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A top-notch restructuring group, capable of handling the biggest and the most difficult restructuring from either company side or creditors’ side.

- Chambers USA, Band 1 Bankruptcy/Restructuring (Nationwide and NY)

SDNY Bankruptcy Judge Approves Sears Deal

U.S. Bankruptcy Judge Robert Drain approved a $5.2 billion sale of Sears’s assets to a new entity owned by ESL Investments, Inc. The transaction includes a limited release of ESL relating to certain litigation claims. In approving the sale, the judge overruled objections from the unsecured creditors committee and other parties. Paul, Weiss represents the independent directors, Alan Carr and William Transier, on the restructuring subcommittee of the Sears Board that is investigating pre-bankruptcy related-party transactions, and negotiated and approved the release and credit bid aspects of the sale transaction.

The Paul, Weiss team includes bankruptcy partners Paul Basta, Kelley Cornish and Robert Britton; litigation partners Lewis Clayton and Susanna Buergel and counsel Jonathan Hurwitz and Karen King; corporate counsel Stephen Koo; and real estate partner Meredith Kane and counsel Karla Booth.

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