Cooley Recognized for Award-Winning Bankruptcy Matters
New York – February 5, 2025 – Cooley’s global business restructuring practice has been recognized by multiple industry associations for its representations of creditors, debtors and creditor committees. Most recently, M&A Advisor’s 19th Annual Turnaround Awards recognized Cooley in three categories:
Chapter 11 Reorganization of the Year ($100 million to $500 million)
Chapter 11 reorganization of WeWork: The Cooley team counseled Cupar Grimmond, a wholly owned subsidiary of Yardi Systems, a secured lender and party to a restructuring support agreement with WeWork and WeWork’s other secured lender, on all aspects of WeWork’s restructuring, including Cupar’s provision of debtor-in-possession financing to WeWork in the bankruptcy cases, which paved the way for WeWork’s successful reorganization. Upon WeWork’s emergence from bankruptcy in June, Cupar acquired a majority stake in the reorganized company and controls its board of directors.
Restructuring of the Year ($5 billion to $10 billion)
Restructuring of Endo Pharmaceuticals: Cooley represented the Official Committee of Opioid Claimants (OCC) in the Chapter 11 bankruptcy of Endo International, a pharmaceutical company alleged to have contributed to the opioid epidemic in the US through its development and commercialization of various opioid drugs.
Cross-Border Restructuring of the Year (Under $100 million)
Restructuring of Gamida Cell: Cooley advised longtime client Gamida Cell Ltd. and its subsidiary, Gamida Cell Inc., in a pioneering global restructuring. The team employed a novel approach by combining debt arrangement proceedings in Israel with US Chapter 15 and 11 proceedings. This was the first time a US court recognized and enforced an Israeli debt arrangement, setting a significant precedent. The restructuring involved converting approximately $75 million of the company’s debt into 100% equity of the reorganized company, providing Gamida Cell with the financial runway to continue advancing its stem cell therapy, Omisirge.
The awards will be announced at the 19th Annual Turnaround Awards Gala during the 2025 Distressed Investing Summit in March.
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