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- Chambers USA, Band 1 for Bankruptcy/Restructuring (Nationwide and NYC) and "Bankruptcy Law Firm of the Year" in 2019
Foresight Energy Emerges from Bankruptcy
- Client News
- June 30, 2020
Paul, Weiss advised Foresight Energy LP, a publicly held producer and marketer of thermal coal in the Illinois basin, in its successful chapter 11 reorganization. Foresight’s chapter 11 plan was confirmed on June 24 by the U.S. Bankruptcy Court for the Eastern District of Missouri, and the company emerged from bankruptcy on June 30.
Foresight and its subsidiaries filed for chapter 11 on March 10 after entering into a restructuring support agreement with ad hoc creditor groups holding more than 73% of the approximately $1.4 billion in claims under each of Foresight Energy’s first lien loans and second lien notes. The chapter 11 plan reduced the company’s debt by over $1.1 billion, and allowed Foresight to emerge with $225 million in secured exit facility loans, $75 million dollars of which will convert to equity 60 days following the closing of the exit facility, and approximately $63 million in cash on hand.
The Paul, Weiss team included restructuring partners Paul Basta and Alice Eaton and counsel Diane Meyers; corporate partners Raphael Russo, Kenneth Schneider and Austin Witt and counsel Chaim Theil; litigation partner Aidan Synnott; tax partner Scott Sontag; employee benefits partners Andrew Gaines and Jean McLoughlin; antitrust counsel Marta Kelly; environmental counsel William O’Brien; and international trade counsel Richard Elliott.