Business Reorganization

Most office employees have been working from home throughout the pandemic, and businesses are increasingly realizing that office space is not as essential as once thought. In addition, retailers are closing their doors permanently or shifting exclusively to online sales. Can corporate real estate survive or reinvent itself?

Should § 363 sales occur early in a case? Should the Federal Foreclosure Act be invoked? The panelists will discuss these issues, as well as sales in confirmation; circumstances under which a court may preclude or limit credit bidding under § 363(k); whether to push for dismissal, conversion, or a liquidating trust; mootness and appeals; Rule 9019 settlements combined with sales to make them harder to appeal; whether Fulton will further increase the power of secured creditors; and extraordinary changes in the economy (delay or convert?).

This session will discuss the impact of extraordinary and unforeseen changes in the economy; feasibility in a COVID-19 world; the split between § 1141 analysis and traditional opt-in/opt-out provisions for third-party releases; the best-interest test in connection with third-party releases; the fate of Till and cramdown; valuation issues such as what happens when projections are totally wrong; exclusivity termination; attempts to put assets beyond the reach of lenders; plan voting/§ 1129(a)(10) and artificial impairment; and estimation for voting purposes.

This panel will offer a unique take on Chapter 11 issues. Join our panelists as they walk through hot topics and other thorny territory in the Chapter 11 landscape.

Unregulated and nontraditional capital providers are sources of end-to-end liquidity from origination through chapter 11 and from middle-market to mega cases. This panel will consider the motivations and aims of these market participants, and how they are likely to change the character of the next restructuring cycle.

The economic catastrophe created by the Coronavirus is unique. In the past, recessions have been prompted by sustained periods of high interest rates. This recession has been caused by a virus and it is hitting the United States and world economy already saddled with record levels of debt. Almost all businesses are dealing with the prospect of sudden ends to cash flow, yet a relatively new generation of companies, "zombies" who earn too little to make even interest payments on their debt are faced with the ultimate challenge. The level of debt in America's corporate sector amounts to 75% of the country's gross domestic product, breaking the previous record set in 2008. Debt burdens are precariously high in numerous industries that are now taking a direct hit from the Coronavirus. Join us for a fascinating fireside chat with Professor Troy McKenzie of New York University School of Law, Jamie Sprayregen or Kirkland & Ellis and Jennifer Hagle of Sidley. They will explore and discuss strategies to use in this unique time in economic history. Is the Bankruptcy Code useful, are there strategies outside the Code which are helpful and how can professionals work to benefit their clients in a world like we have never experienced?

The panel will briefly address the historical use of cannabis in America for medicinal purposes and the subsequent criminalization of cannabis, which was racially motivated. The panel will then discuss the challenges faced by corporate entities that seek to obtain bankruptcy protection when at least a portion of their income is derived from the sale or cultivation of cannabis, the lease of space to cannabis companies, or the sale or manufacture of products used in connection with a cannabis business. The panel also will discuss the nonbankruptcy options for these entities, as well as the financial hurdles faced by such entities. Finally, a representative from a community bank in Maryland will discuss the services that her bank is able to provide to cannabis dispensaries.

How are lenders, borrowers and vested parties adapting to a rapidly changing environment? Are lenders and other creditors becoming more or less aggressive as business plans and borrowing bases are indefinitely affected by the suppressed commercial activity from the coronavirus? The panelists explore these issues and more.

Sponsored by: ToneyKorf Partners, LLC Join our panel of experts as they discuss the short and long term impact and implications of COVID-19 on current and future hospital financial stability. ToneyKorf's pandemic impact mitigation strategy tool will be discussed as a way that can provide a more precise, data-driven projection of changes to hospital finances. Panelists will also explore the range of recovery and restructuring strategies to bring stability to the uncertain financial future created by this pandemic.

Join experts in the health care insolvency field as they discuss a host of issues looming for the industry due to the fallout from the ongoing pandemic, factoring in the current landscape for providers, Polsinelli's Distressed Health Care Index, and the sectors that have been most affected thus far and in what ways. As the country begins to reopen, what might the "new normal" for providers look like, and how long is it likely to last? How might the financial and operational performance of companies be altered, and what legal strategies can be employed to ensure viability? How will all of the above impact lenders, landlords, and vendors, and how are the CMS advances provided by the government different from other sources of relief? Finally, how are health care businesses preparing for the next COVID-19 cycle in light of the virus's likely resurgence in the fall, and can we expect a second wave of shutdowns? Hear about these matters and more as the industry braces for change in the coming months.