Still, it was a signature Butler event. Rather than a standard bankruptcy close, Butler prefers extremely formal proceedings—to the point where participants at the Delphi close even read from a script that Butler, coleader of Skadden’s corporate restructuring group, had written and negotiated with the various parties. A court reporter transcribed the affair. “You don’t want people to bring up issues at this late a point,” Butler explained.
He could be forgiven for a bit of overkill. It had been a death-defying few years. Four high-profile debt-for-equity deals for the postemergence company had failed to launch, due to strategic miscalculations and macroeconomic forces. (After each successive equity bid, the field of potential investors and the size of creditors’ recovery shrank.)
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