Hear from the best while learning practical techniques and tips for navigating the rising and foreseeable challenges of today’s insolvency environment at the 22nd ABI New York City Bankruptcy Conference this spring.
This year, one of ABI’s most significant annual gatherings of insolvency and restructuring professionals in the New York metro area will happen virtually.
As in years past, this advanced-level educational forum, designed especially for experienced insolvency professionals, will provide you with invaluable opportunities to hear from the industry’s leading experts. A dozen judges from the Southern District of New York and elsewhere will participate as faculty on every panel.
Register today to be a part of this event.
All program times are in EDT.
Conference Chairs’ Welcome
The Opioid Crisis
This panel will explore the 20-year ongoing opioid crisis in the pharmaceutical industry. The discussion will feature such opioid bankruptcy cases as Purdue and Mallinckrodt, and other recent rulings.
Concurrent Sessions (3)
Cross-Border Bankruptcy Issues
Presented in two parts, this panel will discuss European loan structure developments, including but not limited to a shift in European loan structures to U.S. debt instruments, how these credits will be restructured, whether the existing tools in Europe will work for bond-issuers, and more. Brexit’s impact on recognition proceedings, as well as COMI-shifting and jurisdiction issues, will also be covered.
Recent Confirmation Developments
Join this session for a discussion on plan vs. statutory impairment (Ultra, PG&E), treatment of third-party releases/plan proponents (Millennium (3d Cir.), SunEdison and other recent S.D.N.Y./Del. Decisions; Emerge and Cloud Peak (Del.)), and classification (Novinda (10th Cir. BAP, litigation claims against a creditor justifies separate classification from other unsecureds)). Should all similarly situated creditors have the right to participate in rights offerings, financings, etc. (PacDrilling, Peabody)? The panelists will also discuss feasibility in light of the return of debtors to bankruptcy (including in the energy and retail space). Are reorganizations being rubber-stamped too easily?
Trends in DIP Financing
This panel will discuss financing orders, milestones and other case management through the DIP facility. What should be allowed for case management by secured creditors via DIP-financing and/or cash-collateral orders, including the case milestones? What terms are and should be acceptable in first-day cash-collateral and DIP-financing orders (Aegean) — too much control, or simply adequate protection? What does it take for a third party to prime? This session will also focus on structural priming, including by taking liens on unencumbered foreign assets (Hexion), using DIP financing as a tool to protect pre-petition debt, the use of roll-ups, the ratio of new money to roll-up that is necessary/“market”, justifying a zero-new-money roll-up (EP Energy), providing a secured term loan pre-bankruptcy and using the proceeds as cash collateral, and rolling up pre-filing emergency loans (Westmoreland).
Concurrent Sessions (2)
Corporate Governance in Distressed Situations
This panel will focus on different strategies sponsors are using to retain control (or at least put a stake through) the bankruptcy process. What are the risks to sponsors/litigation issues? The panelists will also discuss fiduciary duties, managing conflicts and retaining separate counsel, the interplay between corporate governance and aggressive sponsor action (e.g., selling or spinning/stripping-off assets), sponsor affiliates purchasing debt in the portfolio company’s capital structure, and 10b-5 compliance, as well as negotiating/litigating with a difficult board. This session also includes a discussion of issues that arise when dealing with a challenging board of directors, especially those where some or all directors have been appointed by a controlling shareholder.
§ 363 Sale Issues
Are there limits to “free and clear” (GM)? This panel will discuss sales free and clear of leasehold interests, restrictive covenants and override royalties; conflicts between §§ 365 and 363(f) (lease- or license-stripping); assets free and clear of successorship in CBAs; selling free and clear of environmental liabilities (La Paloma, Exide); loan-to-own strategies; and the treatment of breakup fees (C&K Market, EFH).
Welcome + Judges’ Roundtable: Selected Current Topics
This roundtable will introduce new judges, provide updates from the Eastern and Southern Districts of New York (and surrounding areas) about court rules and practices, and discuss topics of general interest to the bar.
Concurrent Sessions (3)
What do attorneys and other professionals need to know when preparing chapter 11 liquidation plans? This panel will discuss selecting a trust, LLC, plan administrator or other vehicle; ensuring that affirmative claims are preserved post-confirmation; searching for unencumbered assets; negotiating carve-outs; establishing a value/tax basis in litigation claims and other assets transferred to a trust or LLC; key plan provisions such as preserving 2004 discovery rights, creditor oversight, continuing court oversight, required reporting and retention/transfer of attorney/client privilege; trading of interests; provisions for closing the case; and structured dismissals following asset sales as an alternative to a liquidating plan.
Pandemic Pandemonium: Litigating in the Time of COVID-19
COVID-19 severely impacted the way in which bankruptcy lawyers and judges handle litigation consistent with the needs of distressed companies. Learn what aspects of bankruptcy litigation were affected, procedurally and substantively, and what lessons we took away and are likely to keep for the future of practicing in this unique forum. Hear from experts who were on the bankruptcy front lines about what strategies were affected and in what ways. This panel also will cover topics ranging from access to courts, to the increased use of inherent judicial power, to virtual trials, to valuation and compromise in uncertain (unprecedented) times, to recent developments in avoidance actions.
Valuation Developments and Disputes: Where Are We Now?
This panel will discuss common valuation challenges and responses, and provide insight into piecing together multiple valuation techniques. The panelists will also touch upon identifying reasonable comps for similar companies and precedent transactions, reliance on/restating projections, and where valuation and liquidation analyses blend together, including non-cash-flowing assets.
Concurrent Sessions (3)
Liquidating Outside of Chapter 11: Considerations for Cannabis and Other Companies Not Eligible for Chapter 11
This panel will compare and contrast liquidations and wind-downs under chapter 11, federal and state receiverships, ABCs, and judicial dissolutions. The panelists also will take a look at tools that are available and the risks attendant to each. Which companies are more appropriate for which type of liquidation option: cannabis and related company insolvencies, or higher education institutions?
This panel will discuss the disposition of restructured equity, including § 1145 and other limitations and exemptions; selecting and managing post-restructured boards, and how to assemble a new board with a view toward maximizing value; issues attendant to the recruitment of pertinent and qualified directors; departures from rent-a-director; use of independent directors on a new board; granting of observer rights; perspectives of being a member of a well-run post-restructured board; shareholder voting and control considerations, including minority rights; incentivizing management through MIPs, KEIPs/KERPs and employment agreement considerations (e.g., CoC/severance); fostering long-term shareholder value; antitrust issues; and public vs. private emergence.
This session will examine what happens following a successful credit bid (Allied), including the scope of § 363 sale orders and whether they can or should address intercreditor issues; intercreditor agreements and the application of post-petition interest (EFH); equal and ratable lien-trigger clauses (iHeart); de facto claim-subordination (La Paloma); and the rights preserved for junior creditors under intercreditor agreements, and whether the exceptions swallow the rule (Claire’s, Momentive).
This panel discussion will delve into a plethora of ethical issues pulled from today’s headlines, including litigation funding, professional compensation, protection and use of material nonpublic information, “connections,” Alix v. McKinsey litigation, and issues created by the pandemic and our remote-work environment.
ABI Member: $450
Join ABI and Save!*: $800
Gov’t./Aca./Nonprofit ABI Member: $250
Gov’t./Aca./Nonprofit New ABI Member*: $375
* Includes a one-year membership for first-time members only — a $375 value! Membership is individual and nonrefundable. Expired members should select the member rate and add in the membership-renewal fee on the registration page.
No refunds will be granted for this online program. Should you become unable to attend any or all of the sessions, a recording of all sessions will be sent to you, along with the corresponding educational materials.
The American Bankruptcy Institute is dedicated to providing a harassment-free conference experience for everyone, regardless of gender, gender identity and expression, sexual orientation, disability, physical appearance, body size, race, age or religion. We do not tolerate harassment of conference participants in any form. Sexual language and imagery is not appropriate for any conference venue, including talks. Conference participants violating these rules may be sanctioned or expelled from the conference without a refund at the discretion of the conference organizers. Our anti-harassment policy can be found at: https://www.abi.org/about-us/bylaws-and-policies.
Conference Advisory Board
8.50 total hours of CLE credit, including 1.25 hours of ethics, are pending in 60-minute-hour states, and 10.2 total hours of CLE credit, including 1.5 hours of ethics, are pending in 50-minute-hour states. Credit hours are estimated and are subject to each state’s approval and credit-rounding rules. California MCLE: ABI certifies that this activity has been approved for MCLE credit in the amount of 8.50 hours, of which 1.25 hours will apply to ethics. New York MCLE: This course or program has been approved in accordance with the requirements of the New York State Continuing Legal Education Board for a maximum of 10.2 credit hours, of which 8.5 credit hours can be applied toward the professional practice requirement and 1.5 credit hours can be applied toward the ethics requirement.
Financial Hardship Statement
ABI acknowledges that in some instances there will be persons who need to attend an educational seminar for CLE credit who are not able to pay full registration fees. ABI will handle such instances on a case-by-case basis and will work with the individual on alternative solutions. For persons who cannot meet the full registration rate, ABI will offer a reduced rate based on what the individual can reasonably afford to cover the cost of meals and materials. ABI also has reduced rates for government employees, professors, law clerks and students. For information on tuition assistance, send an e-mail to [email protected].
When and how can I access the virtual conference?
Registered attendees will receive a link via email to the attendee website 48 hours before the first session begins. The link will be sent to the email address you used to register for the program, and this is how you will access all of the conference content. You’ll use the same link each day to access the attendee website for the live conference and whenever you choose to view the on-demand content.
What if I don't receive the link?
Contact [email protected], and a member of the ABI team can provide you with one.
Can I share this link with others?
As with in-person meetings, registrations cannot be shared. The registration provides a secure single sign-on experience for the user.
How much time should I expect to be online during the event days?
The virtual conference sessions take place over about 4.25 hours over one afternoon and 5.5 over one morning of the scheduled days.
Are there any specific technology requirements?
You will be able to access the program sessions without downloading any plug-ins or software. However, for best results, we recommend that you use Google Chrome, Mozilla Firefox and Chromium Edge to access the sessions. The program will not be available on a mobile/cellphone (iPhone, Android, Blackberry), but can be accessed through laptop, desktop (PC or Mac) and certain other mobile devices (Surface Pro, iPad).
What are the suggested web browser prerequisites?
Internet Explorer 10 or higher
Chromium Edge 80 or higher
Google Chrome 53.0.2785 or higher
Safari 10.0.602.1.50 or higher
Firefox 76 or higher
Note: Mobile web browsers are not supported.