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The Paul, Weiss Bankruptcy & Corporate Reorganization Department serves as a critical advisor in almost every major, complex restructuring matter, helping companies, creditors and investors facing rapid market transformation respond to business challenges with comprehensive and innovative strategies. Diversity of matters and clients, senior-level attention and seamless delivery of multidisciplinary services distinguish the practice.

Walter Energy Enters APA in its Restructuring

Paul, Weiss is counsel to Walter Energy and its subsidiaries in their chapter 11 proceedings, filed on July 15 in the Bankruptcy Court for the Northern District of Alabama.

In the chapter 11 proceedings, Walter Energy announced that it has entered into an asset purchase agreement (APA) with a newly formed entity capitalized and owned by members of the company's senior lender group. Under the agreement, the new company will acquire substantially all of Walter Energy's Alabama assets. The APA contemplates, among other things, cash consideration of $5.4 million, a $1.25 billion credit bid of existing indebtedness and the assumption of certain liabilities. Walter Energy's non-U.S. operations, including those in Canada and the U.K., are not included in the filings or in the APA.

The Paul, Weiss team included bankruptcy partners Kelley Cornish and Stephen Shimshak and counsel Claudia Tobler and Diane Meyers; corporate partners Ariel Deckelbaum, Toby Myerson, David Huntington and Thomas de la Bastide and counsel Bruce Gruder; litigation partners Allan Arffa, Daniel Leffell, Leslie Fagen, Andrew Gordon, Stephen Lamb and Jaren Janghorbani and counsel Robert Kravitz; antitrust counsel Didier Malaquin and Marta Kelly; tax partner Scott Sontag; employee benefits partner Robert Fleder and counsel Reuven Falik; and environmental partner Gaines Gwathmey.

November 5, 2015

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