Unsecured Trade Creditors

This session explores the issues and implications of managing bankruptcy cases when key assumptions and expectations fail to materialize, and the exit path is no longer available. What happens then? For instances where there is limited liquidity and the case is facing possible dismissal, administrative insolvency and/or conversion to chapter 7, the panelists run through key pitfalls and provide guidance on how to effectively manage bankruptcy cases through these challenges by referencing several recent and high-profile health care cases to illustrate the harsh reality of these issues playing out today.

Hosted by Financial Advisors and Investment Banking & Unsecured Trade Creditors Committees This panel will discuss the strategic use of valuation evidence throughout the life of a chapter 11 case, from financing and sale process to confirmation and fraudulent conveyance/other litigation.

This panel will discuss the historical relationship between secured and unsecured creditors in reorganization cases, and explore recent instances where the groups have worked together to create value for their constituents. The panelists will include an overview of the key positions taken by each group, and will provide first-hand descriptions of how the constituents were able to achieve consensus.

This panel takes a fresh look at the latest categories and buyers of asset sales under § 363, and the increased influence that unsecured creditors are exerting over those sales. The panelists discuss recent noteworthy successful and failed sales, including Vice Media, Vital Pharmaceuticals, Inc., Celsius Network, LedgerX and Voyager.

Section 506(c) and 552(b) waivers have become a staple in the pre-petition-lender-turned-DIP-lender toolbox. But what are the unsecured creditor’s tools for pushing back, and the arguments for why value that accrued post-petition might properly be reserved for junior creditors? Apart from collateral battles, this panel will explore the types of securities or other considerations that some plans have distributed to the class junior to the fulcrum security in acknowledgment of the potential asset appreciation not fully realized at the time of plan negotiation, as well as the ABI Commission’s recommendation to implement a “Redemption Option Value” — and the challenges that such structures pose.

Hosted by the Commercial & Regulatory Law and Unsecured Trade Creditors Committees This panel will explore issues that are driving value in health care bankruptcies, particularly issues of import to unsecured creditors. Included in the discussion will be the priority and impact of Medicaid provider fees, difficulties in valuing health care receivables and the resulting effects on claim status and cost of financing, the landscape of chapter 9 as a vehicle for the restructuring of a public health care debtor, and the treatment and saleability of provider agreements.

Sponsored by the Unsecured Trade Creditors Committee Independent directors are taking on larger and more frequent roles in complex commercial cases. What role do official committees have in these cases, where special committees have often been appointed prepetition to consider and authorize transactions, or may be tasked post-petition with investigating transactions authorized before their appointment? This webinar will explore how the roles and incentives of independent directors/special committees differ from those of official committees; analyze the hurdles each type of entity faces when investigating and raising challenges to company transactions; and consider how each serves the estate—and whether there is room for cooperation.

This panel will explore the efforts being taken to use blocking provisions in corporate and company organizational documents to limit the possibility of a bankruptcy filing, and will discuss the importance of independent board members in various transactions throughout the duration of a chapter 11 case and financial distress.

This panel of experienced professionals will discuss and analyze what it takes to maximize results for unsecured creditors in today’s chapter 11 cases.

Presented by the Asset Sales and Unsecured Trade Creditors Committees