Restructuring Unitranche Facilities: Navigating the Unique Aspects of Agreements Among Lenders
Rights and Remedies of First-Out and Last-Out Lenders Inside and Outside of Bankruptcy
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will provide counsel with an overview and discussion of the unique aspects of unitranche loan facilities and the interplay of those aspects in restructuring and working out of a troubled loan.
Outline
- Unique inter-lender issues to a unitranche loan facility
- Power to consent to restructuring a unitranche loan facility
- Right to exercise remedies before the commencement of a bankruptcy proceeding
- Rights of first-out lenders to stop the exercise of remedies
- Rights of last-out lenders to stop the exercise of remedies
- Consequences that may result from an exercise of remedies
- Rights of last-out lender following the commencement of a bankruptcy proceeding
- Pitfalls and opportunities for first-out lenders and last-out lenders in connection with financing a bankruptcy proceeding
- Rights of first-out lenders and last-out lenders concerning 363 sales in a bankruptcy proceeding
- Pitfalls and opportunities for first-out lenders and last-out lenders in plan classification and voting disputes
- Rights of first-out lenders and last-out lenders concerning reorganization securities
- Pitfalls and opportunities for first-out lenders and last-out lenders in a cramdown plan and the potential impact on state law causes of action to enforce the AAL
Benefits
The panel will review these and other key issues:
- What are the unique aspects of unitranche loan facilities, and what is the interplay of those aspects in restructuring and working out of a troubled loan?
- How does the AAL impact the rights of first-out and last-out lenders to exercise remedies outside of bankruptcy?
- What are the respective rights of first-out and last-out lenders in the context of a bankruptcy proceeding?
Faculty
Angela L. (Angie) Batterson
Partner
Jones Day
Ms. Batterson has advised clients in complex leveraged financing transactions across a broad array of industries,... | Read More
Ms. Batterson has advised clients in complex leveraged financing transactions across a broad array of industries, including health care, telecommunications, media, manufacturing, and energy, for 20 years. She represents financial institutions, sponsors, issuers, and mezzanine providers in private debt financings, including in connection with secured and unsecured senior credit facilities, first lien/second lien credit facilities, unitranche facilities, and mezzanine financings. Ms. Batterson also advises on intercreditor agreements and distressed debt financings, including debtor-in-possession (DIP) financings.
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Brad B. Erens
Partner
Jones Day
Mr. Erens' practice focuses on corporate restructuring, workout, and bankruptcy matters. He has substantial... | Read More
Mr. Erens' practice focuses on corporate restructuring, workout, and bankruptcy matters. He has substantial experience in representing companies, bank groups, other secured and unsecured creditors, committees, asset purchasers, and other interested parties in a wide variety of restructuring matters. He oversees his firm's Business Restructuring & Reorganization Practice.
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Todd M. Goren
Partner
Willkie Farr & Gallagher
Mr. Goren has experience in all facets of complex chapter 11 reorganizations. He has represented official committees,... | Read More
Mr. Goren has experience in all facets of complex chapter 11 reorganizations. He has represented official committees, debtor-in-possession lenders, and debtors in a number of prominent insolvency matters. Mr. Goren has represented parties in restructurings in industries such as real estate, mortgage lending, transportation, technology, telecommunications, retail, and energy.
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