HomeWebcastBankruptcy, Restructuring & Insolvencies: A Sneak Peek to The Future
Online CLE Bankruptcy CLE

Bankruptcy, Restructuring & Insolvencies: A Sneak Peek to The Future

Live Webcast Date: Tuesday, February 14, 2017 from 12:00 pm to 1:00 pm (ET)
CLE Bankruptcy LawRecording

Online CLE Bankruptcy

Join us for this Knowledge Group Online CLE Bankruptcy Webinar. Listen as an authoritative panel of key thought leaders and bankruptcy/insolvency practitioners assembled by The Knowledge Group deliver an intensive one hour webcast designed to better manage complex issues in Bankruptcy, Restructuring & Insolvencies.

This interactive course will provide lenders, businesses, firms, and/or other stakeholders in the bankruptcy, restructuring, and insolvency industry with the crucial information regarding the dos and don’ts for 2017 & beyond. The panel will go beyond the basics of distressed businesses’ plan of reorganization, solvency and liquidation analyses, and fraudulent transfers. Speakers will also discuss handpicked chapters of the Bankruptcy Code that will matter more in 2017.

Some of the major key topics will include:

  • Bankruptcy, Restructuring & Insolvencies in 2017
  • Creditor’s Remedies and Lender’s Liabilities
  • E&P Restructuring Fallout
  • Recent Litigation Cases & Decisions involving:
    • Momentive Performance Materials’ and Energy Future Holdings
    • Madoff decision and the conflicting decisions issued in LyondellBasell
    • Continental Airlines and WaMu decisions
    • Jevic opinions and the potential impact of the SCOTUS decision on the Chapter 11 landscape
  • Unique Elements of Retail Restructurings
  • Issues and Latest Trends
  • Common Pitfalls and Potential Risks
  • Best Solutions and Practices
  • Up-to-the-Minute Regulatory Updates

Agenda

Ryan Wagner, Attorney
Greenberg Traurig, LLP

AND

Richard M. Goldman, Legal Analyst
Debtwire

  • E&P Restructuring Fallout:
    • E&P operator bankruptcies dominated the restructuring landscape in 2016 (114 in total)—a trend that will seemingly continue into 2017.
      • Bonanza Creek Energy filed its pre-arranged restructuring on 4 January.
      • Memorial Production Partners entered into a restructuring support agreement that requires its Chapter 11 filing by 16 January.
      • [Discuss trends from E&P operator restructurings].
    • The E&P operator bankruptcies took a significant toll on E&P service providers, many of which also succumbed to seeking bankruptcy protection (110 in total).
      • Basic Energy and Key Energy were two of the more prominent E&P servicer Chapter 11 cases that concluded 2016.
      • Forbes Energy announced in late 2016 that it entered into a restructuring support agreement that requires it to file for Chapter 11 by 23 January.
      • [Discuss trends from E&P servicer restructurings].
    • Offshore energy companies are also likely to take up some Chapter 11 bandwidth in 2017, with possible filings from Seadrill, Pacific Drilling and Ocean Rig.
      • [Discuss issues related to potential offshore bankruptcy filings].
  • Covenants that Run With the Land:
    • E&P operator bankruptcies left some unanswered questions in 2016.
      • Namely, whether acreage dedications commonly included in gas gathering agreements between E&P operators and midstream service providers constitute “covenants that run with the land”.
      • If the do, the dedications constitute a real property interest that is excluded from a debtor’s bankruptcy estate and prevents E&P debtors from rejecting midstream agreements under Bankruptcy Code section 365(a).
      • Though many E&P debtors sought to reject midstream gas gathering agreements, most of those disputes were resolved by settlement.
      • Only Southern District of New York Bankruptcy Court Judge Shelley Chapman in Sabine Oil and Gas’s Chapter 11 cases issued a written decision on this issue, holding that the acreage dedications contained in Sabine’s midstream contracts did not constitute “covenants that run with the land”. 
      • Judge Chapman’s decision in currently on appeal to the US District Court for the Southern District of New York.
  • Makewhole Melee
    • Momentive Performance Materials’ and Energy Future Holdings’ ongoing makewhole litigations received much attention in 2016, and will continue to be watched in 2017.
    • Both bankruptcy courts previously concluded that Momentive’s and EFH’s Chapter 11 filings triggered automatic acceleration of those debtors’ outstanding notes, thereby precluding holders of those notes from collecting their makewhole premiums.
    • The respective district courts upheld each of the lower bankruptcy court decisions.
    • In an unexpected twist, in mid-November 2016, the US Court of Appeals for the Third Circuit overturned the lower Delaware court decisions in EFH, finding that, regardless of the acceleration clause, the debtor’s decision to refinance the prepetition notes with proceeds from its DIP financing constituted a voluntary redemption that triggered noteholders’ right to receive the makewhole premium.
    • Given Momentive’s makewhole litigation is still pending before the US Court of Appeals for the Second Circuit. the EFH Third Circuit opinion may have a persuasive impact on that decision.
    • Depending on the outcome, the Momentive decision could result in a circuit split that the parties then appeal to the US Supreme Court.
  • Non-Consensual Third-Party Releases
    • The issue of whether the Bankruptcy Code empowers Delaware bankruptcy courts to grant non-consensual third-party releases in the context of a Chapter 11 plan confirmation is likely to be decided in 2017.
    • The issue arises out of Millennium Health’s Chapter 11 cases, where Delaware Bankruptcy Court Judge Laurie Silverstein found conflicting precedent within Delaware as to the scope of bankruptcy court’s authority to grant non-consensual third-party releases.
      • [Discuss the Continental Airlines and WaMu decisions].
    • The appeal is currently before the Delaware bankruptcy court.
  • Fraudco Litigation
    • As a result of a decision issued in late 2016 by Southern District of New York Bankruptcy Court Judge Stuart Bernstein in the ongoing liquidation of Bernard L. Madoff Investment Securities, there remains a split in the SDNY as to the scope of a Chapter 11 trustee’s ability to clawback proceeds of foreign fraudulent conveyances.
    • [Discuss the Madoff decision and the conflicting decisions issued in LyondellBasell.]
  • Jevic
    • The Supreme Court will issue a decision addressing whether a structured dismissal of a Chapter 11 case may include a settlement that provides for distribution of bankruptcy estate proceeds in violation of the absolute priority rule.
    • [Discuss the lower court Jevic opinions and the potential impact of the SCOTUS decision on the Chapter 11 landscape].
  • Retail on the Horizon:
    • [Discuss the current distressed retail sector, some retail companies that could seek Chapter 11 protection in 2017 and best practices given unique elements of retail restructurings].

Who Should Attend

  • Financial Executives
  • Compliance Officers
  • Bankruptcy and Restructuring Lawyers/Practitioners
  • Investment Advisers
  • Investment Bankers
  • Investors
  • Executive Directors
  • Chief Risk Officers

Online CLE Bankruptcy

Ryan Wagner, Attorney
Greenberg Traurig, LLP

AND

Richard M. Goldman, Legal Analyst
Debtwire

  • E&P Restructuring Fallout:
    • E&P operator bankruptcies dominated the restructuring landscape in 2016 (114 in total)—a trend that will seemingly continue into 2017.
      • Bonanza Creek Energy filed its pre-arranged restructuring on 4 January.
      • Memorial Production Partners entered into a restructuring support agreement that requires its Chapter 11 filing by 16 January.
      • [Discuss trends from E&P operator restructurings].
    • The E&P operator bankruptcies took a significant toll on E&P service providers, many of which also succumbed to seeking bankruptcy protection (110 in total).
      • Basic Energy and Key Energy were two of the more prominent E&P servicer Chapter 11 cases that concluded 2016.
      • Forbes Energy announced in late 2016 that it entered into a restructuring support agreement that requires it to file for Chapter 11 by 23 January.
      • [Discuss trends from E&P servicer restructurings].
    • Offshore energy companies are also likely to take up some Chapter 11 bandwidth in 2017, with possible filings from Seadrill, Pacific Drilling and Ocean Rig.
      • [Discuss issues related to potential offshore bankruptcy filings].
  • Covenants that Run With the Land:
    • E&P operator bankruptcies left some unanswered questions in 2016.
      • Namely, whether acreage dedications commonly included in gas gathering agreements between E&P operators and midstream service providers constitute “covenants that run with the land”.
      • If the do, the dedications constitute a real property interest that is excluded from a debtor’s bankruptcy estate and prevents E&P debtors from rejecting midstream agreements under Bankruptcy Code section 365(a).
      • Though many E&P debtors sought to reject midstream gas gathering agreements, most of those disputes were resolved by settlement.
      • Only Southern District of New York Bankruptcy Court Judge Shelley Chapman in Sabine Oil and Gas’s Chapter 11 cases issued a written decision on this issue, holding that the acreage dedications contained in Sabine’s midstream contracts did not constitute “covenants that run with the land”. 
      • Judge Chapman’s decision in currently on appeal to the US District Court for the Southern District of New York.
  • Makewhole Melee
    • Momentive Performance Materials’ and Energy Future Holdings’ ongoing makewhole litigations received much attention in 2016, and will continue to be watched in 2017.
    • Both bankruptcy courts previously concluded that Momentive’s and EFH’s Chapter 11 filings triggered automatic acceleration of those debtors’ outstanding notes, thereby precluding holders of those notes from collecting their makewhole premiums.
    • The respective district courts upheld each of the lower bankruptcy court decisions.
    • In an unexpected twist, in mid-November 2016, the US Court of Appeals for the Third Circuit overturned the lower Delaware court decisions in EFH, finding that, regardless of the acceleration clause, the debtor’s decision to refinance the prepetition notes with proceeds from its DIP financing constituted a voluntary redemption that triggered noteholders’ right to receive the makewhole premium.
    • Given Momentive’s makewhole litigation is still pending before the US Court of Appeals for the Second Circuit. the EFH Third Circuit opinion may have a persuasive impact on that decision.
    • Depending on the outcome, the Momentive decision could result in a circuit split that the parties then appeal to the US Supreme Court.
  • Non-Consensual Third-Party Releases
    • The issue of whether the Bankruptcy Code empowers Delaware bankruptcy courts to grant non-consensual third-party releases in the context of a Chapter 11 plan confirmation is likely to be decided in 2017.
    • The issue arises out of Millennium Health’s Chapter 11 cases, where Delaware Bankruptcy Court Judge Laurie Silverstein found conflicting precedent within Delaware as to the scope of bankruptcy court’s authority to grant non-consensual third-party releases.
      • [Discuss the Continental Airlines and WaMu decisions].
    • The appeal is currently before the Delaware bankruptcy court.
  • Fraudco Litigation
    • As a result of a decision issued in late 2016 by Southern District of New York Bankruptcy Court Judge Stuart Bernstein in the ongoing liquidation of Bernard L. Madoff Investment Securities, there remains a split in the SDNY as to the scope of a Chapter 11 trustee’s ability to clawback proceeds of foreign fraudulent conveyances.
    • [Discuss the Madoff decision and the conflicting decisions issued in LyondellBasell.]
  • Jevic
    • The Supreme Court will issue a decision addressing whether a structured dismissal of a Chapter 11 case may include a settlement that provides for distribution of bankruptcy estate proceeds in violation of the absolute priority rule.
    • [Discuss the lower court Jevic opinions and the potential impact of the SCOTUS decision on the Chapter 11 landscape].
  • Retail on the Horizon:
    • [Discuss the current distressed retail sector, some retail companies that could seek Chapter 11 protection in 2017 and best practices given unique elements of retail restructurings].

Online CLE Bankruptcy

Online CLE Bankruptcy

Ryan WagnerAttorneyGreenberg Traurig, LLP

Ryan A. Wagner is an associate in Greenberg Traurig’s Restructuring & Bankruptcy Practice. Ryan focuses his practice on Chapter 11 bankruptcy reorganizations, restructurings, workouts, distressed M&A, corporate and energy reorganizations and liquidations, distressed debt transactions, and other financial transactions. He represents companies, debtors, plan proponents, lenders, secured and unsecured creditors, and bondholders in connection with all facets of such transactions and proceedings.

Online CLE Bankruptcy

Richard M. GoldmanLegal AnalystDebtwire

Richard M. Goldman is a Legal Analyst with Debtwire.  At Debtwire, Richard is responsible for tracking dozens of the highest-profile in- and out-court restructurings across various industries, including E&P (on-shore and offshore operators, servicers and midstream companies), retail, healthcare, minerals and mining, and automotive.  In connection therewith, Richard provides analysis of the reorganization and litigation strategies, as well as key judicial opinions, that shape today’s Chapter 11 landscape. 

Prior to joining Debtwire in 2015, Richard was a former restructuring and litigation attorney.  For nearly a decade, Richard practiced in the New York offices of Weil, Gotshal & Manges LLP, Kirkland & Ellis LLP and Togut, Segal & Segal LLP, where he represented various constituencies, including debtors, official committees, lenders, purchasers and trustees in several high-profile restructurings.

Online CLE Bankruptcy

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   Experience in bankruptcy

Course Code:
   146146

NASBA Field of Study:
   Finance - Technical

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credit:
    1.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

Greenberg Traurig, LLP is an international law firm with approximately 2,000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, the Middle East, and Asia. The firm offers an integrated, multidisciplinary team of attorneys with experience representing energy companies, utilities, energy project developers, investors, regulators, lenders, governments, and other energy industry participants in navigating periods of market stress. With deep experience across energy, tax, finance, securities, bankruptcy, and litigation, their team efficiently solves complex problems affecting energy industry participants. The firm’s integrated approach assists clients in addressing virtually all aspects of restructuring in the energy sector. For additional information, please visitwww.gtlaw.com.

Website: https://www.gtlaw.com/

Debtwire is the leading source for market-moving news and analysis on actionable restructuring, distressed, high-yield and primary market situations. This proprietary content often gets behind the scenes to alert readers on happenings such as creditor group formations, company-side advisor mandates, restructuring proposals, trading activity, deal origination and the earnings of privately-held companies. Moreover, Debtwire’s group of reporters, devoted strictly to covering in-court situations, keeps readers up-to-speed on the latest events in court relating to restructurings and securities litigation. Debtwire Dockets technology also provides a streamlined alternative to PACER for retrieving court filings. The work of our journalists is complemented by the opinionated pieces from the lawyers on Debtwire’s legal analyst team, which provides guidance on what will shape restructuring situations that are both ongoing and coming down the pipeline. The credit analyst team publishes a host of issuer specific reports on high-yield, distressed and bankrupt companies, complete with cash flow analysis, projections and waterfall scenarios. For more information, please visit: www.debtwire.com.

Website: https://www.debtwire.com/

Ryan A. Wagner is an associate in Greenberg Traurig’s Restructuring & Bankruptcy Practice. Ryan focuses his practice on Chapter 11 bankruptcy reorganizations, restructurings, workouts, distressed M&A, corporate and energy reorganizations and liquidations, distressed debt transactions, and other financial transactions. He represents companies, debtors, plan proponents, lenders, secured and unsecured creditors, and bondholders in connection with all facets of such transactions and proceedings.

Richard M. Goldman is a Legal Analyst with Debtwire.  At Debtwire, Richard is responsible for tracking dozens of the highest-profile in- and out-court restructurings across various industries, including E&P (on-shore and offshore operators, servicers and midstream companies), retail, healthcare, minerals and mining, and automotive.  In connection therewith, Richard provides analysis of the reorganization and litigation strategies, as well as key judicial opinions, that shape today’s Chapter 11 landscape. 

Prior to joining Debtwire in 2015, Richard was a former restructuring and litigation attorney.  For nearly a decade, Richard practiced in the New York offices of Weil, Gotshal & Manges LLP, Kirkland & Ellis LLP and Togut, Segal & Segal LLP, where he represented various constituencies, including debtors, official committees, lenders, purchasers and trustees in several high-profile restructurings.

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