Legislation

A Tale of Sovereign Restructurings: Venezuela and the CITGO Saga Discussion on the developments of Venezuela's indefinitely postponed external debt restructuring process and the individual execution efforts over the country’s most valuable assets in the US—CITGO’s network of downstream assets—in the context of the Crystallex litigation in Delaware. The session would highlight the tension between “first come / first served” principles guiding the current stream of individual enforcement / execution, and the creditor coordination features of a pure insolvency proceeding. The session will provide clarity on the status of the ongoing melee of court cases going after Venezuela's assets abroad, in the zoom-out context of the prospects for a broad, all-encompassing, debt restructuring process Creditor Suggested Speakers Roland Pettersson rpettersson@dra.com.ve D'Empaire

Claims Trading: A Renewed Market for Recoveries and Returns Congress granted creditors a right to an accelerated recovery of their claims through FRBP 3001. This rule is the foundation for selling a bankruptcy claim but, until recently, the integrity and liquidity of the claims market was challenged by an absence of the typical features of modern capital markets. Few creditors were able to identify potential purchasers, conduct price discovery and maximize competition for their claims. Online marketplaces developed, making a global market and rapid price discovery easily accessible, and allowing unrestricted competitive pressures to inform bid/ask price disclosure and immediately actionable supply and demand. Although the market has undergone a significant transformation, a number of recent cases have tested the rules and procedures of bankruptcy courts, clerks and claim administrators to properly manage the tens of millions of claims, and hundreds of billions of dollars owed annually to creditors who enjoy a right to liquidity. • Understanding of the background/context for FRBP 3001
• Understanding of historical market characteristics and functionality
• Understanding of the emergence of online marketplaces
• Discussion of recent cases and the impediments to improved market functionality
• Discussion of opportunities for further market development and improvement
Creditor Suggested Speakers Brian Davidoff bdavidoff@greenbergglusker.com Greenberg Glusker LLP

Legislative updates Legislative updates Other Denise Barnett Denise_Barnett@tnwb.uscourts.gov United States Bankruptcy Judge Western District of Tennessee (Memphis)