Weil Advises Nicklaus Companies on Voluntary Chapter 11 Filings and Secures DIP Financing

Weil advised Nicklaus Companies LLC and certain of its subsidiaries in voluntary Chapter 11 cases filed in the United States Bankruptcy Court for the District of Delaware. The Company filed for Chapter 11 protection and obtained debtor-in-possession (DIP) financing to fund ongoing operations and the administration of the chapter 11 process without disruption. The filing is intended to enable the Company to proactively address long-term funded indebtedness and other liabilities, including a jury verdict returned in a Florida state court last month in litigation brought by company founder and former Co-Chair Jack Nicklaus. That jury ruled in favor of two Nicklaus Companies executives but awarded $50 million in damages against the Company. The Chapter 11 filing and the secured DIP financing are intended to stabilize and preserve Nicklaus Companies’ businesses for the benefit of employees and clients and to protect the legacy of the Jack Nicklaus brands while legal and restructuring options are pursued. Weil represented Nicklaus Companies LLC and certain of its subsidiaries with a team composed by: Restructuring partner David J. Cohen; Restructuring Department Co-Chair Ronit Berkovich; associates Daphne Papadatos, Maggie Burrus, Jillian Ingrisano and Travis Boyd; Banking & Finance partner Tom Hashagen and associates Keiko Quiñones-Osumi and Laura Ceitlin; Complex Commercial Litigation and Appeals and Strategic Counseling partner Brian Liegel; Entertainment, Sports & Media and Private Equity partner Steve Argeris and associate Joseph Erdos; and Technology & IP Transactions partner Max Scott.

Weil Advises Nicklaus Companies on Voluntary Chapter 11 Filings and Secures DIP Financing

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