Business

Hosted by the Commercial & Regulatory Law and International Committees. This panel will discuss the fast-changing landscape of crypto regulation across different jurisdictions, and the effects it is having on crypto-focused bankruptcies both here and abroad.

As data privacy concerns grow more urgent, bankruptcy professionals must be prepared to confront the unique challenges that arise when companies holding sensitive consumer data (like genetic information) enter financial distress. This panel will use the high-profile case of 23andMe as a launching point to explore the intersection of data privacy laws and bankruptcy practice. The panelists then will examine the heightened risks and responsibilities for debtors, creditors and trustees handling data-heavy assets in restructuring and liquidation scenarios. 

This panel explores ways in which practitioners are avoiding the direct impact of Purdue by seeking to release only derivative claims. The panelists analyze the direct/derivative distinction more broadly by discussing its impact on what constitutes property of the estate, whether pursuit of a derivative claim violates the stay, and what claims an estate fiduciary has the power to bring under § 544, and discusses the Whittaker, Clark & Daniels decision.

Financial projections often reflect the intent behind their creation, whether for sell-side transactions, buy-side due diligence, bank credit assessments, operational budgets or chapter 11 exit plans. This session will explore how these purposes impact the reasonableness of projections, including the potential for bias and the role of divergent stakeholder perspectives. Insights from company management, investment bankers, private-equity sponsors, creditor advisors, litigation experts and judges will shed light on best practices for evaluating the reliability and objectivity of projections in valuation and solvency analyses.

Private credit has rapidly grown into a multi-trillion-dollar market, reshaping the landscape of corporate finance and restructuring. With global private credit expected to rise from nearly US$2 trillion in 2023 to US$3 trillion by 2028, the influence of private credit funds as key creditors is undeniable. But questions remain as to how these funds will behave in the next major downturn, given their limited experience in workouts and restructuring. This panel will explore the evolving dynamics among private credit funds, banks, private equity and ratings agencies, and consider whether the growth of “private” markets reflects innovation or regulatory arbitrage. Attendees will gain practical insights into what restructuring professionals need to know as private credit cements its role at the center of future distressed situations.

In 2024 alone, more than 517,000 bankruptcy cases were filed in the U.S., and bankruptcy judges issued an estimated 521 reported decisions, plus another 1,241 unreported decisions. How many of those cases and issues are you familiar with? You might know what the Supreme Court did in Purdue Pharma, what the Third Circuit did in Boy Scouts, what the Fourth Circuit did in Bestwall, and what bankruptcy courts are doing in cases like Red River Talc, Celsius and FTX, but do you know the latest trends in equitable tolling, chapter 5 avoidance claims and conversion rights? Bill Rochelle and this panel of esteemed bankruptcy judges will be holding a lively discussion of a few critical-but-under-the-radar decisions that you should be reading about but likely are not. You won’t want to miss this educational and eye-opening conversation!

This panel will explore best practices for selecting, preparing and effectively using expert witnesses in bankruptcy disputes, including in valuation, fraudulent-transfer and preference actions. The panelists will discuss common pitfalls, ethical considerations, and how opposing counsel can effectively challenge expert credibility and methodology. Attendees will gain practical tips for maximizing the value of expert testimony and avoiding costly missteps in contested bankruptcy matters. 

This panel will examine the evolving landscape of third-party releases in insolvency proceedings, with a focus on their implications in chapter 15 cases. This panel of U.S. and international judges and practitioners will discuss parallel proceedings in jurisdictions including the U.S., U.K., Netherlands, Germany, Sweden, Ireland, France and Luxembourg, highlighting the complexities that arise when third-party guarantees and releases intersect with cross-border recognition. The panelists also will address the aftermath of Purdue Pharma, explore the challenges of forum-shopping and enforcement across borders, and provide practical insights on navigating divergent legal frameworks.

As cross-border restructurings become increasingly common, understanding how different jurisdictions approach restructuring plans is essential for practitioners advising multinational clients. This panel will examine and compare key features of restructuring frameworks in the U.S., U.K., Canada and the Netherlands, highlighting similarities, differences, and recent developments shaping international practice.

Valuation often hinges on critical company-specific statistical and methodological decisions, raising questions about their necessity or potential for manipulation. This session will examine such topics as mean vs. median, discounts for lack of marketability, premiums for control, and size premiums and company-specific premiums, and will offer insights into how these decisions shape valuation outcomes.