Business

In today’s volatile commercial real estate market, the intersection of lease law and bankruptcy is more complex than ever. This panel dives into the real-world challenges landlords and tenants face when bankruptcy hits, using recent high-profile cases — including WeWork and a wave of "Chapter 22" retail filings — to examine the growing tensions among market realities, restructuring costs and the Bankruptcy Code.

Liability-management exercises (LMEs) have become common transactions in order for financially distressed companies to obtain financing secured by previously encumbered assets. From uptiers, drop-downs, double dips and pari plus transactions, courts have begun to analyze and rule on the enforceability of LMEs and, in certain instances, their limitations. This panel will analyze various examples of recent LMEs and discuss the repercussions of such transactions from both the borrower and lender perspective.

Despite the potential need to reassess liability management exercise (LME) structuring following the Fifth Circuit’s Serta decision, LMEs will continue to proliferate. Questions remain, though: Should we view LMEs as nothing more than free options for sponsors and a rearranging of deck chairs on a sinking ship? Or can they be a force for good, leading to improved enterprise value and corresponding improved returns to all creditors? If so, how can companies maximize the chances of their LME doing so? This panel will address these questions and more.

This panel discusses the history and evolution of liability-management transactions, including uptiers, drop-downs and double-dips, while providing insights from company, lender and creditor perspectives. The panelists also discuss recent developments and trends following the Serta and Mitel decisions, as well as their perspectives on how these types of transactions will be utilized going forward — and whether they are tools for success or invitations for trouble.

This panel presents a pragmatic discussion on the varying liens that intrude upon debtors’ lives, and the array of bankruptcy-centric issues and tools that can be effectively utilized to confront those liens.

The attributes of the limited liability company form that are considered favorable by clients and advisers alike can present distinctive challenges in chapter 11. This panel will delve into those challenges and relevant case law developments in the context of a hypothetical transaction. The panelists will provide their valuable insights on relevant current topics and issues, such as the LLC’s authority to file a chapter 11 case, fiduciary duties and duty waivers, derivative standing, and tax implications for LLC stakeholders. Attendees can anticipate receiving actionable analyses to apply in future cases, whether preparing for a chapter 11 case, advising a committee or structuring a transaction.

Discovery in bankruptcy contested matters can be just as complex and consequential as in traditional litigation, but with its own unique rules, limitations and strategic considerations. This panel will address recent case law, jurisdictional nuances, and the practical challenges of balancing efficiency with due process. Whether you’re initiating discovery or responding to it, this session will provide valuable insights into managing discovery effectively within the procedural framework of the Bankruptcy Code. 

This panel explores various topics including litigation issues and obligations specific to creditors committees, the role of financial experts in litigation, and evidentiary issues that practitioners are likely to encounter. The panel also provides practical tips on preparation and best practices.

This panel will explore key bankruptcy litigation issues that are currently the subject of significant interest and debate, including (1) how bankruptcy courts address gerrymandering in the classification context, and how such concerns may arise in connection with liability-management transactions; (2) how debtors may attempt to effect "backdoor" estate releases through sale transactions whereby the buyer of the assets acquires estate claims and causes of action, and whether such attempts invoke concerns of a sub rosa plan; and (3) how the standard of adequate protection should be interpreted when a debtor is using cash collateral to maintain operations as a going concern where the alternative is a potentially value-destructive chapter 7. The panelists also plan to address the jurisdictional split regarding whether the confirmation requirement of an impaired accepting class requires a "per plan" or a "per debtor" approach for multi-debtor plans.