Delaware State Approved Sessions

This panel will discuss several threshold issues that should be considered when determining whether you can and should represent a potential debtor client, including (1) whether you can ethically and legally be retained, (2) how you can be compensated for your work, (3) whether your potential client has the requisite corporate authority, and (4) reasons to walk away from an engagement before it’s too late. The panelists will highlight real-life examples and provide best practices and pitfalls to avoid with respect to these issues.

Sponsored by American Bankruptcy Institute and INSOL International A distinguished panel of legal and business professionals from the U.S., Canada, U.K. and E.U. will explore the current state of the commercial and office markets, where the markets are headed, and creative strategies for both landlords and tenants to address the hardships posed by the pandemic. The relevant issues will be addressed across the panelists' varied jurisdictions.

James Fama, former vice president of energy delivery for the Edison Electric Institute (EEI), will provide an overview of current issues in cybersecurity from a national perspective, as well as planning opportunities for businesses.

What do attorneys and other professionals need to know when preparing chapter 11 liquidation plans? This panel will discuss selecting a trust, LLC, plan administrator or other vehicle; ensuring that affirmative claims are preserved post-confirmation; searching for unencumbered assets; negotiating carve-outs; establishing a value/tax basis in litigation claims and other assets transferred to a trust or LLC; key plan provisions such as preserving 2004 discovery rights, creditor oversight, continuing court oversight, required reporting and retention/transfer of attorney/client privilege; trading of interests; provisions for closing the case; and structured dismissals following asset sales as an alternative to a liquidating plan.

This panel will discuss the disposition of restructured equity, including § 1145 and other limitations and exemptions; selecting and managing post-restructured boards, and how to assemble a new board with a view toward maximizing value; issues attendant to the recruitment of pertinent and qualified directors; departures from rent-a-director; use of independent directors on a new board; granting of observer rights; perspectives of being a member of a well-run post-restructured board; shareholder voting and control considerations, including minority rights; incentivizing management through MIPs, KEIPs/KERPs and employment agreement considerations (e.g., CoC/severance); fostering long-term shareholder value; antitrust issues; and public vs. private emergence.

This panel will discuss common valuation challenges and responses, and provide insight into piecing together multiple valuation techniques. The panelists will also touch upon identifying reasonable comps for similar companies and precedent transactions, reliance on/restating projections, and where valuation and liquidation analyses blend together, including non-cash-flowing assets.

COVID-19 severely impacted the way in which bankruptcy lawyers and judges handle litigation consistent with the needs of distressed companies. Learn what aspects of bankruptcy litigation were affected, procedurally and substantively, and what lessons we took away and are likely to keep for the future of practicing in this unique forum. Hear from experts who were on the bankruptcy front lines about what strategies were affected and in what ways. This panel also will cover topics ranging from access to courts, to the increased use of inherent judicial power, to virtual trials, to valuation and compromise in uncertain (unprecedented) times, to recent developments in avoidance actions.

This panel will examine creditors vs. creditors in liability-management transactions (Boardriders, Serta, Travelport, Trimark), collective actions and credit bidding (Speedcast, Alta Masa, Empire Generating, Allied), strict foreclosure in light of TIA 316(b) (CNH Diversified Opportunities v. Cleveland Unlimited), de facto claim-subordination (La Paloma), rights preserved for junior creditors under an intercreditor agreement (do the exceptions swallow the rule (Claires, Momentive)?), and practical considerations such as coordination agreements, unitranche facilities and CLOs in restructurings.

This roundtable will introduce new judges, provide updates from the Eastern and Southern Districts of New York (and surrounding areas) about court rules and practices, and discuss topics of general interest to the bar.

Are there limits to “free and clear” (GM)? This panel will discuss sales free and clear of leasehold interests, restrictive covenants and override royalties; conflicts between §§ 365 and 363(f) (lease- or license-stripping); assets free and clear of successorship in CBAs; selling free and clear of environmental liabilities (La Paloma, Exide); loan-to-own strategies; and the treatment of breakup fees (C&K Market, EFH).