the “Chapter 11 Reorganization Deal of the Year” (Large Markets) award for the firm’s representation of Capmark Financial Group Inc. In addition, the St. Vincent’s transaction previously won M&A Advisor’s 6th Annual Turnaround Awards for “Turnaround Community Impact Deal of the Year” and “Healthcare/Life Sciences Deal of the Year.” 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. Other recent debtor cases have included General Maritime and Molecular Insight Pharmaceuticals. Within the healthcare industry, Kramer Levin is currently representing another a major metropolitan community-based hospital system in its financial and operational restructuring.