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Current Issues in Oil and Gas Bankruptcies

Oil, gas and energy are the hottest areas in bankruptcy right now. As this is an industry that suffers from volatile market conditions, with its earnings linked to ever-depleting reserves, companies involved in or dependent on the exploration, development and production of oil and gas present unique issues for the bankruptcy practitioner. This panel will include the viewpoints of legal professionals from both the debtor and the creditor sides, an economist focused on the oil and gas sector, and a trust administrator with a large energy portfolio under management. The presentation will start with an introduction to oil and gas chapter 11 cases, identifying the players, the lexicon and the deal documents. The focus will then turn to the impact of the Bankruptcy Code on title to oil and gas interests, liens that can interfere with the estate’s rights, determination about whether oil and gas industry contracts are executory contracts (including assumption or rejection of midstream gathering agreements and oil and gas leases), the impact of § 541(b)(4) provisions that exclude from property of the estate certain rights of holders of farmed-out agreements and production payments, and plugging and abandonment obligations. Finally, the panel will discuss how the industry got to its present state, its outlook going forward, and how market turmoil has impacted related sectors such as power generation.
1 hour 9 minutes 40 seconds

Emerging Professionals Panel: Show Me the Money — Understanding, Structuring and Getting Approval for Debtor-in- Possession Financing

This panel explores DIP issues in a chapter 11 case and is intended to provide both fundamental information and an overview of emerging issues, including: What is the primary analysis that needs to be undertaken? How do you assess a 13-week cash flow? Who are your potential lenders, and what are the potential terms? What are the pitfalls and areas of concern for other parties in interest, the U.S. Trustee and the court?
1 hour 10 minutes 49 seconds

Small Commercial Chapter 11 Panel: A Decent Burial — Winding Up the Small Business Debtor

In the Massachusetts economy of the 21st century, insolvency professionals are increasingly called upon after it is too late to save a small business. Thus, our practice is increasingly liquidation-focused, requiring the professional to seek to engage in a process that both tightly controls cost and maximizes value. This panel will explore some of the challenges faced in this area, and will focus on such topics as developments in out-of court liquidations (ABCs, self-managed liquidations and other possible structures), setting up a sale process and the prospects for a viable auction, disposition of intellectual property (particularly where the IP portfolio is of limited value) and other unique assets such as liquor licenses, the liquidation of nonprofit debtors, and the possible use of chapter 7 as an effective disposition tool.
1 hour 10 minutes 59 seconds

Financial Advisory Panel: Curing the Cause and Not Just Treating the Symptoms — How to Fix the Business Issues and Not Just Adjust the Balance Sheet

The Bankruptcy Code offers a variety of means for addressing balance-sheet issues. Its provisions for dealing with the operational issues that caused those balance-sheet problems are more limited, however. This session will discuss the diagnostic tools available to identify operational problems, with a particular focus on the primary methodology generally used by financial professionals: the “operational review.” Rather than just addressing the symptoms, an operational review primarily focuses on the root causes of a distressed/insolvent company, and provides an outline for action plans that management and the turnaround team can execute in the recovery process. The session will also address the legal and financial issues that should be considered and resolved in dealing with some of the most often-seen problems, which frequently include stale management, poor strategy, a lack of productivity focus, and deficient information infrastructure. The panel will discuss such implementation-process issues as severance and other employment issues presented in offloading stale management, as well as board fiduciary duty issues arising from receiving the results of the operational review and addressing, or not addressing, the issues identified. The panel seeks to discuss the best ways to effectively restore companies and enhance cash flow beyond the traditional and common expense-cutting methods.
1 hour 12 minutes 57 seconds

e-Learning Topics

e-learning-topics

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.

Court Administration

Reviews court procedures, filing requirements, and administrative processes in bankruptcy cases.

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