May 12, 2004
U.S. Bankruptcy Court for the District of Maryland approves $1.7 billion sale of Willkie client National Energy & Gas Transmission Inc.'s Canadian pipeline unit to Trans-Canada Corp.
On May 12, the U.S. Bankruptcy Court for the District of Maryland approved the $1.7 billion sale of Willkie client National Energy & Gas Transmission Inc.'s Canadian pipeline unit to Trans-Canada Corp. The deal, which includes TransCanada assuming $500 million in debt, was approved following a marathon hearing that was closed to the public for several hours. The May 14 edition of The Daily Deal, notes that Willkie partners Matthew Feldman, Steven Wilamowsky and Shelley Chapman are serving as New York debtor counsel. Mr. Feldman told the paper that the sale is expected to close in approximately 30 days. The deal was also handled by corporate Partners Jeffrey Poss and William Gump. NatEnergy, a holding company with subsidiaries that operate natural gas pipelines, filed for Chapter 11 on July 8, 2003.
