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The thing that strikes you the most about Paul, Weiss is the depth of the practice. They just have a large number of senior partners, all of whom are of an outstanding quality.

- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019

California Resources Emerges From Chapter 11

Paul, Weiss advised an ad hoc group of secured and unsecured creditors in the successful chapter 11 cases of independent oil-and-gas exploration and production company California Resources Corp. The company obtained approval of its plan for reorganization in the U.S. Bankruptcy Court for the Southern District of Texas on October 13. The plan reduced over $5 billion of funded debt and mezzanine equity interests and provided the company with over $650 million of new equity capital. Through the restructuring, the company also reacquired a cryogenic and power plant from a joint venture partner and will pay general unsecured claims in full. 

The Paul, Weiss team includes restructuring partners Elizabeth McColm and Andrew Rosenberg, counsel Diane Meyers and of counsel Stephen Shimshak; litigation partner William Clareman; corporate partners David Huntington, Lawrence Wee and Jordan Yarett and counsel Evan Berman, David Epstein and Philip Heimowitz; tax partner David Mayo; employee benefits partner Andrew Gaines; real estate partner Peter Fisch; and environmental counsel William O’Brien.

October 27, 2020

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