ABI’s 19th Annual Winter Leadership Conference: Committee Educational Session
The Finance & Banking committee will meet on Friday, Dec. 7, from 9:30 to 11:00 a.m. to discuss First- and Second-Lien Issues.
This committee will discuss the interplay and strategies associated with first-lien/second-lien disputes; from valuation to intercreditor rights to economic agendas (i.e., loan-to-own vs. sale now, etc.). The panel will feature an investment banker, a “company-side” lawyer, a first-lien-side representative/lawyer and a second-lien lender (hedge fund).
Views From the Bench, 2007
More than 200 insolvency professionals from 25 states attended “Views from the Bench, 2007” at Georgetown University Law Center in Washington, D.C., on Oct. 5. The annual program is co-sponsored by ABI and GULC. The advanced corporate reorganization program was one of the strongest “Views” ever, featuring a faculty of 18 bankruptcy judges from seven different circuits. The program chair is David R. Kuney (Sidley Austin LLP; Washington, D.C.). Below is the link to the materials from one of the excellent panel discussions.
Distressed Debt and Related Issues: Disclosure of purchase price; rights offerings; make-whole provisions; pensions, health and medical claims
Presented by: Jay M. Goffman
Skadden, Arps, Slate, Meagher & Flom LLP; New York
Deirdre A. Martini
CIT National Restructuring Group; New York
Hon. Kevin J. Carey
U.S. Bankruptcy Court, District of Delaware;Wilmington, Del.
Hon. Robert D. Drain
U.S. Bankruptcy Court, Southern District of New York; New York
Hon. Gregg W. Zive
U.S. Bankruptcy Court, District of Nevada; Reno, Nev.
Modern corporate restructuring practice has evolved to a great extent into a mergers and acquisition (“M&A”) practice, albeit it in the context of troubled companies. While one of the primary means for effectuating an M&A transaction in the non-troubled context is via the acquirer’s purchase of stock in the target corporation, one of the primary means for effectuating an M&A transaction in the troubled context is via the acquirer’s purchase of claims against the target corporation; claims that frequently are converted into stock in the reorganized enterprise. The acquisition of troubled company claims and troubled companies has grown into a major industry, with numerous hedge funds and other private equity firms specializing in the take-over of businesses in distress.