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  • videocam Live Webinar with Live Q&A
  • calendar_month March 31, 2026 @ 1:00 p.m. ET./10:00 a.m. PT
  • signal_cellular_alt Intermediate
  • card_travel Banking and Finance
  • schedule 90 minutes

Enforceability of Intercreditor Agreements in Bankruptcy: Maximizing Recovery for First and Second Lienholders

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MSRP
$347.00
$294.95
Save $52.05

Discount expires 3/18/26

This course is $0 with these passes:

CLE
ALL
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About the Course

Introduction

This CLE course will guide commercial finance counsel in drafting intercreditor agreements and those seeking to enforce or resist intercreditor agreements during bankruptcy proceedings. The panel will discuss ways that first lien and second lien lenders can best protect their economic interests in the event of bankruptcy.

Description

Bankruptcy courts must often resolve issues regarding the enforceability of intercreditor agreements between first and second lien lenders. An intercreditor agreement executed by first and second lien lenders who have separate credit agreements with the borrower is quite typical.

Section 510 of the Bankruptcy Code states that subordination agreements are enforceable in bankruptcy cases under non-bankruptcy law. Over the years, case law has evolved regarding the enforceability of provisions that restrict (what some courts believe are) fundamental bankruptcy rights.

Listen as our authoritative panel discusses the forms of intercreditor agreements, current case law on the enforceability of intercreditor agreements in bankruptcy proceedings, and how first lien and second lien lenders can protect their economic interests in the event of bankruptcy.


Presented By

Christopher M. Dressel
Counsel
Skadden Arps Slate Meagher & Flom LLP

Mr. Dressel represents companies and their stakeholders in a range of distressed transactions and situations, including Chapter 11 reorganizations, out-of-court debt restructurings and recapitalizations, Section 363 and other distressed M&A transactions, and DIP financings, among others. His practice spans a variety of industries.

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Justin M. Winerman
Partner
Bryan Cave Leighton Paisner LLP

Ms. Winerman represents clients around the world in all aspects of complex corporate restructurings both in and out of court and across a wide range of industries, including health care, financial services, energy and media. He also advises on various insurance and reinsurance receivership and restructuring transactions. Additionally, Mr. Winerman advises creditors, lenders, equity sponsors, and other parties in interest on business reorganization, special situations and insolvency matters. Mr. Winerman has distinguished himself in cross-border matters, serving as lead counsel in a number of chapter 15 cases, obtaining recognition and enforcement of proceedings in multiple jurisdictions around the globe. Mr. Winerman has advised clients on a number of cutting edge cross-border matters.

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Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, March 31, 2026

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

I. Recent case law on the enforceability of intercreditor agreements in bankruptcy proceedings

A. Cases holding that an intercreditor agreement cannot waive a second lien lender's fundamental bankruptcy rights

B. Cases holding that an intercreditor agreement may waive statutory bankruptcy rights if enforceable as a matter of applicable state law

II. Best practices when drafting and negotiating intercreditor agreements to protect lender interests, including discussion of forms of intercreditor agreements currently being used in the market

The panel will review these and other relevant issues:

  • What are the lessons for lenders' counsel from recent bankruptcy case law regarding intercreditor agreements?
  • Which intercreditor provisions require special attention as to enforceability in bankruptcy?
  • How can senior lien and subordinate lien lenders best protect their interests in bankruptcy?