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.

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.


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

How does this work?


Recorded Event

Includes full event recording plus handouts.

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

How does this work?

Recorded Audio Download (MP3) $297.00

How does this work?

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

How does this work?


Webinar

Strafford webinars offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program).  Please note that our webinars do not feature videos of the presenters.

Program Materials

Requires Adobe Reader 8 or later. Download Acrobat FREE.

Program Materials

Requires Adobe Reader 8 or later. Download Acrobat FREE.

or call 1-800-926-7926

CLE Credits

Many states grant CLE credits for on-demand streaming audio programs and recorded events. Our programs are pre-approved in many states. Refer to our state CLE map for state-specific information.

or call 1-800-926-7926

Customer Reviews

I especially enjoyed that the speaker's were on point and presented solid answers on the complicated issues effectively.

Steve Robinson

Sidley Austin

The speakers gave an excellent presentation, and their comments appeared to come from actual experience, with real-life illustrations, which added to the value of the seminar.

Cheryl D. Cook

O'Reilly Rancilio

I felt the program topic was well presented within the short time limit.

Kathy Pilkington

McGuireWoods

I thought the program's content was excellent.

M. Sheinfeld

King & Spalding

I thought the speakers were very well versed.

Richard A. Graham

White & Case

or call 1-800-926-7926

Bankruptcy Law Advisory Board

Mark N. Berman

Adjunct Professor

Northeastern University

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

Senior Consultant

JND Corporate Restructuring

Michael Solow

Partner

Kaye Scholer

Robert A. Weber

Counsel

Skadden Arps Slate Meagher & Flom

or call 1-800-926-7926

Our Guarantee

Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.