Dewey Files Liquidation Plan

Dewey & LeBoeuf, the international law firm that sought bankruptcy protection last May, has filed its U.S. Bankruptcy Code Chapter 11 plan and disclosure statement. It sets out their proposal to liquidate their assets in order to repay creditors at least a portion of more than $600 million in debt.

Chief on the asset side, 400 former Dewey partners have pledged to contribute approximately $71.5 million toward the debt. On the other side, the largest creditor is lender JPMorgan Chase.

Creditors and the court need to approve the plan before liquidation can begin. For more on the former 1,300-lawyer firm’s denouement (including a legal battle with retired partners), see www.americanlawyer.com.

Jean Cumming

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