Business Reorganization

Courts and commentators have long agreed that the Trust Indenture Act (TIA) provides protection against majority amendment to certain core terms. Given recent aggressive maneuvers in mega-cases, the TIA has become a weapon of choice for bondholders to fight back. More pressing questions, however, concern the breadth of this protection in nonconsensual debt restructurings. Should the TIA protect the ability, and not merely the formal right, to receive payment in some circumstances? Is it limited to conduct that disenfranchises the minority, or does it have broader uses as a weapon against unilateral conduct by the issuer that hurts bondholders’ recovery?

Resolved: A chapter 11 plan can grant a third-party release. Resolved: A bankruptcy judge can disband a creditors’ committee. Resolved: Filing a proof of claim on a time-barred debt violates the FDCPA

It's become increasingly popular for businesses, developers and project sponsors to take advantage of specialized tax credit programs at the federal and state levels designed to incentivize investment in affordable housing, low-income communities and historic preservation. Bankruptcy and workout professionals should have a basic understanding of these tax credit programs and the unique issues that can arise in workouts and bankruptcies involving projects financed through the use of tax credits. This webinar will cover: 1)Low-Income Housing Tax Credit (LIHTC); 2)New Market Tax Credit (NMTC); 3)Historic Tax Credit (HTC) programs; 4)And will explore some of the unique issues and challenges that arise in workouts and bankruptcies involving projects financed through such programs. ABI will seek 1.5 hours of general CLE credit in 60-minute-hour states and 1.75 hours of credit in 50-minute-hour states. CLE-Approved States: ABI’s live webinars and teleconferences ordinarily receive CLE credit in AL, CA, DE, GA, IL, MN, NE, NH, NJ, NY (approved jurisdiction policy), PA, TN and TX. ABI will obtain approval in additional states. ABI does not seek direct accreditation of live webinars in KS and OH. Credit hours granted are subject to approval from each state, which may not be determined prior to the program.

With low energy commodity prices the new reality, E&P companies are being forced to restructure their balance sheets — both in and out of court. This panel will discuss legal issues that are crucial to advising a client in E&P restructurings and how those issues may shape your strategy, including oil and gas leases as absolute conveyances and the protection of royalty-holders; ORRIs, NPIs and production payments; plugging and abandonment liability; M&M liens; borrowing bases under RBL credit facilities; and joint operating agreements.

Chaos erupts when a bankruptcy case collides with different spheres of the law. Bankruptcy lawyers continuously have to consider other legal areas in the course of their practice. Your clients routinely seek your guidance because of legal problems arising from other legal matters, ranging from divorce to real estate to commercial litigation. This presentation will assist you in rendering proper legal advice.

This panel will address a variety of issues in chapter 11 cases, including cramdown interest rates, credit-bidding and equitable mootness, among other issues.

Young lawyers frequently learn that they will be working on a new chapter 11 case when they are directed to start drafting pleadings. This session, spearheaded by members of ABI’s Young & New Members Committee, is geared toward gaining an understanding of what precedes that moment by (1) advising and educating the new(er) generation of bankruptcy professionals on the background and “big picture” of a chapter 11 case, and (2) advising and educating the newest generation of bankruptcy professionals on pre-filing strategies. The panel will explore and help identify operational, financing and litigation problems that may be faced by distressed companies, then will explore both short-term and longer-term strategies that can be pursued before a petition is filed.

Young lawyers frequently learn that they will be working on a new chapter 11 case when they are directed to start drafting pleadings. This session, spearheaded by members of ABI’s Young & New Members Committee, is geared toward gaining an understanding of what precedes that moment by (1) advising and educating the new(er) generation of bankruptcy professionals on the background and “big picture” of a chapter 11 case, and (2) advising and educating the newest generation of bankruptcy professionals on pre-filing strategies. The panel will explore and help identify operational, financing and litigation problems that may be faced by distressed companies, then will explore both short-term and longer-term strategies that can be pursued before a petition is filed.

The assets of professional services firms ride the proverbial elevator every day. What happens when they stop riding? This session will address the insolvency of professional service firms, including the causes of professional service firm insolvencies, the status of partner capital, and the risks to the professionals who once rode the elevators, including potential preference and fraudulent transfer liability. This program will also review recent cases relating to the “unfinished business” doctrine in the context of law firm insolvencies. Finally, the program will examine challenges in effecting a distressed merger of professional services firms.