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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Bankruptcy

Date & Time
  • event Date

    Wednesday, July 27, 2022

  • 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 course will analyze the benefits and risks of prenegotiating or prepackaging a chapter 11 plan, including the complexities that professionals face in negotiating and structuring them and current trends and decisions such as the emerging use of “super speed” prepacks and recent decisions regarding plan support agreements or “PSAs” that call for significant payments to be made to PSA parties and their professionals. Attendees will come away with useful strategies for representing debtors, creditors, and other constituents.

Faculty

Van C. Durrer
Partner
Skadden Arps Slate Meagher & Flom LLP

Mr. Durrer leads the Firm's corporate restructuring practice in the western United States and advises clients in restructuring matters around the Pacific Rim. He regularly represents public and private companies, major secured creditors, official and unofficial committees of unsecured creditors, investors and asset-purchasers in troubled company M&A, financings and restructuring transactions, including out-of-court workouts and formal insolvency proceedings. He moderated panels and participated as a guest speaker for many organizations globally.

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Mette H. Kurth
Partner
Culhane Meadows Haughian & Walsh, PLLC

Ms. Kurth focuses on all aspects of financial restructuring, distressed situations, and bankruptcy issues, and uses her experience to develop pragmatic and creative solutions to protect her clients' interests. She has represented a variety of creditors' committees, debtors, unsecured creditors, acquirers of bankrupt companies, and trustees both in out-of-court workouts and in federal bankruptcy cases.

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Naomi Moss
Partner
Akin Gump Strauss Hauer & Feld LLP

Ms. Moss focuses on in- and out-of-court restructurings, with an emphasis on bondholder committees and creditors’ committees in large, complex cases. 

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Description

Prenegotiating or prepackaging a plan before filing a bankruptcy petition can significantly reduce both the costs and risks associated with a traditional chapter 11 case. A prepack involves soliciting votes on a chapter 11 plan prior to filing the case. This not only requires debtors to carefully prepare and execute prepack strategies to avoid violating the Bankruptcy Code’s solicitation and confirmation requirements but it may also require considerable lead time.

Like pre-packs, prenegotiated plans reduce the cost and risks associated with the chapter 11 process by aligning key parties prior to the filing. They are a particularly useful tool when the debtor can obtain consensus among most, but not all, critical constituents. In this situation, debtors and their key constituents often enter into plan support or “lock up” agreements that are heavily negotiated and serve as the road map for the debtor’s ultimate plan.

Join us as our authoritative panel of restructuring attorneys delves into the benefits and risks surrounding prepackaged and prenegotiated plans and offers strategies for professionals who are using—or challenging—these arrangements. The panel will provide attendees with a brief overview of prepackaged and prenegotiated plans and their features and then focus on current trends and issues in today's environment, including the emerging use of “super speed” prepacks as well as recent trends and decisions regarding PSAs for prenegotiated plans that call for significant, and sometimes controversial, payments to be made to PSA parties and their professionals

Outline

  1. Overview of prepackaged and prenegotiated bankruptcy plans
    1. When each is appropriate
    2. Jurisdiction and venue issues
    3. Differences between the plans
  2. Current issues that are heavily contested
    1. Super Speed Prepacks
    2. PSA Support Payments
  3. Strategies
    1. Debtor strategies
    2. Secured creditor strategies
    3. Unsecured creditor strategies

Benefits

The panel will review these and other key issues:

  • The benefits and risks associated with prepackaged and prenegotiated bankruptcy plans
  • The complexities involved in negotiating, structuring, or challenging prepackaged or prenegotiated plans and support agreements
  • Current trends such as the emergence of “super speed” prepacks
  • Recent decisions and issues, including recent decisions regarding plan support agreements (PSAs) and payments to PSA parties