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

Tops Markets and Its Affiliates Emerge From Chapter 11

Paul, Weiss advised an ad hoc committee of secured noteholders and postpetition lenders in the successful chapter 11 reorganization of Tops Markets, LLC and its debtor affiliates. Tops is a leading full-service grocery retailer in upstate New York, North Pennsylvania and Vermont. In addition to holding the “fulcrum” security in the company’s capital structure, our clients provided $125 million in debtor-in-possession financing and worked alongside Tops to achieve a settlement of a longstanding, contentious dispute with the Teamsters Local 264, as well as a settlement of pension-related liabilities with the United Food and Commercial Workers Local One Pension Fund and the Teamsters Local 264 Pension Fund. The secured noteholders, which included Silver Point and Fidelity, received 100 percent of the equity of the reorganized company as well as certain post-emergence debt obligations, approximately 85 percent of which will be held by the members of the ad hoc committee represented by Paul, Weiss. As a result of the chapter 11 cases, Tops was able to reduce its indebtedness by $445 million, resolve significant labor and pension issues and longstanding litigation, and obtain a total of $100 million in go-forward liquidity.

The Paul, Weiss team included bankruptcy partner Alan Kornberg, counsel Robert Britton, Lauren Shumejda and Diane Meyers; corporate partners Lawrence Wee, Robert Zochowski and Kelley Parker, counsel Chaim Theil and Bruce Gruder; employee benefits partner Robert Fleder; and tax partner David Sicular.

November 30, 2018

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