Prepackaged and Prenegotiated Chapter 11 Reorganizations: Debtor and Creditor Strategies
Negotiating Restructuring Support Agreements; Navigating Valuation, Credit Bidding and More
Recording of a 90-minute CLE webinar with Q&A
Conducted on Tuesday, March 7, 2017
Recorded event now available
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.
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.
- Overview of prepacks and prenegotiated bankruptcy plans
- When each is appropriate
- Jurisdiction and venue issues
- Differences between the plans
- Creditor side strategies
- Debtor side strategies
- Current issues that are heavily contested
- Restructuring support agreements
- Credit bidding
- Indenture trustees
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
Van C. Durrer, II, Partner
Skadden Arps Slate Meagher & Flom,
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,
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.
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I thought the speakers covered a fascinating subject matter very well.
Each speaker's topic was distinct. The written materials were also excellent and contained useful information and tips.
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McAFee & Taft
I thought that the program materials were simple to follow and the program was straight forward.
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Blank Rome LLP
Skadden Arps Slate Meagher & Flom
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