Skadden, Arps, Slate, Meagher & Flom and Japanese firm Nishimura & Asahi have advised Toshiba Corporation on its agreement to sell its claims against bankrupt U.S. nuclear plant maker Westinghouse Electric for $2.16 billion to a consortium controlled by the Baupost Group.
Weil, Gotshal & Manges advised Westinghouse, while Paul, Weiss, Rifkind, Wharton & Garrison advised the Baupost group.
Toshiba has also agreed to transfer its Westinghouse-related shares to Canada’s Brookfield Business Partners, which turned to Willkie Farr & Gallagher for advice.
These deals could help clear Westinghouse’s path out of bankruptcy before Toshiba’s financial year ends in March, reported Reuters, while also allowing the Japanese firm to resolve its negative net worth and stay listed on the Tokyo Stock Exchange.
Westinghouse’s bankruptcy pushed Toshiba into a crisis and prompted the Japanese conglomerate to sell its memory chip business for $18 billion to shore up its balance sheet.
The Skadden team includes bengoshi partner Mitsuhiro Kamiya in Tokyo, corporate restructuring partners Van Durrer in Los Angeles and Chris Mallon in London, corporate partner Scott Hopkins in London, and energy regulation and litigation counsel Robert Warnement in Washington D.C.
Partners Kenichi Minami, Daisuke Koriya and Yusuke Motoyanagi took the lead for Nishimura & Asahi.