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November 18, 2009
Chapter 11 Milestone Achieved for Curtis Client The Fairchild Corporation

New York, November 18, 2009 – Curtis, Mallet-Prevost, Colt & Mosle LLP has obtained disclosure statement approval on behalf of its client The Fairchild Corporation. The disclosure statement, which describes the treatment of claims and interests under Fairchild’s Joint Chapter 11 Plan of Liquidation (the “Plan”), was approved by the Bankruptcy Court for the District of Delaware on November 9, 2009. Fairchild is now able to solicit votes of eligible creditors for approval of the Plan through mailed ballots, which are due to be returned by December 7, 2009. With the Plan confirmation hearing scheduled for December 17, 2009, Fairchild is positioned to emerge from Chapter 11 before year-end.

The Plan provides for the full payment or similar satisfaction of all secured claims as well as administrative and priority claims. It also allows unsecured claims to share pro rata in the distributable proceeds, if any, of a liquidating trust to be created under the Plan. Total secured and unsecured claims, many of which are subject to dispute, are stated in the amount of approximately $3 billion.

The Plan follows Fairchild’s sale of substantially all of the assets of its Banner subsidiaries as a going concern, the selling of which was “free and clear” of all claims and interests under section 363 of the Bankruptcy Code. The Banner sale closed on June 10, 2009, and the Plan will distribute the net proceeds of that sale, and the residual value of Fairchild’s Chapter 11 estates, all in accordance with the distribution priorities specified in the Bankruptcy Code.

The Fairchild team is led by partners Steven J. Reisman, Timothy A. Barnes and Jerrold L. Bregman, and associate Veronique Hodeau from the Restructuring and Insolvency group, partner Eileen Matthews and associate Oreste Cipolla from the Corporate group, partner Turner Smith from the Litigation group and partner Eduardo Cukier from the Tax group.
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