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Chapter 11 Cram-Up Plans: Overcoming Objections, Non-Curable Defaults, Providing Indubitable Equivalent

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Thursday, June 16, 2022

Recorded event now available

or call 1-800-926-7926

This CLE course will instruct bankruptcy attorneys about creating and opposing "cram-up" Chapter 11 plans under which the plan is accepted by junior creditors and then crammed up on senior objecting creditors.

Description

Cram-up is an approach to deal with dissenting secured lenders who prefer a quick sale of assets, sometimes at the expense of most other stakeholders. It usually involves restructuring and reinstating the debt under Bankruptcy Code Section 1124 or providing the "indubitable equivalent" of the lender's claim under Section 1129(b).

Strategies to pursue and timing depend on many factors, such as the general economic environment, interest rates, the debtor's/borrower's covenant package, and what type of defaults exist. The parties often vigorously litigate the existence of any non-curable defaults unrelated to the borrower's financial conditions.

Listen as this panel of experienced bankruptcy attorneys discusses the strategies and the mechanics of cram-up in Chapter 11 and recent cases using this strategy.

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Outline

  1. Cramdown vs. cram-up
  2. Relevant Bankruptcy Code provisions
  3. Terms of cram-up plans
  4. How to determine if cram-up is feasible
  5. Recent cases

Benefits

The panel will review these and other significant issues:

  • What are the best ways to plan for cram-up before filing?
  • What covenants may make it impossible to effect cram-up?
  • What constitutes the "indubitable equivalent" of a creditor's interests?

Faculty

Selbst, Stephen
Stephen B. Selbst
Partner
Herrick, Feinstein

Mr. Selbst has more than 30 years of experience representing debtors, creditors, official committees, distressed...  |  Read More

Smith, Steven
Steven B. Smith
Partner
Herrick, Feinstein

Mr. Smith focuses his practice on complex corporate restructuring and creditors' rights, including in court Chapter...  |  Read More

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