LIV Golf creditors tap law firm Willkie in golf circuit’s bankruptcy
By Mike Scarcella
WASHINGTON, Oct 27 (Reuters) - A committee representing LIV Golf's unsecured creditors has hired law firm Willkie Farr & Gallagher to advise the group on the Saudi-backed golf circuit's US bankruptcy proceeding, including restructuring negotiations and any litigation that may arise, a court filing on Monday showed.
The committee, which includes media interests and other vendors, said it considered four law firms before selecting New York-headquartered Willkie for the LIV case in US bankruptcy court in New Jersey. The law firm will work with Fox Rothschild, court filings showed.
Willkie said its partners and senior counsel will charge the committee between $2,350 and $3,100 an hour. Associates and other lawyers at the firm, home to 1,300 attorneys, will bill between $995 and $2,075, the filings showed.
The professional men's golf league and PGA Tour competitor filed for bankruptcy protection last month in New Jersey as a step toward restructuring. LIV has said it plans to continue operating while it reorganizes.
The circuit has been planning its next chapter after Saudi Arabia's Public Investment Fund (PIF) in April said additional investment in LIV no longer aligned with its goals and that its financial support would end after the 2026 season. The PIF has invested more than $5 billion in LIV Golf since its 2022 launch.
Willkie and LIV Golf did not immediately respond to requests for comment.
The Willkie team includes New York-based partner Brett Miller, co-leader of the firm's strategic capital and restructuring department. Miller did not immediately respond to a request for comment.
Law firm Gibson Dunn is representing LIV in the US bankruptcy proceeding, and said last month that it expects to charge between $2,090 and $3,240 an hour for partners, $1,845 to $1,990 for counsel and $995 to $1,780 for associates.
Gibson Dunn said the rates are slightly below the firm's standard rates for comparable restructuring, corporate and litigation matters. The firm said it additionally applied a 20% discount on the total fees incurred by LIV.
LIV’s bankruptcy filings showed Gibson Dunn’s Scott Greenberg, head of the firm’s business restructuring and reorganization practice, will charge $3,240 an hour in the legal proceeding.
The Los Angeles-founded firm in September billed LIV more than $1.6 million, according to a bankruptcy filing on Monday. London-based restructuring partner Christopher Howard charged $3,150 an hour, the highest rate shown in the filing.
More large US law firms are regularly charging above $3,000 an hour for top partners. Reuters has reported rates as high as $4,000 for prominent lawyers at law firm Susman Godfrey. Law firms Gibson Dunn, Milbank and Quinn Emanuel are also among firms with some partner rates over $3,000.
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