Sullivan & Cromwell advised on two matters recognized by Turnarounds & Workouts as “Successful Restructurings of 2024.”
The Firm advised SVB Financial Group, the parent company of Silicon Valley Bank, through its successful plan of reorganization, which became effective less than 20 months after the company filed for Chapter 11 following the third-largest bank failure in U.S. history.
S&C also represented an ad hoc committee of bondholders in the restructuring of convertible bonds of No Va Land, which was once the second-largest real estate company in Vietnam. The restructuring was implemented through a first-ever cross-border, pre-pack scheme of arrangement approved by the Singapore International Commercial Court.
The S&C team advising SVB included Jim Bromley, Robert Sacks, Diane McGimsey, Adam Paris, Jared Fishman, Jameson Lloyd and Christian Jensen. The S&C team advising the No Va Land bondholders included Chris Beatty, Zoey Zhang and Jisoo Park.