The Work

January 21, 2010 12:51 PM

Kirkland Picks Up Pieces for Bankrupt Atrium

Posted by Brian Baxter

The same day that Kirkland & Ellis scored the Chapter 15 assignment for Japan Airlines, the firm picked up another bankruptcy assignment--this one for window and patio door manufacturer Atrium.

The Dallas-based company filed for bankruptcy in Delaware on Tuesday after reaching an agreement with lenders to shed more than $350 million in debt. Atrium has received commitments for a $40 million debtor-in-possession facility and another $125 million through equity investments by majority owner Kenner & Company and co-investor Golden Gate Capital.

An engagement letter between Kirkland and Atrium filed with the bankruptcy court shows that the firm was retained on August 14, 2009. Bankruptcy court records show that Atrium paid Kirkland a $350,000 retainer in late September, which has been continuously replenished as Atrium paid the firm more than $1.8 million in fees and expenses over the past four months.

Kirkland partners are billing between $580 and $995 per hour, of counsel between $435 and $995, and associates at hourly rates ranging from $340 to $670. Restructuring partners Richard Cieri ($995/hour) and Joshua Sussberg ($660/hour) are leading the Kirkland team advising Atrium. Associate Brian Schartz ($505/hour) is assisting.

Bankruptcy partner Domenic Pacitti and of counsel Michael Yurkewicz with mid-Atlantic firm Klehr Harrison Harvey Branzburg are serving as cocounsel to the debtor. The firm will advise Atrium on matters in which Kirkland has a conflict.

Make a comment

Comments (0)
Save & Share: Facebook | Del.ic.ious | | Email |

Reprints & Permissions


Report offensive comments to The Am Law Daily.

The comments to this entry are closed.

By: TwitterButtons.com

From the Newswire

Sign up to receive Legal Blog Watch by email
View a Sample