Orrick restructuring partner Marc Levinson was named one of 20 Dealmakers of the Year nationwide by The American Lawyer. Marc was recognized for leading the Orrick team that advised the City of Stockton, California, in its bankruptcy case.
On October 30, 2014, Chief U.S. Bankruptcy Judge Christopher Klein orally confirmed Stockton’s chapter 9 plan of adjustment. The confirmed plan incorporates settlements with all but one of the city’s major creditors. In addition, all nine of the city’s unions agreed to new collective bargaining agreements, and retirees voted overwhelmingly in favor of the plan of adjustment that eliminated approximately $545 million in employee health benefit costs in return for retaining pension benefits. The city has since exited Chapter 9.
According to The American Lawyer, “By the time U.S. Bankruptcy Judge Christopher Klein confirmed Stockton's exit plan in October, the city's case had resulted in six published decisions and a ruling that had the potential to set precedent across California. Klein ruled that Calpers, California's public-employee pension plan, should be treated like any other unsecured creditor in Chapter 9 proceedings, leaving Stockton free to break its pension contracts without paying a $1.6 billion termination fee. In the end, however, Stockton stayed in the system and made no cuts to its pensions.”
Resident in the firm’s Sacramento office, Marc’s practice concentrates on insolvency planning, bankruptcy cases, out-of-court reorganizations and workouts. In additional to local governments, he represents secured and unsecured creditors, acquirers of assets from insolvent companies, debtors, indenture trustees, committees and bankruptcy trustees. He was previously honored as a Dealmaker of the Year by The American Lawyer in 2009 for his work as lead debtor's counsel in the bankruptcy case of the City of Vallejo, California.