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Simpson Thacher, Weil Gotshal
Are Among Firms in PanAmSat Sale


After a highly competitive auction, PanAmSat Corp., a large satellite operator, has been sold to the private equity firm Kohlberg, Kravis, Roberts & Co. (KKR) for about $4.3 billion.

PanAmSat’s leading shareholder with an 80.5 percent stake in the company is The DIRECTV Group.KKR will pay $3.55 billion in cash and assume $750 million in debt.

PanAmSat is one of the world’s largest satellite operators. It owns or manages 29 satellites.

The company has the capability to reach more than 98 percent of the world’s population through its various services.

It was no surprise that DirecTV chose to sell PanAmSat. Last year, News Corp. purchased a controlling interest in DirecTV from General Motors Corp. Under News Corp., the plan is to sell off some of DirecTV’s assets and focus on the DirecTV product itself.

Simpson, Thacher & Bartlett represented KKR. The team included partners Gary I. Horowitz, Marni J. Lerner, Steven C. Todrys, Robert E. Holo, Simon Clark and Alvin H. Brown; and associates Peter Martelli, Reuben J. Levy, Kristin H. Johnson, Thomas Gray and Robin M. Quittell.

Larry Secrest and James Bayes of Wiley Rein & Fielding handled regulatory advice for KKR.

Weil, Gotshal & Manges was legal counsel for DirecTV. The Weil Gotshal team was led by partners Frederick S. Green and Michael E. Lubowitz. Also participating were partners Warren T. Buhle and Marc L. Silberberg and associates John E. Quattrocchi, Marc E. Kenny, Scott M. Sontag, Heidi L. Fakler and Andrew J. Yoon.

Partner Kathryn M. Fenton of Jones Day was DirecTV’s antitrust counsel.

Latham & Watkins was FCC counsel for DirecTV.

Gibson, Dunn & Crutcher provided representation for PanAmSat.The attorneys who worked on deal included partners Dennis J. Friedman, David M. Wilf, Brian J. Lane, David W. Mayo, Janet Vance and Adam H. Offenhartz; and associates Michael J. Collins, Joshua F. Cender, James J. Moloney, Jeff Kochian, Marci K. Poliakoff, Leah A. Melone and Shahram Haghighi.

Loehmann’s Deal Includes Skadden

In a deal valued at $177 million, private equity firm Crescent Capital Investments Inc. has agreed to acquire specialty retailer Loehmann’s Holdings Inc.

Loehmann’s is a well-known discount clothing chain with 48 locations in 17 states. Founded in 1921, Loehmann’s was one of the first places to feature discounted designer clothing, in its “Back Room” department.

The company went public in 1996 and struggled to grow and diversify. It filed for bankruptcy in 1999 and emerged from Chapter 11 in September 2000. Under Crescent Capital, Loehmann’s will go back to being a privately held company.

Crescent Capital will invest $85 million in equity and an additional $100 million from lenders Cit Group/Business Credit, Inc. and Silver Point Finance.

In-house counsel for Crescent Capital was David Crosland.

King & Spalding provided legal counsel for Crescent. The team included partners, Kathryn Mitchem Furman, C. William Baxley, Robert G. Woodward and W. Donald Knight, Jr.; associates David V. Christopherson, Rakiya K. Diggs, Isam Salah, Rym Khalifeh, Sally C. Nielsen, Robert T. Neufeld and Lisa Read Blanco.

Skadden, Arps, Slate, Meagher & Flom represented Loehmann’s. The lawyers who worked on the deal were partners Alan C. Myers and Richard J. Grossman and associate Nicole M. Simes.

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