Second Circuit Affirms Rulings In Westpoint Stevens Chapter 11 Case
03.26.10
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On March 26, 2010, a panel of the Second Circuit unanimously affirmed several rulings of U.S. Bankruptcy Judge Robert Drain in the chapter 11 case of Westpoint Stevens. Among the rulings was an award of adequate protection to the company's second lien lenders. The Firm represented second lien lenders Perry Capital, GSC Partners and Pequot Capital in this matter, and led the successful litigation of the adequate protection award in the trial court and in the initial appeal to the District Court.
Restructuring and Bankruptcy partner Mark Thompson handled the matter for the minority second lien lenders and briefed the issue of adequate protection on which the minority second lien lenders prevailed.