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Sixth Annual ABI Asset Sale of the Year Award Information

Nomination Deadline: March 18, 2024

Criteria

  • Completion of a distressed sale (in or outside of court via § 363, a plan, an assignment for benefit of creditors, Article 9, receivership, etc.) that was strategic and provided stakeholders with value (“Sale”);
  • A display of excellence across the full spectrum of the Sale process, from the initial targeting through pursuit, structuring and financing, to completion of a transaction;

2022 Asset Sale of the Year Award: Laforta: “Have I Got a Deal For You,” or How to Successfully Take Control of a Semi-Submersible Drilling Rig in Mexico and Sell it

In business restructuring and chapter 11 cases, it’s not all that unusual at the outset for  professionals to exclaim at some juncture, “You want me to do what…?” That was the question prior to the initiation of the Laforta-Gestao e Investimentos, Sociedade Unipessol, Lda., et al. (“debtors” or “Laforta”) engagement for the eventual control and sale of the La Muralla IV, a 10-year-old, sixth-generation, ultra-deepwater semi-submersible drilling rig (“La Muralla”).

2022 Asset Sale of the Year Award: Haven Campus Communities-Starkville, LLC

ABI’s Asset Sales Committee awarded the 2022 Asset Sale of the Year Award to counsel for the stakeholders involved in the successful 11 U.S.C. § 363 sale of the assets and interests of chapter 11 debtor Haven Campus Communities-Starkville, LLC in In re Haven Campus Communities-Starkville, LLC, which came before Hon. Selene Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi (Case No. 21-10931-SDM). The committee announced the winners during ABI’s Annual Spring Meeting in Washington, D.C., in April.

Asset Recoveries in Foreign Lands

This panel will discuss some of the more interesting aspects of the asset-recovery process as it relates to locating foreign assets (i.e., Russian yachts). The panelists also will focus on post-COVID-19 issues, including situations where banks were not monitoring collateral as closely as they should have been and are now having trouble locating said assets and selling them, particularly in international cases where the bankruptcy is abroad but the parties are seeking recognition in the U.S.

Challenges Facing Secured Creditors in Asset Sales

This panel will focus on covering lenders’ perspectives on chapter 11 strategy and options, such as note sales, out-of-court restructurings or formal bankruptcy sales, and will discuss lenders’ and borrowers’ perspectives on regulatory challenges and procedural issues, such as anti-trust and environmental concerns, that are sometimes raised during a bankruptcy case, as well as issues with § 363 sales, DIP milestones and restructuring support agreements.

Non-Monetary Defaults

This panel will discuss what happens when lenders default on paying borrowers for non-monetary reasons, such as covenant or compliance violations on real estate loans like debt-coverage-ratio violations. The lenders’ goal is to regain possession of the real estate for investment purposes and deploy it at higher interest rates. The panelists will discuss the impact and efficacy of this strategy from all angles: institutional lender-side, borrower-side and investor-side.

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