Weil Gotshal & Manges has scored another leading role amid the unfolding financial market turmoil, advising AIG on its $85bn US government funding.
New York restructuring partner Gary Holtzer (pictured) is leading the firm advising the beleaguered insurer on the funding granted by the Federal Reserve.
It is thought the instruction came as a result of Weil’s role preparing a potential bankruptcy filing yesterday (16 September), when the future of AIG remained uncertain.
One Weil source said: “It is very similar to Lehman in that we got the instruction via bankruptcy counsel. We are now dealing with the whole range of issues relating to AIG including the term sheet for the government funding.”
Earlier this week (15 September) The Lawyer reported that Weil Gotshal veteran Harvey Miller was leading the firm’s team advising on Lehman’s Chapter 11 filing.
A Linklaters team led by Tony Bugg in the UK is advising PricewaterhouseCoopers as administrator to Lehman Brothers International Europe.