Milbank LLP represented the issuing banks and administrative agents in connection with a $450 million “first out” senior secured cash collateralized letter of credit facility for two newly formed SPV borrowers, each a subsidiary of office-sharing company WeWork Inc. (OTCMKTS: WEWKQ) ("WeWork") as part of WeWork’s emergence from chapter 11 bankruptcy proceedings on June 11, 2024.
The Milbank teams were led by New York-based Global Leveraged Finance partners George Zhang and Michael J. Bellucci along with associates Emily Rutcofsky, Julia Wennberg, Matthew Park, Yuna Pyun and Annie O’Connor, New York-based Financial Restructuring partner Michael Price along with special counsel Brian Kinney and associate Michael Scian and New York-based Alternative Investments partner Brian C. Troxler.
