Bankruptcy Reorganization Plans: Recent Trends and Developments

Strategies for Debtors and Creditors to Navigate Complex Plan Confirmation Rules

Third Circuit Ruling in Philadelphia Newspapers deals blow to lenders

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, June 22, 2010

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will provide attorneys for debtors and creditors with a thorough review of the requirements for a bankruptcy plan confirmation, the mechanics of bankruptcy cram downs, and strategies for debtors and creditors in negotiating and objecting to a plan cram down.

Description

As corporate bankruptcies continue, the issue of plan reorganizations and cram downs are at the forefront of many bankruptcy battles. The stakes have never been so high in Chapter 11 bankruptcies.

With high hurdles to have a plan approved through a cram down, debtors also face various strategies by creditors and lenders to thwart that. A recent appellate ruling in Philadelphia Newspapers denied secured lenders the right to credit bid at an asset sale under a reorganization plan.

Practitioners representing both debtors and lenders must understand the complexities of the bankruptcy plan confirmation process and cram down procedures to develop effective strategies 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.

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Outline

  1. Plan Confirmation Provisions
    1. Plan requirements
    2. Voting rules
    3. Absolute priority rule
    4. Fair and equitable
    5. Feasibility of plan
    6. Burden of debtor
    7. Appeals and mootness
  2. Cram Down Strategies and Objections
    1. New value exception to the absolute priority rule
    2. Section 1111(b)(2) election for undersecured creditors
    3. Secured creditor receives indubitable value
    4. Designation of classes of creditors
    5. Claims purchasing
    6. Cram down interest rates post-Till
  3. Trends and legal developments
    1. Impact of prepackaged bankruptcies
    2. Role of 363 sales as part of reorganization
    3. Key case law developments
      1. In re Philadelphia Newspapers
      2. In re Pacific Lumber
      3. In re Chrysler

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?
  • How will the Philadelphia Newspapers case change strategies for secured lenders?

Faculty

Michael E. Foreman
Michael E. Foreman

Of Counsel
Haynes & Boone

Mr. Foreman has more than 20 years of financial restructuring and bankruptcy experience, representing secured and...  |  Read More

John F. Isbell
John F. Isbell

Counsel
King & Spalding

He is a member of the Financial Restructuring Practice Group. His practice includes representation of debtors, secured...  |  Read More

Felicia Gerber Perlman
Felicia Gerber Perlman

Partner
Skadden Arps

She represents clients in a variety of complex business reorganizations, debt restructurings and insolvency matters....  |  Read More

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