Syndicated Credit Facility Restructuring and Workouts
Navigating Divergent Interests Among Lenders, Confidentiality, Voting Rights, and the Role of the Agent

Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
Banking and Finance
- event Date
Wednesday, October 28, 2020
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
-
This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE course will discuss critical legal issues that arise in syndicated credit workouts, particularly for counsel representing the administrative agent and the other lenders in the facility. The program will address unique aspects of a multi-lender facility workout and best practices for lenders and administrative agents to form and execute a successful and efficient workout strategy.
Faculty

Mr. Schulwolf is a partner in Shipman's Business and Corporate Practice Group. He focuses his practice on advising clients in financing, investment, acquisition, and restructuring transactions. In the Finance sector, Mr. Schulwolf regularly represents financial institutions including banks, mezzanine funds, and other institutional investors in structuring, documenting, and closing complex senior and mezzanine financings, including mezzanine financings with equity co-investments. He regularly represents lenders in connection with acquisition financings, financing of alternative energy projects (including wind, solar, and fuel cell projects), asset-based loans, cash flow loans, and syndicated credit facilities and he also represents Shipman's corporate clients and private equity portfolio companies in their financing transactions.

For nearly 40 years, Mr. Wurst has been a nationally recognized leader in the commercial finance community where he has represented large and small banks and commercial lenders as well as family-owned businesses providing sound advice and counselling on both legal and business matters. He is widely recognized for his hands on representation in commercial finance and bankruptcy matters. Mr. Wurst is skilled in his handling and supervising of complicated as well as routine debt finance transactions and is regularly called upon to handle loan workouts, asset-based lending, factoring, syndications, leasing and C&I, as well as bankruptcy matters, and turnaround situations stemming from transactions. He is called upon to provide advice to emerging finance companies. Mr. Wurst has spent a lifetime representing lenders and borrowers in both federal and state insolvency proceedings, including debtor-in-possession financing, disputed use of cash collateral, assignments for benefit of creditors and secured party sales under Article 9 of the Uniform Commercial Code. He is a fellow of the American College of Commercial Finance Lawyers and a panelist on the American Arbitration Association’s National Roster of Arbitrators.

Dr. Manzer is a partner in the Banking & Specialty Finance Group and Business Law practice. She has developed expertise in a wide range of practice areas combining skills to work effectively in most corporate/commercial practice areas, with a focus on financial services and structured transactions. Dr. Manzer's recent experience includes block chain and fintech applications. Her cross-border expertise has led to several leadership roles in leading U.S. business law organizations such as the American College of Commercial Finance Lawyers and the American Bar Association. Dr. Manzer has written many books on legal topics, primarily in areas of banking and specialized finance, and routinely lectures and speaks on a wide range of topics.
Description
Unlike a single secured lender confronting a workout situation, a multiple lender facility introduces additional layers of complexity: legal and negotiation issues. Co-lenders may second-guess decisions made by the administrative agent before the onset of the borrower's financial difficulties.
Nontraditional lenders such as hedge funds may have different goals and risk tolerance than traditional lenders. New lenders may appear during the workout as a result of loan or portfolio sales.
A multi-lender facility also magnifies the risks--workout strategies may not be protected from disclosure to the borrower and inadvertent waivers of attorney-client privilege may occur. Decisions by the lending group often require prolonged discussions among lenders, hard-fought consensus, and voting by lenders in the group. In certain lending arrangements, the voting requirements among revolving and term lenders may differ.
Listen as our authoritative panel of finance attorneys discusses how the unique aspects of a multi-lender syndicated facility impact the restructuring and working out of a troubled loan. The panel will analyze the practical and legal issues facing counsel representing the administrative agent and the other lenders in the facility. The panel will explain best practices for lenders and administrative agents to achieve a successful workout.
Outline
- Varied and divergent interests of the lenders
- Responsibilities of the agent to other lenders
- Joint defense and confidentiality agreements
- Voting rights and issues
- Key terms of the syndicated loan agreement governing co-lender rights and obligations
- What's going on in the courts
Benefits
The panel will review these and other key issues:
- What are the unique aspects of multi-lender syndicated loan facilities and what is the interplay of those aspects in restructuring and working out a troubled loan?
- How does the syndicated loan agreement impact the rights of the agent to comply with instructions from co-lenders?
- What disclosures about the borrower, the terms of the loan, and borrower defaults must the agent provide to co-lenders?
- What happens when what "can't go wrong" does go wrong?
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