Prepackaged and Prenegotiated Chapter 11 Reorganizations: Debtor and Creditor Strategies

Negotiating Restructuring Support Agreements; Navigating Valuation, Credit Bidding and More

A live 90-minute CLE webinar with interactive Q&A


Tuesday, March 7, 2017 (in 10 days)
1:00pm-2:30pm EST, 10:00am-11:30am PST


This CLE webinar will analyze the benefits and risks facing a company when considering the use of a prepackaged or a prenegotiated plan for a Chapter 11 reorganization. The program will discuss the complex issues that debtors and creditors face in negotiating the plan, such as restructuring support agreements, valuation and credit bidding, and strategies for all parties and constituents.

Description

Prepacks can be significantly more efficient and less costly than filing a typical Chapter 11 and negotiating a plan after 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. Prenegotiated plans might be a viable alternative if the prepack option is too risky for the debtor.

Restructuring support agreements, or “lock up” agreements are frequently entered into between the debtor and creditors with whom the debtor negotiated the plan. These agreements are the road map for the debtor’s plans to exit Chapter 11 reorganization and are often contentiously negotiated and frequently litigated.

After the Marblegate and Caesars bankruptcy litigation, minority bondholders have a powerful tool to hinder non-consensual out-of-court restructurings and provide them with increased leverage in negotiations. To the same degree, the decisions could greatly hamper the ability of distressed obligors to devise a prenegotiated reorganization plan.

Listen as our authoritative panel of restructuring attorneys delves into the benefits and risks for both debtors and creditors of prepackaged and prenegotiated plans to accomplish a Chapter 11 reorganization. The panel will offer strategies for all constituents in negotiating these plans. The panel will focus on issues that are currently heavily contested in today’s environment, including restructuring support agreements, valuation and credit bidding.

Outline

  1. Overview of prepacks and prenegotiated bankruptcy plans
    1. When each is appropriate
    2. Jurisdiction and venue issues
    3. Differences between the plans
  2. Creditor side strategies
  3. Debtor side strategies
  4. Current issues that are heavily contested
    1. Restructuring support agreements
    2. Valuation
    3. Credit bidding
    4. Indenture trustees

Benefits

The panel will review these and other key issues:

  • Differences between prepackaged and prenegotiated bankruptcy plans
  • Benefits and disadvantages of prepackaged and prenegotiated bankruptcies for lenders and debtors
  • Negotiating restructuring support agreements

Faculty

Van C. Durrer, II, Partner
Skadden Arps Slate Meagher & Flom, Los Angeles

Mr. Durrer leads the Firm's corporate restructuring practice in the western United States and advises clients in restructuring matters around the Pacific Rim. He regularly represents public and private companies, major secured creditors, official and unofficial committees of unsecured creditors, investors and asset-purchasers in troubled company M&A, financings and restructuring transactions, including out-of-court workouts and formal insolvency proceedings. He moderated panels and participated as a guest speaker for many organizations globally.

Sunny Singh, Partner
Weil Gotshal & Manges, New York

Mr. Singh focuses his practice on business finance and  restructuring. He advises debtors, creditors, sponsors, investors, acquirers, lenders and other interested parties in all aspects of distressed and insolvency situations both in and out-of-court. He has extensive experience with prepackaged chapter 11 cases and asset sales under the Bankruptcy Code. His engagements have ranged across various industries, including airlines, banking, financial services, oil and gas and retail.


Live Webinar

Live Webinar $297.00

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This webinar is eligible for at least 1.5 general CLE credits.

CLE credits are not available for PR.

*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.


Recordings

CLE On-Demand - Streaming Video

Includes recorded streaming video of full program plus PDF handouts.

On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.

AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.

**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.

CLE On-Demand Video $297.00
Available 48 hours after the live event

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Recorded Event

Includes full event recording plus handouts (available after live webinar).

Strafford is an approved provider and self-study CLE credit is available in most states.

AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)

Strafford will process CLE credit for one person on each recording.

Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email customerservice@straffordpub.com to place your order.

Recorded Webinar Download $297.00
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Recorded Audio Download (MP3) $297.00
Available 24 hours after the live event

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DVD (Slide Presentation with Audio) $297.00 plus $9.45 S&H
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Webinar

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Customer Reviews

Good seminar. The webinar was very informative and practical.

Frank M. Schepers

Lamson, Dugan and Murray

The program material was very well organized and thorough.

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Higgs, Fletcher & Mack

The seminar was very insightful with a terrific grasp of the relevant case law and legal issues.

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Friedman Kaplan Seiler & Adelman

I thought the program was excellent.

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Arkin Kaplan Rice

The webinar was informative on the current issues.

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Kaye Scholer

or call 1-800-926-7926

Bankruptcy Law Advisory Board

Mark N. Berman

Partner

Nixon Peabody

Michael E. Foreman

Partner

ForemanLaw

Matthew Gensburg

Shareholder

Greenberg Traurig

Brian E. Greer

Partner

Dechert

Douglas Lipke

Shareholder

Vedder Price

Victor Milione

Partner

Nixon Peabody

Steven B. Smith

Of Counsel

Blank Rome LLP

Michael Solow

Partner

Kaye Scholer

Robert A. Weber

Counsel

Skadden Arps Slate Meagher & Flom

or call 1-800-926-7926

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