The Firm represented J.P. Morgan Securities Inc. in connection with a $2.187 billion equity backstop commitment for Owens Corning provided by J.P. Morgan and a syndicate of investors. The commitment backstopped a rights offering conducted during Owens Corning’s chapter 11 case and enabled Owens Corning to emerge from bankruptcy after over 5 years on October 31st. The Firm also represented J.P. Morgan Chase Bank in connection with the documentation of a “collar” relating to additional shares of Owens Corning that may be issued in January 2007 as part of Owens Corning’s settlement with the asbestos claimants.
The Simpson Thacher team included partners Michael Nathan, Mark Thompson, Frank Huck, Art Robinson and Ed Chung; and counsel and associates Alice Eaton (bankruptcy), Lesley Peng (corporate), Mark Lab, Frank Marinelli, Adeeb Fadil, Michael Naughton, LeAnn Leutner, Jennifer Nadborny, Esther Kim, Issa Mikel, Timothy Mulvihill, Kenneth Ehrhard; and paralegal Lindsey Cei.