Assumption and Assignment of Retail Leases in Bankruptcy: Determining Adequate Assurance of Future Performance
Curing Defaults, Post-Petition Rent, Negotiating Lease Amendments, Due Diligence on Assignees, Recent Cases
Recording of a 90-minute CLE video webinar with Q&A
This CLE course will offer bankruptcy practitioners insight into key considerations and best practices concerning Bankruptcy Code Section 365's requirements for assuming and assigning retail leases, enhanced protections for certain landlords, curing defaults, establishing and providing adequate assurance of future performance including Section 365(l), current issues related to the tenant-debtor's post-petition rent and other obligations, negotiating lease amendments, and recent cases.
Outline
- Post-petition obligations under leases/contracts
- Debtor's business judgment under Section 365
- Assumption and cure of defaults: adequate assurance of future performance
- Assumption and assignment: adequate assurance of future performance
- Additional protections for shopping center leases
- Due diligence on prospective assignees
- Negotiation of lease amendments during a retail bankruptcy case
- Landlord interests
- Assignee/tenant interests
- Recent cases
Benefits
The panel will review these and other important issues:
- What are best practices for conducting due diligence of prospective assignees?
- How have courts interpreted Section 365(b)(3)(A)?
- Is Section 365(l) underutilized and what are best practices for leveraging it?
- How are post-assumption defaults dealt with?
Faculty
Amy E. Vulpio
Partner
Stradley Ronon Stevens & Young
Ms. Vulpio counsels financial institutions, secured lenders, insurance companies, lessors, trade creditors, and... | Read More
Ms. Vulpio counsels financial institutions, secured lenders, insurance companies, lessors, trade creditors, and other businesses and individuals in financial restructuring, bankruptcy, appellate and commercial litigation matters. On behalf of debtors, she assists with facilitating out-of-court workouts, preparing bankruptcy petitions and motions, formulating plans of reorganization or liquidation, and prosecuting claims objections and preference and fraudulent conveyance actions in both traditional Chapter 11 cases and Subchapter V small-business bankruptcies. Additionally, Ms. Vulpio handles bankruptcy-related litigation ranging from routine to complex and contentious, as well as bankruptcy appeals, including appellate briefing and oral argument.
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Benjamin L. Wallen
Attorney
Pachulski Stang Ziehl & Jones
Mr. Wallen is a resident in the firm’s Texas office and concentrates his practice on representing debtors,... | Read More
Mr. Wallen is a resident in the firm’s Texas office and concentrates his practice on representing debtors, official committees of unsecured creditors, trade vendors, and other parties in some of the largest or otherwise most complex bankruptcy cases in the nation. He also regularly represents postconfirmation trusts as well as various other parties in bankruptcy-related litigation. Mr. Wallen has had active roles in the firm’s representation of Noble House Home Furnishings (S.D. Tex.), Lifesize (S.D. Tex.), and Easterday Ranches (E.D. Wash.), as well as the firm’s representation of the creditors’ committees in Hornblower Holdings (S.D. Tex.), Altera Infrastructure (S.D. Tex.), and Limetree Bay Services (S.D. Tex.), among other notable cases. He speaks regularly on bankruptcy and insolvency-related issues, including at seminars and conferences in Texas and Louisiana, and has authored multiple articles on various bankruptcy issues. Mr. Wallen also serves as a co-chair of the Legislation & Rules Subcommittee of the Business Bankruptcy Committee of the American Bar Association. He has received numerous recognitions for his work on bankruptcy and insolvency matters, such as being designated a 2024 “Rising Star” by Super Lawyers magazine, being included in the 30th and 31st editions of The Best Lawyers in America, and receiving the American Bankruptcy Institute’s Medal of Excellence upon graduation from law school. Mr. Wallen received his bachelor’s degree from the University of Oklahoma (2013) and his Juris Doctorate from the University of Houston Law Center (2016).
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