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Simpson Thacher Lands Kirkland Partners; Liberty Puerto Rico Sued Over Drop-Down
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Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Friday, March 20. In today's briefing, we report on another lateral to Simpson Thacher, and a creditor lawsuit against Liberty Puerto Rico after its deal-away last year.
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Kent Nishimura/Bloomberg News
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Simpson Thacher lands more restructuring partners from Kirkland. Simpson Thacher & Bartlett is continuing to recruit restructuring partners from Kirkland & Ellis after recently landing a leading liability-management lawyer from the firm, according to people familiar with the matter.
Kirkland restructuring partners Brian Schartz and John Luze are expected to join Simpson Thacher, the people said. Their departures follow Simpson Thacher’s hire last month of David Nemecek, who played a key role in recent years in popularizing the use of liability-management exercises.
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Ricardo Arduengo/Associated Press
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Liberty Puerto Rico creditors challenge drop-down. Major creditors of Liberty Puerto Rico sued its parent company to try to unwind a $250 million loan from Diameter Capital Partners that subordinated its other debt obligations into a junior position.
GoldenTree Asset Management and Arini Capital Management alleged in their complaint that Liberty Puerto Rico breached its credit agreement by dropping its network and spectrum assets into a new subsidiary last year to serve as collateral for the Diameter loan.
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Echostar strikes Dish DBS restructuring deal. The telecom company said it signed a restructuring agreement for its Dish DBS unit that would be implemented either out of court or in a chapter 11 proceeding if needed.
Echostar said that as part of the agreement with holders of most Dish DBS securities, it had prepaid $1.6 billion in term loans and preferred interests. The restructuring also provides Echostar with "financial flexibility and strategic optionality," including for a potential merger or acquisiton deal, the company said.
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Big banks score win under looser capital rules. America’s biggest banks would be allowed to hold billions of dollars less in capital on their books under a new set of federal proposals to ease the post-2008 financial crisis rules that were designed to shield against another meltdown.
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