Bankruptcy Reorganization Plans and Cram Downs
Strategies for Debtors and Creditors to Navigate Complex Plan Confirmation Rules
Recording of a 90-minute CLE teleconference with Q&A
Conducted on Wednesday, July 22, 2009
Recorded event now available
This seminar will review the requirements for a bankruptcy plan confirmation, the mechanics of bankruptcy cram downs, and strategies for debtors and creditors in negotiating a plan cram down. The panel will also discuss issues unique to real estate bankruptcies.
Description
As corporate bankruptcies continue unabated and a wave of commercial real estate bankruptcies are looming, the issue of plan reorganizations and cram downs are at the forefront of many bankruptcy battles. Never before have the stakes been so high in Chapter 11 bankruptcies.
Debtors have high hurdles to have a plan approved through cram down. There are various strategies that creditors and lenders can employ to thwart the threat.
Practitioners representing both debtors and lenders must understand the complexities of both the bankruptcy plan confirmation process and cram down procedures to strategize creatively and effectively to protect clients' interests.
Listen as our authoritative panel of bankruptcy attorneys analyzes the complex rules for plan confirmation and plan cram down. The panel will outline legal strategies for debtors and creditors to best advance and protect their respective positions.
Outline
- Overview of plan confirmation and cram down provisions
- Plan requirements
- Voting rules
- Absolute priority rule
- Fair and equitable
- Feasibility of plan
- Burden of debtor
- Cram down strategies and objections
- New value exception to the absolute priority rule
- Section 1111(b)(2) election for undersecured creditors
- Secured creditor receives indubitable value
- Designation of classes of creditors
- Claims purchasing
- Cram down interest rates post-Till
- Unique issues for real estate bankruptcies
- Commercial single asset real estate cases
- Authority of borrower to file — SPE’s
- Springing recourse guaranties
- Second-lien loans
- Impact of General Growth Properties case
Benefits
The panel will review these and other key questions:
- What factors determine whether the debtor's reorganization plan is feasible?
- What are the pitfalls in purchasing claims of other unsecured creditors to defeat plan confirmation?
- How have the courts applied the cram down interest rate post-Till to Chapter 11 cases? And, how will the current economy affect this analysis?
Faculty
Michael E. Foreman,
Partner
Dorsey & Whitney, New York
He represents secured and unsecured lenders and creditors, acquirers of and investors in distressed assets, and reorganizing and financially distressed companies in Chapter 11 restructurings.
John F. Isbell,
Counsel
King & Spalding, Atlanta
He is a member of the Financial Restructuring Practice Group. His practice includes representation of debtors, secured lenders, and unsecured creditors in bankruptcy cases, receiverships, and workout matters, as well as bankruptcy and insolvency-related litigation in federal and state courts.
Lorraine S. McGowen,
Partner
Orrick Herrington & Sutcliffe, New York
She has practiced in the areas of creditors' rights and bankruptcy for over 20 years, focusing on enforcement of creditors' rights and remedies in out-of-court workouts and bankruptcy proceedings. She represents formal and ad hoc creditors' committees, secured and unsecured creditors and other significant parties in complex bankruptcy cases, corporate restructurings and other insolvency matters.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
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Online CLE Audio $297.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, GA, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.
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Available ten business days after the live event
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