Still, it was a signature Butler event. Rather than a standard bankruptcy close, Butler prefers extremely formal proceedings—to the point where participants at the Delphi close even read from a script that Butler, coleader of Skadden’s corporate restructuring group, had written and negotiated with the various parties. A court reporter transcribed the affair. “You don’t want people to bring up issues at this late a point,” Butler explained.

He could be forgiven for a bit of overkill. It had been a death-defying few years. Four high-profile debt-for-equity deals for the postemergence company had failed to launch, due to strategic miscalculations and macroeconomic forces. (After each successive equity bid, the field of potential investors and the size of creditors’ recovery shrank.)

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]