Credit Bidding in Bankruptcy Sales: Asserting and Defending Against Credit Bids
Resolving Intercreditor Disputes and Taking Collective Action Under Syndicated Facilities
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide bankruptcy counsel with a review of strategic decision making in credit bidding, resolving the myriad of disputes among lenders and unsecured creditors, and overcoming legal challenges to the lender's right to credit bid.
- Strategic decisions regarding credit bids
- Amount of bid
- Timing of bid
- Secured vs. undersecured claims
- Bidding for assets in addition to the lender's collateral
- Resolving disputes
- Collective action in syndicated loan facilities
- Intercreditor disputes: second lien holders
- Negotiations with committees of unsecured creditors
- Challenges to right to credit bid
- Philadelphia Newspapers and RadLAX Gateway Hotel L.L.C. v. Amalgamated Bank
- In re Fisker Automotive Holdings Inc. and In re Free Lance-Star Publishing Co.
- Denial of right to credit bid "for cause"
- In re Aeropostale
- Report of the ABI Commission to Study Reform of Chapter 11
The panel will review these and other key questions:
- What issues arise when the lender bids for a basket of assets that includes assets of value in addition to the lender's collateral?
- What circumstances must exist for a credit bid to be restricted absent any indication of misconduct or challenges to the creditor's liens or claims?
- What rights do minority lenders in a syndicated loan facility have to block the agent from credit bidding?
- What are the trends in enforcing intercreditor agreements in bankruptcy?
Benjamin D. Feder
Kelley Drye & Warren
Mr. Feder focuses his practice on bankruptcy and restructuring matters and represents bank lenders, debtors,... | Read More
Mr. Feder focuses his practice on bankruptcy and restructuring matters and represents bank lenders, debtors, bondholders, creditors' committees and other parties in all phases of Chapter 11, U.S. and foreign workouts and out-of-court restructurings. His practice often has centered on representing secured and unsecured pre-petition bank lenders, DIP financing lenders and purchasers of troubled companies.Close
Amy A. Zuccarello
Sullivan & Worcester
Ms. Zuccarello practices in the areas of business restructuring, workout and bankruptcy and represents creditors,... | Read More
Ms. Zuccarello practices in the areas of business restructuring, workout and bankruptcy and represents creditors, including indenture trustees, lenders and landlords in complex debt restructurings and insolvency matters. She also has extensive experience in structuring and conducting UCC (Article 9) foreclosure sales, with respect to a variety of collateral types.Close