Leasing Companies Owed $46.8MM in Dewey & LeBoeuf Bankruptcy
JUN 1, 2012 - 4:00 pm
According to documents filed with the U.S. Bankruptcy Court, Southern District of New York, Winthrop Resources, U.S. Bank Equipment Finance and SunTrust are owed a combined $46.8 million in the Dewey & LeBoeuf bankruptcy case.
Winthrop Resources, U.S. Bank Equipment Finance and SunTrust are owed $35.5 million, $7.7 million and $3.5 million, respectively. JPMorgan Chase, as collateral agent to noteholders, is named an unsecured creditor owed $150 million. In addition, the law firm owes JPMorgan Chase and a group of secured lenders $76.5 million.
Reuters reported that U.S. Trustee Tracy Hope Davis, whose office supervises bankruptcy cases, appointed a committee of unsecured creditors to advise on the case, including Fidelity National Capital, a leasing company that provides technology financing and became a part of Winthrop in 2009. According to TFC’s website, Winthrop acquired Financial Capital’s Professional Services and Bank Partner Program to provide increased diversity and additional marketing channels.
As previously reported on monitordaily’s sister site, abfjournal.com, Dewey & LeBoeuf announced that in an effort to preserve assets and wind down its business in the most orderly and efficient way possible, it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code on May 28. Unlike most other Chapter 11 cases, this filing does not anticipate a return to business but rather a managed wind down of affairs, followed by liquidation. Dewey & LeBoeuf expects the most significant portion of the process to be completed in the next few months. In the interim, the firm will be operating on a budget and according to a timetable to be determined by the court.
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