While the precise nature of Dewey & LeBoeuf’s inevitable demise remains to be seen, several creditors owed millions of dollars aren’t waiting around to find out how the story ends.
Three of the four banks that extended a $100 million line of credit to the now-crippled law firm have sold their portions of the debt, according to a source familiar with the matter. Those lenders Citi Private Bank, Bank of America, and HSBC were part of a consortium led by J.P. Morgan Chase that was collectively owed a reported $75 million as Dewey collapsed. It was unclear Thursday who bought the banks’ Dewey debt and at what price. Representatives from all four of the firm’s lenders declined to comment when contacted by The Am Law Daily.
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