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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Bankruptcy

Date & Time
  • event Date

    Wednesday, December 14, 2022

  • 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 course will provide counsel with the tools to address the specialized issues that arise during retail and restaurant bankruptcies. The panel will review challenges with financing, dealing with overstock and inventory issues, leases and other executory contracts, franchise agreements, vendor rights, gift cards, and other issues unique to retail and restaurant insolvencies. The panel will also address using Subchapter V and avoiding "Chapter 22."

Faculty

Amy E. Vulpio
Partner
Stradley Ronon

Ms. Vulpio counsels financial institutions, secured lenders, insurance companies, lessors, trade creditors, and other businesses and individuals in financial restructuring, bankruptcy, appellate and commercial litigation matters. On behalf of debtors, she assists with facilitating out-of-court workouts, preparing bankruptcy petitions and motions, formulating plans of reorganization or liquidation, and prosecuting claims objections and preference and fraudulent conveyance actions in both traditional Chapter 11 cases and Subchapter V small-business bankruptcies. Additionally, Ms. Vulpio handles bankruptcy-related litigation ranging from routine to complex and contentious, as well as bankruptcy appeals, including appellate briefing and oral argument.

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Teri Stratton
Senior Managing Director
Hilco Corporate Finance, Co

Ms. Stratton has significant experience providing debt advisory, equity private placements, capital markets, mergers and acquisitions, and restructuring advisory services to companies across many industries, including consumer products (restaurants, food and agriculture), industrials and healthcare. She is a Certified Insolvency and Restructuring Advisor, a board member of the Association of Insolvency and Restructuring Advisors, and a member of the Turnaround Management Association and ABI.

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Sarah Crow
Senior Legal Director
Yum! Brands, Inc

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Betsy Ratto
Senior Vice President
Hilco Merchant Resources

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Description

Retail and restaurant bankruptcies present unique issues that often demand novel solutions. Many decisions must be made more quickly than in other cases, such as the assumption or rejection of leases and how to deal with rejection damages. Lenders want plans to be filed promptly and often threaten liquidation if they are not forthcoming despite the debtor's options under Section 365(d)(3).

Bankruptcy offers options to resolve franchise agreement assignment and intellectual property issues, and monetizing these assets can be critical to preserving value for creditors.

If the debtor intends to continue operating, it must deal with its pre-petition vendors post-petition and address whether to honor gift cards, loyalty program points, and other customer incentives post-petition. Retailers must factor in consignment arrangements and Section 503(b)(9) claims, while restaurants must grapple with the Perishable Agricultural Commodities (PACA) and Packers and Stockyards (PSA) Acts.

Listen as our authoritative panel discusses how to best guide retail or restaurant clients through a bankruptcy proceeding, all while deploying every available tool to maximize the value of inventory and assets, protect the client's equity, and preserve long-term customer goodwill.

Outline

  1. The upswing in retail and restaurant bankruptcies
  2. The Subchapter V option
  3. Assumption and rejection of leases: treatment of rent pre- and post-petition
  4. Customer incentives post-petition: gift cards and loyalty programs
  5. Vendors: consignment, stay relief, and other issues
  6. Inventory and going out of business sales
  7. Future trends and miscellaneous issues

Benefits

The panel will review these and other key issues:

  • When is Subchapter V an option?
  • What is the procedure and timing for assuming or rejecting leases in bankruptcy?
  • What steps may vendors take to protect their rights to consigned goods?
  • What are some constraints on going-out-of-business sales, and how are they resolved in bankruptcy?
  • What novel approaches are being developed to deal with the pandemic?