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The Ebbs and Flows of a Chapter 11 War: the Planet Fitness Reorganization, a Case Study

This program will focus on the legal and business challenges that faced counsel to a debtor, secured lenders and franchisor in a hotly litigated, modest-sized Chapter 11 in Massachusetts involving a two-tiered ownership of six Planet Fitness franchisees. Filed in 2010 and ending with a confirmed plan in 2012, the case involved shifting allegiances, successive plans, alternative considerations of an asset sale vs a change in equity ownership depending on litigation with the franchisor, and a plethora of challenging issues, including (i) the contested settlement of litigation challenges to one secured creditor, (ii) the potential cram-down of a second secured creditor, (iii) the treatment of leases intended as security, (iv) disputed feasibility, (v) the ability to assume (and assign) the franchise agreements, (vi) whether the franchisor’s right of first refusal was enforceable, (vii) whether de-branding is a real alternative to a continuation of the franchise, (viii) whether the franchisor’s rights were waived during the case, and (ix) claims estimation. See In re Chicago Investments, LLC, 470 B.R. 32 (Bankr. D. Mass. 2012).
1 hour 25 minutes 4 seconds

Ins and Outs of LBOs

The challenges and difficulties of avoiding leveraged buyout transactions, covering emerging law involving LBOs including application of the § 546(e) safe harbor and collapsing such undertakings.
1 hour 13 minutes 57 seconds

The Challenges of Cramming Down a Chapter 11 Plan and Indubitable Equivalence

The absolute priority rule: trials and tribulations of new value. Cram down issues with 1111(b)(2) and Pacific Lumber. Practical considerations when litigating non-debtor releases.

e-Learning Topics

e-learning-topics

Bankruptcy Process and Procedure

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Administrative Expense Claims

Reviews processes and requirements for post-petition claims that get priority payment, including professional fees, utilities, and goods received within 20 days of filing.

Alternative Dispute Resolution

Examines mediation, arbitration, and other non-litigation approaches to resolve bankruptcy disputes efficiently and cost-effectively.

Asset Sales

Analyzes issues practitioners may face when completing asset sales in and out of bankruptcy, and best practices for successful outcomes.

Automatic Stay

Explores scope and application of automatic stay protection, including exceptions, violations, and procedures for obtaining stay relief.

Claims

Discusses the evaluation, trading, and resolution of bankruptcy claims. Covers creditor rights and their impact on restructuring.

Bankruptcy Litigation

Studies recent case law and rules of practice, evidence and procedure, connecting professionals engaged in bankruptcy-related litigation.

Certification

Covers professional certification requirements and processes for bankruptcy practitioners, including specialized credentials and continuing education.

Corporate Governance

Analyzes fiduciary duties, management responsibilities, and board oversight during bankruptcy proceedings and restructuring.

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