About the Course
Introduction
This CLE course will discuss advanced and emerging debtor-in-possession (DIP) financing issues that are the subject of significant judicial scrutiny and intense negotiations between DIP lenders and other secured creditors. The panel will address the rise of aggressive equity-linked or convertible facilities as well as roll-overs and roll-ups, cross-collateralization, priming liens, super-priority claims on avoidance actions, intercreditor disputes, and more.
Description
DIP lenders can have an ever-expanding list of conditions for extending post-petition financing: roll-overs and roll-ups, cross-collateralization, priming liens, super-priority claims on avoidance actions, releases, representations, waivers, and more. Lenders continue to push the limits of what courts allow.
Another tool, giving the debtor or DIP lender an option to convert outstanding amounts owed under the DIP facility to equity in the reorganized debtor, is not a new proposition. However, increasingly, DIP lenders are insisting on an allocation of a percentage of the reorganized equity at discounted, untested values as part of the DIP facility. Judges and stakeholders alike are troubled with a DIP financing entered into in the early days of the case that all but predetermines how the reorganization will end before it begins and outside the plan process. Debtors and DIP lenders have developed a number of potential workarounds, some successful and some not.
Listen as our authoritative panel of bankruptcy practitioners offers insights into the rising prevalence of equity-linked DIP facilities and related concerns, reviews recent decisions on DIP financing, and provides practice tips for counsel that represent DIP lenders, other secured lenders, and debtors.
Presented By
Mr. Goren advises clients on all facets of complex chapter 11 reorganizations, representing official committees, debtor-in-possession lenders, and debtors in a number of prominent insolvency matters. His restructuring experience spans numerous industries, including real estate, mortgage lending, transportation, technology, telecommunications, retail, and energy. Mr. Goren has particular experience representing creditors’ committees in the energy and aviation sectors, having represented over two dozen official committees in those industries alone. He also has significant experience representing both borrowers and lenders in complex financing transactions, and regularly counsels parties concerning bankruptcy matters involving Section 363 sales and cross-border insolvencies, including proceedings under chapter 15 of the Bankruptcy Code. Mr. Goren has been named to the 2025 and 2026 Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers, a guide to the top restructuring practitioners worldwide. He has also been recognized by Legal 500 US (2018).
Mr. Marinuzzi is global chair of the firmwide Business Restructuring + Insolvency Group. He represents debtors, creditors, and creditors’ committees in complex bankruptcy cases, workouts, and litigation. Mr. Marinuzzi's cases have spanned the United States as well as countless industries, such as airline and cargo transportation, mortgage origination and servicing, retail, banking and finance, energy, oil and gas, and telecommunications. He has represented the official committee of unsecured creditors in numerous recent chapter 11 cases, including Maverick Gaming, Del Monte Foods, Nikola, American Tire, Accuride, Fisker, Thrasio, Peer Street, Incora/Wesco, Clovis Oncology, Valaris, Windstream Holdings, Inc., Cloud Peak Energy, Westmoreland Coal Company, Inc., the NORDAM Group, Inc., Avaya Inc., Armstrong Energy, Inc., 21st Century Oncology Holdings, Inc., Peabody Energy, Inc., Energy Future Holdings Corp., and UCI International, Inc. Mr. Marinuzzi's deep experience and capabilities advising on precedent-setting bankruptcy and restructuring matters have not gone unnoticed. He is listed as a leading lawyer in Chambers USA and has also been recommended by The Legal 500 US. Mr. Marinuzzi was also designated by Turnarounds & Workouts magazine as an Outstanding Restructuring Lawyer for his accomplishments in 2016, 2017, and 2024.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Tuesday, September 22, 2026
- schedule
1:00 PM ET/10:00 AM PT
I. Equity-linked DIP lending
II. Priming liens and disputes
III. Rollover of pre-petition secured debt
IV. Releases and waivers of challenges to liens and other future borrowings
V. Role of bankruptcy directors
The panel will review these and other key issues:
- What must counsel consider in evaluating defensive vs. offensive DIP loans?
- Does equity conversion in the DIP facility incentivize undervaluation or sidestep confirmation requirements?
- How does the debtor seeking a priming lien convince the existing lender to consent or convince the court that the current lender's lien is adequately protected?
Related Courses
Advanced DIP Financing: Structuring Equity-Linked Facilities, Roll-Overs, Cross-Collateralization, Priming, and More
Tuesday, September 22, 2026
1:00 PM ET/10:00 AM PT
