No CLE

Puerto Rico is burdened by over $70 billion in debt, as well as approximately $35 billion in pension underfunding. Once the U.S. House of Representatives passed H.R. 5278, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), in early June and the Senate passed it on June 29, 2016, President Obama signed the bill immediately — and just in time to address a $1.9 billion payment that was due on July 1, 2016. PROMESA offers relief to Puerto Rico, its municipalities and municipal agencies following a 10-year economic recession. This panel describes the circumstances that led to the financial crisis, the failed effort of the Puerto Rican government to offer relief through a "state" statute that was found to be unconstitutional by the Supreme Court, and the details of how PROMESA is designed to work. The session provides an opportunity to discuss these issues in a casual setting, including the way forward for Puerto Rico, and features a panelist who served as Hon. Steven Rhodes' expert on feasibility issues in the City of Detroit chapter 9 case.

A discussion of current issues of interest to bankruptcy judges and insolvency professionals.

Judges will respond to questions submitted from attendees in advance of the event.

Debtors and their counsel want a smooth, quick chapter 7 experience and discharge: a simple no-asset case that will proceed promptly through a short, uneventful first meeting of creditors, to discharge and case closing in a matter of a few months. The chapter 7 trustee stands in the way, though, as he/she looks for discharges to deny and assets to pay creditors. Forewarned is forearmed: This seminar will explore recent skirmishes in the struggle between the impecunious and their trustees, including the important areas of homestead exemption and mortgage-lien avoidance, avoidance of large pre-filing family expense payments, and nondisclosure issues.

This panel will discuss the role of key employee incentive and retention plans in bankruptcy cases, including the development of such plans and the legal and factual requirements for approval by the bankruptcy court.

In light of the recent downturn in the energy markets, this panel will provide an update on recent developments in coal and oil & gas chapter 11 cases, including contract issues, § 1113/1114 litigation, treatment of environmental obligations, KERPs and KEIPs, surety bonds, perfection and credit bidding issues, and “cherry-picking” of good assets in § 363 sales.

In light of the recent downturn in the energy markets, this panel will provide an update on recent developments in coal and oil & gas chapter 11 cases, including contract issues, § 1113/1114 litigation, treatment of environmental obligations, KERPs and KEIPs, surety bonds, perfection and credit bidding issues, and “cherry-picking” of good assets in § 363 sales.