Summary
The law firm McDermott Will & Emery has billed Voyager’s committee of unsecured creditors $5.1 million for their work from March to May. This brings the total compensation charged to the group to $16.4 million, exceeding the budgeted amount of $11.2 million. McDermott attorneys have billed $1 million for work on plan and disclosure settlement, which includes discussing sale options, meeting potential buyers, and addressing objections. In addition, Voyager paid $1.1 million to law firm Kirkland & Ellis for their representation. The market downturn in 2022 has resulted in many bankruptcies, leading to significant profits for law firms. However, critics argue that these high costs and lengthy legal processes diminish the funds available to creditors.
Key Points
– McDermott Will & Emery has billed $5.1 million to Voyager’s committee of unsecured creditors.
– The total compensation charged to the group is now $16.4 million, surpassing the budgeted amount.
– McDermott attorneys have billed $1 million for work on plan and disclosure settlement.
– Voyager paid $1.1 million to law firm Kirkland & Ellis for their representation.
– The market downturn in 2022 has resulted in profitable bankruptcies for law firms.
Hot Take
The increasing costs of legal fees in bankruptcy and restructuring cases raise concerns about the impact on creditors. While law firms profit from these cases, creditors may receive less money due to the allocation of funds towards legal expenses. It is essential to strike a balance between legal representation and ensuring creditors receive adequate compensation.
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