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.
Welcome & Valuation Fundamentals Course
Whether you are a seasoned practitioner looking for a refresher on basic concepts or venturing into the area of distressed business valuation for the first time, this Technical Track A session provides a toolbox overview of the fundamentals of valuation methodology.
- Definitions of value
- Commonly used valuation methodologies
- CAPM and MCAPM
- Application of systemic and un-systemic risk adjustments
Welcoming Remarks from VALCON 2021 Co-Chairs
VALCON 2021 Keynote & Expert Recap
Opening Day Networking
Sponsored by Hogan Lovells US LLP
Valuation Issues in the Hospitality, Leisure and Real Estate Industries
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.
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.
Valuation Issues in the Retail Industry
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.
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.
Young Professionals Networking
Valuation Issues in the Energy Sector
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.
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. 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.
Valuation Issues in Health Care
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.
Ethics in Healthcare Insolvencies
Join us for a robust one-hour 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.
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.
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 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 https://www.abi.org/about-us/bylaws-and-policies.
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.**
**CLE credit hours eligible is subject to change**
10.8 hours of CPE* credit are also available. CPE credit is NOT AVAILABLE for viewing on-demand recorded sessions.
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.