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October 2012
Curtis Transaction Wins 2012 International M&A Advisor Awards Deal Financing of the Year

The development of a secured DIP Facility by Barclays Bank PLC was chosen as the 2012 International M&A Advisor Awards Deal Financing of the Year.  The 1.45 billion Barclays DIP Facility was arranged in connection with the chapter 11 cases of Residential Capital, LLC and certain of its direct and indirect subsidiaries ("ResCap"), where Curtis acts as conflicts counsel to ResCap.   ResCap is a real estate finance company whose primary and most valuable business operations consist of servicing 2.3 million domestic residential mortgage loans, which have an aggregate unpaid balance in excess of $300 billion.  The availability of proceeds from the Barclays DIP Facility was critical to enable ResCap to continue operating in the ordinary course its mortgage servicing operations, preserving the value of the ResCap servicing platform for the ultimate benefit of all creditors.  Barclays was represented by Skadden, Arps, Slate, Meagher & Flom.  ResCap's primary restructuring counsel is Morrison & Foerster.  The Curtis team consisted of partners Steven Reisman and Michael Cohen and counsel Maryann Gallagher.
The M&A Advisor's International Awards Gala honors the leading deal-teams, deal-makers and firms whose activities set the standard for cross-border transactions.
International Lawyers