While the rate of businesses filing for bankruptcy in 2010 may have tapered from last year's pace, the fallout of the recent recession and tight credit markets continue to plague distressed companies. A panel of experts specializing in business bankruptcy and distressed-company financing will discuss what future trends might lie ahead for bankrupt companies in 2011.
Melissa Kibler Knoll is a senior managing director of Mesirow Financial Consulting LLC (MFC) in Chicago and is ABI's president.
Michael P. Richman is a bankruptcy partner with Patton Boggs LLP in New York and is chair of its national Bankruptcy and Restructuring Practice Group. He was ABI's president from 2004-05 and chairman of its Board of Directors from 2006-07.
Deirdre A. Martini is managing director of Wachovia Capital Finance, a Wells Fargo Company, in New York. She served as a U.S. Trustee from October 2003 through April 2006 and oversaw the administration of the largest and most complex chapter 11 restructurings in recent history that were filed in the Southern District of New York.
Prof. Laura Bartell of Wayne State University Law School (Detroit) is ABI's Fall 2010 Resident Scholar.
The fallout from the recent recession continues to take a toll on U.S. businesses as access to credit remains elusive for distressed companies. Although the 43,016 business bankruptcies recorded during the first three quarters of 2010 (Jan. 1-Sept. 30) represented nearly a 6 percent drop from the 45,510 business filings during the same period in 2009, business filings are at their highest levels since the 1990s. Distressed companies that are filing continue to turn to "prepackaged" bankruptcy, or filing for bankruptcy by submitting to the court a virtually complete plan designed to avoid a lengthy reorganization or restructuring process. According to BankruptcyData.com, an online database for business filing information, 32 companies with publicly traded debt filed prepackaged bankruptcies in 2009, nearly tripling the 12 prepackaged filings by similar companies in 2008.
The teleconference will feature top experts in business bankruptcy and distressed-company financing to share their thoughts on this year's business filing trends and predictions on what business bankruptcy trends might emerge in 2011. Members of the media who wish to participate in the media teleconference should contact John Hartgen at [email protected] or 703-894-5935 for call-in details.
Press with any questions for the panelists on the teleconference should contact ABI Public Affairs Manager John Hartgen at 703-894-5935 or [email protected].