Four years ago, Sullivan & Cromwell broke with its practice of shunning debtor’s-side Chapter 11 work when it signed on to represent longtime client Eastman Kodak Co. in the company’s bankruptcy proceedings. Now the firm has once again turned up as debtor’s counsel—this time for Arctic tanker company Primorsk International Shipping Ltd.
On Thursday, as part of Sullivan & Cromwell’s application to represent Primorsk in Manhattan federal bankruptcy court, the firm explained that it doesn’t normally bill by the hour, at least exclusively, putting it at odds with standard Chapter 11 billing practices. But in order to represent Primorsk, wrote Sullivan & Cromwell partner Andrew Dietderich, the firm had agreed to make an exception.
