Business Reorganization and Restructuring Department Co-Chairs recognized among a short list of 2010’s top transactions lawyers for their respective roles in the landmark reorganization of Delphi Corporation.
Business Reorganization and Restructuring Department Co-Chairs Marc Abrams and Matthew Feldman were named to The American Lawyer’s 2010 "Dealmakers of the Year" in recognition of their respective roles in the 2009 landmark reorganization of Delphi Corporation. Mr. Abrams is lauded for leading the Willkie team advising a group of debtor-in-possession lenders under a $3.25 billion facility, including successfully orchestrating and implementing one of the largest credit bids lodged in a bankruptcy auction. Separately, Mr. Feldman is recognized for his role in the Delphi restructuring in his capacity as the Chief Legal Advisor to the Obama administration’s Presidential Task Force on the Auto Industry.
Each year, The American Lawyer profiles a dozen or so of the nation’s top transactions lawyers for their handling of matters that were significant, both in terms of monetary value and importance to their clients’ overall business strategy. The attorneys are acknowledged for their extraordinary handling of matters that presented "specific and difficult legal challenges" that were "successfully solved in an innovative way by the dealmakers."
The "Dealmakers of the Year" segment, published in the April 2010 AmLaw, includes in-depth profiles for both Mr. Abrams and Mr. Feldman. The AmLaw writes that Mr. Abrams was sought by a group of disaffected postpetition creditors "who stood to lose billions in a deal that Delphi and its largest customer, General Motors, had struck to sell a controlling stake in Delphi to Platinum Equity, LLC. Abrams convinced DIP lenders with widely divergent goals to break free from their historically passive role and take control of the process. In the end, the DIP group actually acquired Delphi out of bankruptcy, a first in a major filing."
With respect to Mr. Feldman’s role while serving in his government capacity, AmLaw notes, "In Washington, Feldman advised on the government's role in restructuring GM, Chrysler, Delphi Corporation, and GMAC. ‘Each one of them was an all-consuming, full-time job,’ Feldman says. But as the task force's chief legal adviser—and only one of the task force's 11 members hired to practice law—all four jobs were his."
Separately, Mr. Abrams was recently elected to the American College of Bankruptcy’s Board of Regents and Mr. Feldman was recently named as one of Turnaround & Workouts "Outstanding Restructuring Lawyers for 2009.