About the Course
Introduction
This CLE course will discuss challenging issues in debtor-in-possession (DIP) financing that are most often the subject of contentious negotiations between DIP lenders and other secured creditors, as well as the subject of intense scrutiny by bankruptcy judges.
Description
DIP financing is often subject to an evolving list of conditions by lenders to limit the risks of post-petition financing. Challenging terms include roll-overs and roll-ups, cross-collateralization, priming liens, and super-priority claims on avoidance actions. Pre-petition lenders often seek releases from the debtor regarding the validity, priority, and amount of the pre-petition claims and a release of defenses. Other terms include carve-outs, liens on avoidance actions, Section 506(c) waivers, and waiver of the automatic stay.
This panel will also discuss the seemingly ever-present issues relating to the relative rights of senior creditors vs. junior creditors, including the evolution of case law addressing the enforceability and the impact of intercreditor agreement provisions that make it difficult for junior secured creditors to offer competing DIP financing. Courts are mindful of secured creditor overreach and may be more willing to question lender demands.
Listen as our authoritative panel of bankruptcy practitioners offers guidance on these issues, takes a look at current case law, and provides practice tips for counsel that represent DIP lenders, other secured lenders, and debtors.
Presented By
Professor Miller was a partner in the corporate restructuring department of Manier & Herod, P.C. in Nashville, Tennessee. His practice focused on representation of insurance companies in large national and international insolvency matters as well as chapter 11 trustees and unsecured creditors’ committees in regional cases. He also taught the Business Associations class at the Nashville School of Law. Prior to practicing, Professor Miller served as the law clerk for the Honorable William L. Stocks of the United States Bankruptcy Court for the Middle District of North Carolina. He is a graduate of the Emory University School of Law. Professor Miller joined the USD Knudson Law faculty in 2022. Professor Miller teaches debtor-creditor rights, secured transactions, and other related courses.
Mr. Morin represents distressed companies and their lenders in connection with liability management transactions and in-court and out-of-court funded debt and operational restructurings. He has worked on distressed financings, distressed acquisitions, complex bankruptcy litigation, and other chapter 11 and insolvency-related matters. Mr. Morin's experience involves workouts of direct lending/private credit loans, in addition to more broadly syndicated debt instruments. He is a member of Jones Day's liability management steering committee. Mr. Morin has represented significant creditor groups in various in-court restructurings, including creditors of: Intelsat ($15 billion restructured), Syncreon ($1 billion restructured), Sungard AS ($1.2 billion restructured), David's Bridal ($800 million restructured), and Bon-Ton ($125 million credit bid). He has also advised a multitude of investment institutions and creditor groups in evaluating and implementing liability management strategies outside of court. In addition, Mr. Morin has represented many companies in distressed situations, including Diebold Nixdorf ($2.7 billion restructured), Peabody Energy ($8 billion restructured), M&G USA Corporation ($1 billion sale), and Rex Energy ($600 million sale).
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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, March 17, 2026
- schedule
1:00 p.m. ET./10:00 a.m. PT
I. Rollover of pre-petition secured debt
II. Cross-collateralization
III. Priming liens and Adequate Protection
IV. Liens or super-priority claims on avoidance actions
V. Releases and waivers of challenges to liens and other future borrowings
VI. Section 506(c) waivers
VII. Junior DIP financing
VIII. "Carve-out" for professional fees
The panel will review these and other key issues:
- What must counsel consider in evaluating defensive vs. offensive DIP loans?
- 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?
- How do bankruptcy courts treat releases of pre-petition secured lenders?
