Divestiture of a metals manufacturing facility
Our attorneys represented a large manufacturer in a series of multi-party environmental disputes concerning the divestiture of a metals manufacturing facility. In the midst of heated federal court contract and CERCLA litigation, the municipality in which the facility was located expressed an interest in purchasing and redeveloping the facility. Working closely with the city, an environmental remediation transfer company, and an insurance company, we structured and implemented a complex brownfields risk transfer transaction through which the litigation was resolved, and the remediation company and insurer assumed responsibility for the remediation. The facility was conveyed to the municipality, and the combination of a federal brownfields grant and funds from a tax incremental finance zone were used to underwrite redevelopment efforts.