Investment Banking

The existence of multiple bondholders can impose uncertainty and gamesmanship in a contest for economic gain from distressed corporate situations. The paper that they hold rarely tells the whole story; bondholders may have competing investments, undisclosed hedges and varying purchase price discounts that make it impossible to determine their true position. This panel will explore issues related to bondholder-led restructurings and takeovers, including the operation of ad hoc committees, the role of indenture trustees, conflicts, disclosures, subordination and deal structures.

Structuring Cross-Border Deals to Protect Creditor Interests

This panel will explore the role of hedge funds in bankruptcy cases, including how they have changed the restructuring landscape.

Both equity investors and lenders often evaluate potential transactions in the context of their overall portfolios as well as the potential value proposition presented by the specific opportunity. Capital providers pay attention to risk allocation across industry sectors and asset classes, among other investment considerations. This panel will discuss the role that asset valuation and enterprise valuation play in deal making and strategic portfolio management.

The Till v. SCS Decision was handed down in May 2004, making 2014 the 10-year anniversary of one of the most important bankruptcy decisions of all time. This panel, which features the lawyers who argued the matter before the Supreme Court (Eric Brunstad), as well as others who have argued significant post-Till interest rate cases, will discuss the evolution of Till and where we are today.

This panel will discuss how a number of recent bankruptcy decisions have curtailed the rights of the “new” investor, including hedge funds, to obtain the typical benefits that a buyer would otherwise be entitled to in a bankruptcy case. The focus will include a review of rulings in which a secured creditor’s rights to credit-bid in connection with a § 363 asset sale were limited and in which a hedge fund’s vote was not counted. Is this fair? Should your claim be worth less if you buy at a discount?

A timely and wide-ranging keynote discussion among leading professionals, market advisors and educators concerning current and future economic trends, predictions about the high yield and leveraged lending markets going forward and what it all means for restructuring practice in the short and long term.

Do new opnions suggest doubt about the right of a lender to bid the full value of claims in Chapter 11?

This panel will discuss the purchase of secured debt and claims, disclosure of obligations, and the Lightsquared and Telecom cases.

This panel will provide an overview of new uses of cause of action, § 546(e) cases including Lyondell and Tribune, and proposed changes to the UFTA.