Prepackaged and Prenegotiated Chapter 11 Reorganizations

Evaluating the Benefits and Risks of Pre-Bankruptcy Restructuring Plans

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


Conducted on Thursday, June 25, 2009

Program Materials

This seminar will analyze the benefits and risks facing a company that is weighing whether to use a prepackaged or a prenegotiated plan for a Chapter 11 reorganization and will outline strategies for the business debtor in negotiating the plan with creditors.

Description

The surge in bankruptcy filings triggered by the economic crisis has led to an increase in business’ use of prepackaged Chapter 11 plans, commonly called “prepacks.” Prepacks involve the negotiation and creditor approval of a reorganization plan prior to filing for bankruptcy.

Prepacks are attractive to debtors because they can be significantly faster and less costly than filing a traditional Chapter 11 and negotiating a plan after the filing. However, debtors must carefully consider whether the risks of prepacks outweigh the time and cost savings.

Like prepacks, prenegotiated restructuring plans minimize the duration and expense of Chapter 11 cases. Debtors that decide the prepack option is too risky for their company might consider the prenegotiated plan as an alternative.

Listen as an authoritative panel of restructuring attorneys delves into the benefits and risks a company must understand in deciding whether to use a prepack or prenegotiated plan to accomplish a Chapter 11 reorganization. The panel will offer best practices for debtors negotiating such a plan with creditors.

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Outline

  1. Introduction — prepacks and prenegotiated bankruptcy plans
    1. When each is appropriate
    2. Jurisdiction and venue issues
  2. Creditor side — benefits and risks
  3. Debtor side — benefits and risks
  4. Current market trends

Benefits

The panel will review these and other key questions:

  • What market factors have contributed to the resurgence of prepackaged Chapter 11 plans?
  • How can prenegotiated bankruptcies help lenders and borrowers?
  • In what scenarios are prepacks or prenegotiated plans more or less attractive than a traditional Chapter 11 filing?

Faculty

Kurt A. Mayr
Kurt A. Mayr

Partner
Bracewell & Giuliani

He represents a wide range of parties in domestic and international insolvency/restructuring matters, including...  |  Read More

Mette H. Kurth
Mette H. Kurth

Partner
Arent Fox

She focuses on all aspects of financial restructuring, distressed situations, and bankruptcy issues, and uses her...  |  Read More

Robert J. Dehney
Robert J. Dehney

Partner
Morris Nichols Arsht & Tunnell

He is the practice group leader of the Business Reorganization and Restructuring Group. He has substantial experience...  |  Read More

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