Simpson Thacher represented Crane Holdings, Co. (NYSE: CR) in the divestiture of Redco Corporation, a wholly owned subsidiary of Crane that holds liabilities including asbestos liabilities and related insurance assets to Spruce Lake Liability Management Holdco LLC. At closing, Crane contributed approximately $550 million in cash to Redco, and Spruce Lake made a capital contribution of $83 million.
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications.
Spruce Lake Liability Management, an entity formed by a joint venture between Global Risk Capital LLC and affiliates of Fortress Investment Group LLC, is a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities and related corporate assets.
The Simpson Thacher team included Ravi Purushotham, Michael Torkin, Jamie Fell and Jonathan Mitnick (M&A / Corporate); William Russell (Litigation); Drew Purcell, Eli Shalam and Matthew Lester (Tax); Toby Chun and Deepa Sarkar (Environmental); Andrew Blau and Charles Pfeifer (ECEB); and Jessica Cohen (IP/Data Privacy).