HomeWebcastKey Issues in Distressed Debt, Workouts, and Restructurings: Practical Guide
Online CLE Distressed Debt CLE

Key Issues in Distressed Debt, Workouts, and Restructurings: Practical Guide

Live Webcast Date: Thursday, October 10, 2019 from 3:00 pm to 4:30 pm (ET)
Bankruptcy & Restructuring (CLE)Recording

Online CLE Distressed Debt

Join us for this Knowledge Group Online CLE Distressed Debt Webinar. The recent years have shown significant trends and developments surrounding the global and domestic financial scene. Companies and businesses are confronted with occasional fraud and cross border issues which required them to preplan and mitigate potential risks and pitfalls.

To cope with the drastic changes in this complex area of the law, practitioners must be in the know of the current marketplace trends surrounding distressed debt, workouts, and restructurings.  Also, it is of paramount importance to understand the potential implications of recent case developments to better handle the evolving industry dynamics.

In this Webcast, a seasoned panel of thought leaders and professionals brought together by The Knowledge Group will provide and present to the audience an in-depth analysis of the fundamentals as well as recent developments in distressed debt, workouts, and restructurings. Speakers will also present the best strategies and effective tools available to practitioners to better protect and enforce the rights of creditors and parties in interest.

Some of the major topics that will be covered in this course are:

  • Key Market Issues and Trends
  • Implications of Recent Case Developments
  • Best Tactics and Alternative Strategies
  • What Lies Ahead

Agenda

Mark D. Podgainy, Managing Director
Getzler Henrich & Associates LLC

AND

Jarret Hitchings, Attorney
Duane Morris LLP

  • Current market environment
    • Q1-Q3 Year in Review – what we have seen so far
    • Q4 –Q1(2020) what we might be seeing in the next six months
      • Increasing volatility
        • trade issues and tariffs
        • supply chain concerns
        • Brexit
        • interest rate cuts
        • US Election 2020
      • Limiting effect of covenant lite
        • Overview of market liquidity and proportion of covenant lite leveraged loans
        • Companies going to lenders for liquidity rather than covenant issues
        • Companies will be more distressed and have less time to fix their problems
    • Continued distress in following sectors
      • Retail
      • Healthcare
      • Restaurant (consider shift to delivery)
      • Energy;
      • Agriculture
    • Potential for spreading to auto and import/distribution operations
      • Stats on auto production and impact of UAW strike
      • Cascading effect on suppliers
  • Speed and cost of restructuring is a prime concern
    • Large bankruptcy cases are extremely expensive – numerous example
      • Change in UST fees a big driver
      • New Small Business Reorganization Act and Subchapter V
    • Most restructurings are done out of court
      • Sales and refinancing
      • Companies actively seek alternatives to bankruptcy
        • ABC
        • Article 9 sale
        • state court receiverships
    • If they must file, companies are looking to get in and out of court quickly
      • Widespread use of RSAs
      • In 2019, several cases in/out in under 30 days
        • BAPCPA – retail cases have a short fuse
          • Mattress Firm
        • But does speed lead to future chapter 22 filing?
          • Retail (e.g., Charming Charlie)
          • Energy
  • Use of bankruptcy to address tort litigation
    • Most widely used in asbestos cases
      • Recent changes to Justice Department approach/policy to asbestos cases
      • Impact of change in state laws (statutes of limitation)
    • Expanded recently to opioids, talc, sexual abuse
      • Insurance issues
      • Impact on criminal and regulatory investigations and prosecutions
      • Tort and government committees
    • Scope of third-party releases
  • Other current issues
    • Asset stripping
      • Overview of the concept/process
        • J.Crew Example
      • Potentially more to come once restructuring picks up?
    • Credit bidding
      • There hasn’t been a lot of credit bidding recently, as there’s been high demand and low supply of distressed debt
      • Court decisions may affect future behavior
        • Delaware and New York decisions limiting credit bidding
    • DIP Issues
      • Market terms
      • Recent cases and court limits
  • Summary, Outlook and Conclusion

Who Should Attend

  • Financial Executives
  • Compliance Officers
  • Bankruptcy and Restructuring Lawyers/Practitioners
  • Investment Advisers
  • Investment Bankers
  • Investors
  • Executive Directors
  • Financial Reporting Professionals
  • Financial Industry Analysts
  • Chief Risk Officers
  • Other Related/Interested Professionals

Online CLE Distressed Debt

Mark D. Podgainy, Managing Director
Getzler Henrich & Associates LLC

AND

Jarret Hitchings, Attorney
Duane Morris LLP

  • Current market environment
    • Q1-Q3 Year in Review – what we have seen so far
    • Q4 –Q1(2020) what we might be seeing in the next six months
      • Increasing volatility
        • trade issues and tariffs
        • supply chain concerns
        • Brexit
        • interest rate cuts
        • US Election 2020
      • Limiting effect of covenant lite
        • Overview of market liquidity and proportion of covenant lite leveraged loans
        • Companies going to lenders for liquidity rather than covenant issues
        • Companies will be more distressed and have less time to fix their problems
    • Continued distress in following sectors
      • Retail
      • Healthcare
      • Restaurant (consider shift to delivery)
      • Energy;
      • Agriculture
    • Potential for spreading to auto and import/distribution operations
      • Stats on auto production and impact of UAW strike
      • Cascading effect on suppliers
  • Speed and cost of restructuring is a prime concern
    • Large bankruptcy cases are extremely expensive – numerous example
      • Change in UST fees a big driver
      • New Small Business Reorganization Act and Subchapter V
    • Most restructurings are done out of court
      • Sales and refinancing
      • Companies actively seek alternatives to bankruptcy
        • ABC
        • Article 9 sale
        • state court receiverships
    • If they must file, companies are looking to get in and out of court quickly
      • Widespread use of RSAs
      • In 2019, several cases in/out in under 30 days
        • BAPCPA – retail cases have a short fuse
          • Mattress Firm
        • But does speed lead to future chapter 22 filing?
          • Retail (e.g., Charming Charlie)
          • Energy
  • Use of bankruptcy to address tort litigation
    • Most widely used in asbestos cases
      • Recent changes to Justice Department approach/policy to asbestos cases
      • Impact of change in state laws (statutes of limitation)
    • Expanded recently to opioids, talc, sexual abuse
      • Insurance issues
      • Impact on criminal and regulatory investigations and prosecutions
      • Tort and government committees
    • Scope of third-party releases
  • Other current issues
    • Asset stripping
      • Overview of the concept/process
        • J.Crew Example
      • Potentially more to come once restructuring picks up?
    • Credit bidding
      • There hasn’t been a lot of credit bidding recently, as there’s been high demand and low supply of distressed debt
      • Court decisions may affect future behavior
        • Delaware and New York decisions limiting credit bidding
    • DIP Issues
      • Market terms
      • Recent cases and court limits
  • Summary, Outlook and Conclusion

Online CLE Distressed Debt

Online CLE Distressed Debt

Mark D. PodgainyManaging DirectorGetzler Henrich & Associates LLC

Mark Podgainy is a Managing Director in the New York office of Getzler Henrich & Associates. He has more than 20 years of experience working with healthy, underperforming and distressed middle market businesses, both as an advisor and as a member of the management team. He has provided operations restructuring, business plan analysis, performance improvement, cash and vendor management, bankruptcy consulting and interim management services.  He has also worked with law firms on forensic and litigation support assignments in bankruptcy cases.  His clients have included business owners, boards of directors, private equity firms, lenders, creditors’ committees and law firms, and he has worked primarily in the consumer products, building products, food, hospitality, retail, apparel and textile, and real estate sectors.  He has served in roles such as CRO, interim CFO, treasurer or financial advisor in a variety of situations but, in each case, he has been able to address thorny financial, legal, organizational and governance issues to maximize recoveries for the parties-in-interest.

Online CLE Distressed Debt

Jarret HitchingsAttorneyDuane Morris LLP

Jarret P. Hitchings practices in the area of commercial finance, financial restructuring and business bankruptcy, and corporate litigation. Mr. Hitchings regularly represents business debtors, committees, lenders, trustees and creditors in bankruptcy litigation. He also represents agents, lenders and borrowers in financial transactions, and lenders, servicers, corporations and management in connection with governance issues and commercial disputes.

Mr. Hitchings is a 2010 magna cum laude graduate of Villanova University School of Law, where he was elected to the Order of the Coif, and a 2007 graduate of the Pennsylvania State University.


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Online CLE Distressed Debt

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   General knowledge of restructuring and bankruptcy

Course Code:
   148300

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credits:
    1.5 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.

Getzler Henrich & Associates LLC, founded in 1968, is one of the nation's oldest and most respected names in middle market corporate restructurings and operations improvement and has successfully worked with over a thousand companies throughout the world to achieve sustainable growth and profitability.  Long respected for its results-oriented approach, Getzler Henrich deploys rapid, pragmatic decision making and metrics-driven implementation services for its clients. With years of experience in executive-level positions at major corporations, and a broad range of advisory expertise, Getzler Henrich professionals have consistently and successfully guided companies through crises and growth phases.  Working with a wide range of companies, including publicly-held firms, private corporations, and family-owned businesses, Getzler Henrich’s expertise spans more than fifty industry sectors, from ‘new economy’ technology and service firms to  ‘old economy’ manufacturing and distribution businesses.  For more information on Getzler Henrich’s expertise, please visit www.getzlerhenrich.com.

Website: https://getzlerhenrich.com/

Duane Morris LLP, a law firm with more than 800 attorneys in offices across the United States and internationally, is asked by a broad array of clients to provide innovative solutions to today's legal and business challenges.

The lawyers in Duane Morris' Business Reorganization and Financial Restructuring group have earned a reputation for thoroughly understanding the rights and obligations of the various constituencies involved with a financially distressed company, developing a plan of action designed to achieve the client's goals, and executing the plan under what are often very difficult and rapidly changing circumstances. Regardless of whether the plan of action involves bankruptcy, the enforcement of creditors' rights, an out-of-court financial restructuring transaction, or an insurance company or cross-border insolvency, Duane Morris lawyers are fully prepared to protect and advance the client's interests. For more information on Duane Morris’ Business Reorganization and Financial Restructuring group, please visit www.duanemorris.com or contact Jarret Hitchings at jphitchings@duanemorris.com.

Website: https://www.duanemorris.com/

Mark Podgainy is a Managing Director in the New York office of Getzler Henrich & Associates. He has more than 20 years of experience working with healthy, underperforming and distressed middle market businesses, both as an advisor and as a member of the management team. He has provided operations restructuring, business plan analysis, performance improvement, cash and vendor management, bankruptcy consulting and interim management services.  He has also worked with law firms on forensic and litigation support assignments in bankruptcy cases.  His clients have included business owners, boards of directors, private equity firms, lenders, creditors’ committees and law firms, and he has worked primarily in the consumer products, building products, food, hospitality, retail, apparel and textile, and real estate sectors.  He has served in roles such as CRO, interim CFO, treasurer or financial advisor in a variety of situations but, in each case, he has been able to address thorny financial, legal, organizational and governance issues to maximize recoveries for the parties-in-interest.

Jarret P. Hitchings practices in the area of commercial finance, financial restructuring and business bankruptcy, and corporate litigation. Mr. Hitchings regularly represents business debtors, committees, lenders, trustees and creditors in bankruptcy litigation. He also represents agents, lenders and borrowers in financial transactions, and lenders, servicers, corporations and management in connection with governance issues and commercial disputes.

Mr. Hitchings is a 2010 magna cum laude graduate of Villanova University School of Law, where he was elected to the Order of the Coif, and a 2007 graduate of the Pennsylvania State University.

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