Wednesday October 5, 2011
Breakfast Networking & Registration
Welcome & Introduction
Howard Brod Brownstein
The Brownstein Corp; Conshohocken, PA
Kathryn A. Coleman
Hughes Hubbard & Reed; New York
Thomas A. Morrow
Out of Court vs. Bankruptcy
Could the debtor be restructured out of court? Given the cost and inefficiency of the bankruptcy process, why does any company end up in bankruptcy other than to sell assets under §363 or enforce terms on holdout creditors (bondholders)?
How much latitude should debtors be allowed in selecting venues that are most likely to result in a successful restructuring? How much weight should be given to logistical costs to creditors?
Is merger at emergence the same as substantive consolidation? Should separate professionals be designated for subordinate debtors? How many committees?
11:45 am-12:00 noon
Anthony H.N. Schnelling Lecture Series Keynote Speaker
Paula Rosput Reynolds
Former Vice Chairman and CRO of AIG
Treatment of Executory Contracts
Should executory contracts be allowed to be assumed or rejected if that action would be reasonably likely to cause other debtor(s) to liquidate? Do both debtor parties to the contract have equal rights to assume or reject? Do both parties have equal rights to compel performance?
Part I: Credit Bid and Cramdown of Secured Debt
Can a reorganization plan cash out a secured claim at the value determined by the court (instead of a marketing process)? Does a secured creditor have an absolute right to credit-bid, or can it be trumped by the plan? Under what circumstances should debtors be allowed to cram down secured debt? Should any recovery be allowed to unsecured creditors if secured debt is crammed down?
3:45 - 5:00 pm
Part II: Credit Bid and Cramdown of Secured Debt
You may find the case study here
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