Dewey & LeBoeuf LLP is weighing options, including a pre-packaged bankruptcy, to avert the New York-based law firm’s collapse after losing dozens of partners over several months, a person familiar with the matter said.
Dewey & LeBoeuf LLP is preparing to liquidate its U.K. office while its U.S. practice tries to collect its bills and preserve its business, a firm executive and two people familiar with the situation said.
Dewey & LeBoeuf LLP, the No. 3 law firm adviser to banks handling merger deals, is nearing an April 30 deadline to show bank lenders it has a survival plan, possibly including absorption by another firm or cost-cutting.
BP Plc may saddle potential buyers of its assets with lawsuits as Europe’s second-biggest oil company tries to raise money to pay claims that may reach $100 billion from the Gulf of Mexico spill, lawyers said.
BP Plc , whose potential liability for the Gulf of Mexico oil spill has lawmakers and analysts raising the specter of bankruptcy, would be unlikely to avoid paying claims by seeking court protection, restructuring experts said.