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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Bankruptcy

Date & Time
  • event Date

    Monday, November 20, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00
CLE
ALL

This CLE webinar will discuss dual-track Chapter 11 strategies that simultaneously prepare for reorganization with continued operations while also marketing the distressed business for sale. The program will review the advantages of such plans for both debtors and creditors and what creditors expect to see in such plans.

Faculty

Jeffrey P. Bast
Founder
Best Amron

Mr. Bast has been practicing in the insolvency and litigation arena for 30 years. He guides business clients through all types of insolvency-related issues, including bankruptcy and bankruptcy avoidance, emphasizing corporate reorganization, workouts, and liquidation. Through his experience in commercial litigation, Mr. Bast knows his way around the courtroom, but he also knows that his clients are often better served by avoiding court. For this reason, his initial focus is avoiding bankruptcy when possible. His business background makes him well-suited to guiding his clients with insolvency-related transactions as well. Mr. Bast has extensive experience with all aspects of bankruptcy sales, acquisitions, and financing. He represents corporate and individual debtors, shareholders, trustees, receivers, indenture trustees, and creditors’ committees, as well as secured and unsecured creditors in workouts, reorganizations, and litigation.

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Jaime Leggett
Attorney
Best Amron

Mr. Leggett practices in the areas of bankruptcy and complex commercial litigation. His experience includes investigating and prosecuting director and officer liability claims; representing trustees, creditors, equity holders, and debtors in bankruptcy proceedings; federal and state court commercial litigation; and trials in federal, bankruptcy, and state courts nationwide.

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Description

A successful Chapter 11 can end in one of two ways: with operating business paying creditors or with an asset sale under Section 363. In a sale toggle, the debtor proposes a plan under which it simultaneously runs a sale process and plans for a traditional reorganization, with the option of selecting the better choice.

Toggles allow a debtor to continue operating and generating revenue while it looks for potential purchasers for some or all its assets. Advantages of toggles that are properly structured and implemented include shortening the length of the case, promoting consensus, increasing the value of the business, and lessening the viability of objections to valuation, sale, or confirmation because the proposals have been market tested.

Listen as this experienced panel of bankruptcy and restructuring attorneys explains how lenders and debtors can maximize value by using toggle strategies.

Outline

  1. Overview of sale toggles
  2. Typical structures of proposed plans
    1. Role of stalking horse bidders
    2. Reserve pricing
    3. Incentivizing potential purchasers and maximizing bidders
  3. Key supporting creditors

Benefits

The panel will review these and other key issues:

  • How should toggles be structured and implemented to maximize value?
  • What are the risks of the dual-track approach?
  • What are debtors’ disclosure requirements under Section 1125?
  • How can debtors test the value of the business?