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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

    Tuesday, May 2, 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 offer counsel a practical guide to the most common first-day motions filed in a voluntary Chapter 11 bankruptcy. The panel will discuss debtor and creditor strategies for key requests and what courts expect to see in court filings.

Faculty

Mark I. Duedall
Partner
Bryan Cave Leighton Paisner

Mr. Duedall is in the firm’s Restructuring & Insolvency Practice Group. He represents various parties in restructuring matters, including acquirers, debtors, secured and mezzanine lenders, creditors' committees, receivers, and other financial advisors. Mr. Duedall has also handled traditional corporate matters such as acquisitions, dispositions, recapitalizations, and finance transactions.

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Luke A. Barefoot
Partner
Cleary Gottlieb Steen & Hamilton LLP

Mr. Barefoot’s practice focuses on bankruptcy litigation, insolvency, corporate restructuring and related disputes. He was inducted into the International Insolvency Institute’s Next Generation at the London conference on June 19, 2017.

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Tinamarie Feil
President of Client Services and Co-Founder
BMC Group, Inc

Ms. Feil is co-founder and the President of Client Services of BMC Group. She has 30 years experience directing various aspects of corporate compliance, communications, insolvency case administration, as well as the due diligence process in major merger & acquisition transactions. Ms. Feil currently sits on the Board of Directors of the American Bankruptcy and is Committee Leader of IWIRC’s delegation to the United Nations Committee on International Trade Law (Working Group V, Insolvency). She is a frequent author and speaker. Articles Ms. Feil has authored include “Planning a Smooth Chapter 11 Distribution Process;” “Quick, or Not So Quick, Sales Under Chapter 11;” “What About the Cloud;” "Concerns Surrounding the Transmission of Personally Identifiable Information;" and co-authored "Claims Trading Promotes Ownership Concentration.” She is an active member of Turnaround Management Association, the American Bankruptcy Institute, the Association for Corporate Growth and INSOL International.

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Paul Hammer
Shareholder
Barron & Newburger, PC

Mr. Hammer has extensive experience in handling bankruptcy and reorganization proceedings in a number of economic sectors including energy, healthcare, and retail. His clients have included Trustees, equity holders, executives, insurers, financial institutions and Committees.

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Description

First-day motions are, as the name suggests, filed the same day as the bankruptcy case and are designed to ensure a smooth transition from operating entity to debtor-in-possession (DIP), consistent with the duties, rights, and privileges authorized in the Bankruptcy Code. Preparing for and drafting these motions takes significant planning and sets the tone and stage for the rest of the case.

When considering first-day requests, courts balance the urgency of the debtor's need for immediate relief against the due process rights of creditors and other parties to object or negotiate different terms. Thus, most first-day relief is granted on an interim basis with final relief granted at a later date. Parties have to anticipate this and include appropriate language in the relevant orders.

Some very important issues get presented in first-day motions, especially those related to DIP financing, cash collateral, and treatment of certain types of claims. These are not boilerplate documents and can often make or break the case.

Listen as this experienced panel guides counsel for debtors, creditors, and other stakeholders through best strategies and practices for negotiating, drafting, and responding to first-day motions.

Outline

  1. General considerations and strategies
  2. Prioritizing what relief to request in First-Day motions
  3. Procedural and evidentiary considerations
  4. Selected First-Day motions
    • First-Day declarations
    • Debtor-in-possesion financing
    • Cash collateral
    • Wages and employee compensation
    • Critical vendors
    • Reclamation procedures
    • Cross-border foreign representative orders

Benefits

The panel will review these and other key issues:

  • What are the biggest mistakes debtor's counsel should avoid with respect to first-day motions?
  • What terms are and should be acceptable in first-day cash-collateral and DIP-financing orders?
  • What categories of first-day relief are the most controversial?
  • Which creditors should be consulted when preparing first-day motions?
  • Which courts have forms or procedures for first-day motions?