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On September 19, 2011, Simpson Thacher represented Qimonda Richmond and Qimonda North America in obtaining an order confirming a plan of liquidation that was jointly proposed with the Official Committee of Unsecured Creditors.  On October 7, 2011, the plan became effective and the Qimonda entities exited bankruptcy.  Pursuant to the plan, the assets of both debtors were transferred to litigation trusts, which will pursue pending litigation, resolve outstanding claims and make cash distributions to unsecured creditors. 

Simpson Thacher has represented Qimonda Richmond and Qimonda North America in their chapter 11 cases since February 20, 2009.  Throughout the chapter 11 cases, Simpson Thacher represented the Qimonda entities in obtaining $60 million in debtor in possession financing to stabilize their operations and allow them to consummate the sale of substantially all of their assets, resulting in sale proceeds of approximately $228 million.  Additionally, Simpson Thacher represented the debtors in mediating and settling approximately $4 billion in aggregate reciprocal claims filed against and by their ultimate corporate parent, Qimonda AG, and settling multiple class action lawsuits filed by certain former and current employees.

The Simpson Thacher team for this transaction includes: Mark Thompson, Morris J. Massel and Terry Sanders (Bankruptcy); Mary Beth Forshaw, Alex Simkin and Elizabeth Gudis (Litigation); Rhett Brandon and Ravi Purushotham (Mergers & Acquisitions); Ursula Mackey and Wendy Wu (Credit); Susan Kaufman (Executive Compensation and Employee Benefits); Mardi Merjian (Real Estate) and Jonathan Goldstein (Tax).