Representing the Official Committee of Unsecured Creditors in the bankruptcy of Residential Capital, Kramer Levin played a key role in the process of selling ResCap’s residential mortgage servicing and origination business and its loan portfolio for approximately $4.5 billion, and also led the negotiation of a $2.1 billion settlement among Ally, ResCap and ResCap’s major creditor constituencies. Kramer Levin had advocated for a revised auction process that led to a more spirited auction and helped negotiate a $1 billion increase in the sale price. The Chapter 11 plan, which was co-proposed by the committee, was ultimately confirmed on Dec. 11, 2013, after a two-phase trial that lasted more than ten days.