Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Jones Day, Schulte Roth & Zabel, and Kramer Levin Naftalis & Frankel have submitted applications for nearly $19 million in attorney’s fees in the Chapter 11 case of the company formerly known as Chrysler. Chrysler bankruptcy docket now has a new name: Old Carco LLC. The company was a profitable one in May—-for bankruptcy lawyers, at least. (Hourly billing rates are listed parenthetically as available.) Chrysler’s bankruptcy counsel at Jones Day, which submitted bills for $18.5 million last month, sought an additional $12.7 million in fees and expenses for work its lawyers did for the Auburn Hills, Mich.-based automaker between April 30 and May 31. According to a 69-page filing submitted by Jones Day partners Corinne Ball ($900), David Heiman ($900), and Jeffrey Ellman ($725) on Monday, the firm incurred nearly $256,500 in expenses and billed for $12.4 million in fees last month. Two London-based Jones Day lawyers had the highest hourly rates: restructuring partner Adam Plainer ($1,175) and employee benefits partner John Papadakis ($1,075). Restructuring associate Andrew Amos ($825), also in London, had the highest hourly rate among associates. (The British pound goes far these days.) The Detroit Free Press reports that 322 Jones Day employees are working on the Chrysler case: 72 partners, 15 counsel, 173 associates, five senior staff or staff attorneys, two law clerks, 28 paralegals, seven legal support personnel, 14 project assistants, and six staff employees. Schulte Roth business restructuring partners Adam Harris ($880) and Lawrence Gelber ($715) submitted a massive 313-page monthly fee statement to the court, requesting more than $2.5 million in fees and expenses. Real estate partner Jeffrey Lenobel ($880), tax partner Alan Waldenberg ($880), and M&A partners Marc Weingarten ($880) and Richard Presutti ($715) also had leading roles from the firm, which advised Cerberus Capital Management when the private equity giant acquired a majority stake in Chrysler in 2007. Mr. Presutti stated in court documents that Schulte Roth helped Chrysler negotiate a deal with Daimler last month over potential pension plan liabilities. Kramer Levin corporate restructuring co-chairs Thomas Moers Mayer ($930) and Kenneth Eckstein ($930) are representing Chrysler’s official committee of unsecured creditors along with bankruptcy partners Adam Rogoff ($795) and Robert Schmidt ($735). The firm submitted an eight-page application to the court requesting to be paid for more than $2.5 million in fees and expenses for the period between May 5 and May 31. Cadwalader, Wickersham & Taft financial restructuring co-chair John Rapisardi is leading a team from the firm advising the U.S. Treasury Department, while Simpson Thacher & Bartlett bankruptcy chair Peter Pantaleo and corporate partner David Eisenberg are representing Chrysler’s first lien secured lenders. Bloomberg reports that Chrysler’s Old Carco assets that linger in bankruptcy may retain little value for unsecured creditors after fees for lawyers and other professional advisors are paid. @

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.