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Trends in DIP Financing
This panel will discuss financing orders, milestones and other case management through the DIP facility. What should be allowed for case management by secured creditors via DIP-financing and/or cash-collateral orders, including the case milestones? What terms are and should be acceptable in first-day cash-collateral and DIP-financing orders (Aegean) — too much control, or simply adequate protection? What does it take for a third party to prime? This session will also focus on structural priming, including by taking liens on unencumbered foreign assets (Hexion), using DIP financing as a tool to protect pre-petition debt, the use of roll-ups, the ratio of new money to roll-up that is necessary/“market”, justifying a zero-new-money roll-up (EP Energy), providing a secured term loan pre-bankruptcy and using the proceeds as cash collateral, and rolling up pre-filing emergency loans (Westmoreland).
Recent Confirmation Developments
Join this session for a discussion on plan vs. statutory impairment (Ultra, PG&E), treatment of third-party releases/plan proponents (Millennium (3d Cir.), SunEdison and other recent S.D.N.Y./Del. Decisions; Emerge and Cloud Peak (Del.)), and classification (Novinda (10th Cir. BAP, litigation claims against a creditor justifies separate classification from other unsecureds)). Should all similarly situated creditors have the right to participate in rights offerings, financings, etc. (PacDrilling, Peabody)? The panelists will also discuss feasibility in light of the return of debtors to bankruptcy (including in the energy and retail space). Are reorganizations being rubber-stamped too easily?
Cross-Border Bankruptcy Issues
Presented in two parts, this panel will discuss European loan structure developments, including but not limited to a shift in European loan structures to U.S. debt instruments, how these credits will be restructured, whether the existing tools in Europe will work for bond-issuers, and more. Brexit’s impact on recognition proceedings, as well as COMI-shifting and jurisdiction issues, will also be covered.
The Opioid Crisis
This panel will explore the 20-year ongoing opioid crisis in the pharmaceutical industry. The discussion will feature such opioid bankruptcy cases as Purdue and Mallinckrodt, and other recent rulings.
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