VALCON May 05 - 13 | Online

ABI, the Association of Insolvency & Restructuring Advisors (AIRA) and our distinguished advisory board invite you to a virtual VALCON 2021 experience. This year’s program will span five days over two weeks, focusing on key industries and the top issues they currently face and will face in the near future.

The COVID-19 pandemic has brought valuation issues front and center in bankruptcy proceedings. Join us in May to connect with leaders in the distressed-debt, restructuring and valuation industries, and hear how they will approach these issues and challenges in the months ahead.

All program times are in EDT.

CLE/CPE credit is NOT AVAILABLE for viewing on-demand recorded sessions.

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Add to Calendar   2021-05-05 12:00:00 2021-05-13 19:00:00 America/New_York VALCON 2021-Virtual
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  • Welcome & VALCON 2021 Fundamentals Course

    Whether you are a seasoned practitioner looking for a refresher on basic concepts or are venturing into the area of distressed business valuation for the first time, this session provides a toolbox overview of the fundamentals of valuation methodology. Topics include:

    • Definitions of value
    • Commonly used valuation methodologies
    • CAPM and MCAPM
    • Application of systemic and unsystemic risk adjustments



    Fundamentals Course Schedule:


    12:00–12:50 p.m. - Objectives and Definitions of Value



    1:00–1:50 p.m. - Steps in the Business Valuation



    2:00–2:50 p.m. - Approaches to Valuation



    3:00–3:50 p.m. - Approaches to Valuation (continued)




  • Welcoming Remarks from VALCON 2021 Co-Chairs


  • Betting on the Unknowable: The Impact of COVID-19 Recovery Timing on Valuation and Restructuring Dynamics 

    The global coronavirus pandemic has disrupted the global economy for more than a year creating winners and losers across countries, industries and socio-economic groups. Among the most impacted industries continue to be hospitality, leisure and real estate industries where, despite progress made in vaccinations towards herd immunity, there is no clear recovery timetable in evidence. This roundtable of investors and advisors will explore Covid-19’s impact on valuation and restructuring, including how companies and their stakeholders address liquidity to bridge a distressed company to its pre-pandemic performance levels and the how creditors and equity sponsors navigate these fluid dynamics to maximize their recovery.



    Sponsored by Pachulski Stang Ziehl & Jones

    Pachulski logo
  • Opening Day Networking

    And now for something completely different: The VALCON Opening Reception, sponsored and hosted by Hogan Lovells, will offer three unique experiences and conversations. Attendees can listen, mingle and converse about these themes:

    • Truth or Dare
      Facilitators: Richard L. Wynne and David P. Simonds
    • Making the Mix: Sharing Experiences with Diversity, Equity & Inclusion in the Restructuring Community
      Facilitators: Hon. Kevin J. Carey (ret.) and Erin N. Brady
    • Pandemic Distractions and Stress-Relievers with Special Guest Paul Singerman
      Facilitators: Christopher R. Donoho and Peter A. Ivanick


    Sponsored by Hogan Lovells US LLP

    Hogan Lovells US LLP logo
  • Partners

  • Valuation Issues in the Hospitality, Leisure and Real Estate Industries

    Prep for sessions today and enjoy lunch delivery courtesy of KCC.

    KCC logo
  • Welcoming Remarks


  • A Jedi Guide to Valuation: Disrupting the Status Quo


    A professor of finance at the Stern School of Business at New York University, Aswath Damodaran will share his research interests in valuation, portfolio management and applied corporate finance. Prof. Damodaran will take you through several top themes of valuation, the biggest stories of the market in 2021 (so far), the price of risk and so much more.


    Sponsored by Deloitte & Grant Thornton LLP

    Deloitte logo
    Grant Thornton LLP logo
  • The Sherwood Streaming Koncerts Series Break


    This Sherwood Streaming Koncerts presentation breaks out the vinyl for some ‘20s-‘50s jukebox radio hits with the Sunset Singers. GET SHERWOOD: We have proven solutions.


    Click HERE to download the show.


    Sponsored by Sherwood Partners, Inc.

    Sherwood logo
  • Out-of-Home Entertainment: Ready for Take-Off, or Ready to Disappoint?


    It's no secret that large-chain entertainment companies such as theaters and theme parks have been suffering through the pandemic. This panel will discuss restructuring options, hurdles and prospects for a broad array of these entities. The panelists will also discuss and debate the dynamics related to the fact that company projections and capital markets have priced in substantial recoveries for these entities in the second half of 2021.


  • Partners
  • Valuation Issues in the Retail Industry


    Welcoming Remarks


  • Lender-on-Lender Violence and Its Impact on Valuation Controversies

    Up-tier exchanges, covenant-stripping and removal of collateral from secured lenders' reach have been in vogue for some time, going back to the Marblegate district court opinion and its reversal on appeal. The immense number of capital-chasing deals that have occurred since have continued this trend, and that obviously affects valuation, especially in litigated cases. This panel will explore the key issues involved, and how valuation plays a role in how disputes are resolved.



    Sponsored by Skadden

    Skadden logo
  • Stretch Break

  • Impact of COVID-19 on Valuation: Views from the Bench, Investors and Advisors

    While COVID-19 has led to a substantial increase in the number of bankruptcy filings, its impact on valuation issues in the context of chapter 11 cases is less clear. Employing their differing perspectives, the panelists will explore how the uncertainty created by COVID-19 has affected the analysis of issues like plan feasibility, cost of capital, the pricing of risk, and the application of valuation methodologies in chapter 11 proceedings, with a particular emphasis on retail cases.


  • VALCON 2021 Networking

    Young & New Professionals are encouraged to join for casual virtual 'mingling' among VALCON attendees.


    Sponsored by FTI Consulting

    FTI logo
  • Partners
  • Valuation Issues in the Energy Sector


    Welcoming Remarks


  • Chesapeake Case Study

    Chesapeake Energy, an exploration and production company, filed for chapter 11 on June 28, 2020, in the Southern District of Texas and emerged from bankruptcy on Feb. 9, 2021. This session’s panelists, all of whom were involved in the bankruptcy court hearings, will contrast (in a non-advocating fashion) the different valuation methodologies used by the debtors’ and UCC’s valuation experts with the primary legal arguments raised by the debtors’ and UCC’s legal teams.



    Sponsored by Alix Partners

    AlixPartners logo
  • Stretch Break


    This Sherwood Streaming Koncerts presentation breaks out the vinyl for some ‘60s-‘80s jukebox radio hits with the Sunset Singers. GET SHERWOOD: We have proven solutions.


    Click HERE to download the show.


    Sponsored by Sherwood Partners, Inc. 

    Sherwood logo
  • Alternative Energy & Renewables

    Short- and long-term governmental goals linked to zero-carbon electricity-generation have fostered the increased deployment of renewable energy sources and improved transmission and storage distribution. In turn, renewable and alternative energy sources — in tandem with systemic lower natural gas prices and lower electricity demand — have and will continue to cause distress in the merchant power sector, notwithstanding random black swan events like February’s storm in Texas. No doubt the road ahead will be ridden by complexity,  not just in relation to market, environmental and economic dynamics, but because of the outsized role Federal law plays in the industry, including the Committee on Foreign Investment in the United States, the Energy Policy Act of 1992, the Federal Power Act and the Bankruptcy Code. This session’s panelists, all of whom have experience in the renewable energy and power sectors, will discuss valuation and other relevant issues in the context of expanding alternative and renewable energy sources, and the pressures this expansion will have on the merchant power sector.


  • Partners
  • Valuation Issues in Health Care

    Get ready for the last two sessions of VALCON 2021 and enjoy a coffee today on Cozen O'Connor.

    Cozen logo
  • Welcoming Remarks

  • Valuation Challenges in the Current Environment

    This panel will focus on the impact of government funding and other recovery programs on valuation in health care, life sciences and other industries. The panelists also will discuss how traditional methods of valuation are being challenged by the current situation, and the programs that have emerged to address the resulting distress.



    Sponsored by Development Specialists, Inc.

    DSI logo
  • Stretch Break

  • Ethics in Health Care Insolvencies

    Join us for a robust discussion concerning Ethics in Healthcare Insolvencies, where the panel will explore a myriad of issues, including: ethical implications in the context of valuing healthcare companies or providers in the age of COVID-19 (where we were, where we are, where we may be going); the concomitant impact on valuation of healthcare companies or providers vis-à-vis increasing the minimum wage and providing the required level of care; capital allocation between patients’ medical needs and fiscal responsibility and management as healthcare companies or providers face restructuring or liquidity issues; steps directors and officers of healthcare companies or providers should consider when they are insolvent (e.g., deciding whether to restructure or file bankruptcy; to whom do the fiduciary duties flow (e.g., to creditors, still to patients, etc.); duty to transfer patients of closing healthcare business and restrictions on transfers; termination of provider agreements or assumption and assignment; and lender issues.


  • Partners

Conference Rates

Member & Non-Member Rate: $475

Gov't./Aca./Nonprofit Rate: $250

Young Associate Rate (5 years or less in practice): $375

Join ABI + AIRA + Register Rate*: $1,075

Join Gov't./Aca./Nonprofit ABI/AIRA + Register Rate: $550

*Includes a one-year ABI and AIRA membership for first-time members only — a $700 value! You must be an ABI or AIRA member to attend. Membership is individual and nonrefundable. If your ABI membership has expired, select the member rate and add in your ABI membership renewal fee.

Cancellation Policy

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.

Anti-Harassment Policy

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 are 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

Advisory Board

The live virtual program is eligible for up 9.0 hours of general CLE credit in states calculating CLE on a 60-minute hour, and 10.8 hours of CLE credit in 50-minute-hour states. Credit hours are estimated and are subject to each state’s approval and credit-rounding rules and might not be approved prior to the program.*

Up to 10.2 hours of CPE** credit are also available.

CLE/CPE credit is NOT AVAILABLE for viewing on-demand recorded sessions.

*CLE credit hours eligible is subject to change.

**CPE Certificates of Attendance will be distributed by AIRA upon completion of the course. Participants can earn up to 10.2 CPE, including the Fundamentals Course.

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. ABI also has reduced rates for government employees, professors, law clerks and students. Financial assistance is available for this program; all applications for financial assistance must be submitted by April 14, 2021. For more information or to request an application, please contact the American Bankruptcy Institute at (703) 739-0800 or 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 2.5 hours in the afternoons of each scheduled day.

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/cell phone (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.