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This session explores the issues and implications of managing bankruptcy cases when key assumptions and expectations fail to materialize, and the exit path is no longer available. What happens then?
This panel will discuss the strategic use of valuation evidence throughout the life of a chapter 11 case, from financing and sale process to confirmation and fraudulent conveyance/other litigation.
This panel will discuss the historical relationship between secured and unsecured creditors in reorganization cases, and explore recent instances where the groups have worked together to create value for their constituents. The panelists will include an overview of the key positions taken by each group, and will provide first-hand descriptions of how the constituents were able to achieve consensus.
This mock mediation, based on the Southern District of New York’s (SDNY's) recent preference decision in The Great Atlantic & Pacific Tea Company, Inc. bankruptcy cases involving McKesson Corp., will demonstrate how plaintiff, defendant and mediator analyze risk and preference exposure when trying to reach a mediated settlement. The SDNY’s decision followed two summary-judgment motions filed by McKesson, but this webinar will assume that this is a pre-summary-judgment mediation.
The U.S. Supreme Court held last week in Truck Insurance Exchange v. Kaiser Gypsum Co. that an insurance company with financial responsibility for bankruptcy claims is a “party in interest” with the right to object to a chapter 11 reorganization plan. Section 1109(b) of the Bankruptcy Code provides:
In the past decade, third-party litigation financing (TPLF) — an arrangement where a nonparty funder provides financing for the prosecution of a lawsuit in exchange for an interest in the potential recoveries — has become increasingly accessible in the U.S. In the bankruptcy context, where a debtor’s estate may otherwise have limited resources to pursue valuable causes of action, the availability of TPLF provides restructuring professionals with a key tool to improve litigation outcomes and maximize the value of estate assets in the face of liquidity constraints.
Recently, in In re Pack Liquidating LLC,[1] Hon. Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware granted derivative standing to the official committee of unsecured creditors to pursue breach-of-fiduciary-duty claims against the company’s founders on behalf of the debtors’ estates.
Spring is here, and the Unsecured Trade Creditors Committee looks back on an eventful 2023 and a busy start to 2024 (for both the committee and the restructuring space as a whole). Chapter 11 filings increased significantly in 2023, but post-pandemic capital structures, paired with novel attempts by lenders and equity sponsors to retain and shield value, presented challenges for unsecured creditor recoveries and increased the importance of active official committee participation.
