Kramer Levin’s Work on Saint Vincent’s Bankruptcy Wins Award
Kramer Levin Naftalis & Frankel received a Turnaround Atlas Award for the firm’s work as debtor’s counsel for Saint Vincent Catholic Medical Centers of New York. The complex bankruptcy transaction was named Healthcare Services Turnaround of the Year at the annual awards gala in Chicago.
The Saint Vincent’s Chapter 11 plan, which the U.S. Bankruptcy Court for the Southern District of New York confirmed on Monday, provides for a 100% recovery for administrative, priority creditors and secured lenders, and a substantial recovery by the employees and pensioners. Saint Vincent’s successfully consummated several going-concern sales of its healthcare services, preserving critical patient care needs in the communities served by the hospital system. During the case, the Saint Vincent’s management and legal team negotiated a $260 million sale of the Manhattan Hospital campus with the Rudin Family, which includes a requirement for opening a new comprehensive care center, including a precedent-setting free-standing emergency department, by North Shore-LIJ hospital.
The Kramer Levin team was led by partners Kenneth H. Eckstein and Adam C. Rogoff. The team also included partner P. Bradley O’Neill, special counsel Gregory G. Plotko and associate Anupama Yerramalli. Kramer Levin worked on the matter with Grant Thornton LLP, which provided the interim management team led by Mark E. Toney and Steven Korf.