The Legal and Strategic Guide to

Chapter 11 Finance

DIP Lending - Exit Financing - Securitization - Debt Trading - Derivatives

Monday, June 23, 2003

About

The Legal and Strategic Guide to Chapter 11 Finance For Lenders and Investors

Corporate bankruptcies reached a record of over $368 billion in assets by the end of 2002, shattering the 2001 record by 42%. With the economic uncertainty fueled by current international and domestic events, this trend is likely to continue for the foreseeable future. These conditions present tremendous opportunities for commercial lenders and investors to provide funds to distressed companies. Those who want to maximize their returns, however, need a full understanding of the complexities and risks involved, as well as the latest strategies and techniques for participating in and profiting from this burgeoning market.

This timely American Conference Institute program was developed to give bankruptcy and finance attorneys, workout, insolvency and finance specialists, and others with responsibility for financing arrangements, the latest information and practical strategies for lending to and investing in companies in Chapter 11. Leading private practitioners, in-house counsel and business professionals from Bank of America, Bear Stearns & Co., Cerberus Capital Management, Financial Security Assurance, FleetBoston Financial, Foothill Capital, Fortress Investment Group, Franklin Mutual Advisers, Merrill Lynch, Murray Capital and Standard & Poor's shared practical, in-depth advice on critical issues including:
  • Protecting pre-petition debt
  • Conflicts of interest when in competing arrangements
  • Legal and business considerations when trading debt
  • How and to what extent to get involved in the plan of reorganization
  • Tips and traps when documenting DIP agreements
  • Structuring termination provisions for maximum protection
  • How to take full advantage of 363 asset sales
  • When to obtain cross-collateralization agreements
  • Negotiating strategies when dealing with other creditors
This is a unique opportunity to find out what judges are looking for in plans of reorganization and how to protect your interests.

These event materials are a must for everyone involved in strategic planning, documentation or legal representation for banks, commercial and asset-based lenders, institutional investors and funds. This is your opportunity to get the information you need from those on the leading edge of this growing market.

Contents & Contributors

About

The Legal and Strategic Guide to Chapter 11 Finance For Lenders and Investors

Corporate bankruptcies reached a record of over $368 billion in assets by the end of 2002, shattering the 2001 record by 42%. With the economic uncertainty fueled by current international and domestic events, this trend is likely to continue for the foreseeable future. These conditions present tremendous opportunities for commercial lenders and investors to provide funds to distressed companies. Those who want to maximize their returns, however, need a full understanding of the complexities and risks involved, as well as the latest strategies and techniques for participating in and profiting from this burgeoning market.

This timely American Conference Institute program was developed to give bankruptcy and finance attorneys, workout, insolvency and finance specialists, and others with responsibility for financing arrangements, the latest information and practical strategies for lending to and investing in companies in Chapter 11. Leading private practitioners, in-house counsel and business professionals from Bank of America, Bear Stearns & Co., Cerberus Capital Management, Financial Security Assurance, FleetBoston Financial, Foothill Capital, Fortress Investment Group, Franklin Mutual Advisers, Merrill Lynch, Murray Capital and Standard & Poor's shared practical, in-depth advice on critical issues including:
  • Protecting pre-petition debt
  • Conflicts of interest when in competing arrangements
  • Legal and business considerations when trading debt
  • How and to what extent to get involved in the plan of reorganization
  • Tips and traps when documenting DIP agreements
  • Structuring termination provisions for maximum protection
  • How to take full advantage of 363 asset sales
  • When to obtain cross-collateralization agreements
  • Negotiating strategies when dealing with other creditors
This is a unique opportunity to find out what judges are looking for in plans of reorganization and how to protect your interests.

These event materials are a must for everyone involved in strategic planning, documentation or legal representation for banks, commercial and asset-based lenders, institutional investors and funds. This is your opportunity to get the information you need from those on the leading edge of this growing market.

Contents & Contributors

THE SALE/LOAN DISTINCTION
Edwin E. Smith, Bingham McCutchen

RISKS AND REWARDS OF SECURITIZATION IN THE SHADOW OF BANKRUPTCY: A CREDIT ENHANCER'S PERSPECTIVE
Bruce E. Stern, Financial Security Assurance

CASH COLLATERAL THE BASICS
Honor S. Heath, FleetBoston Financial Corporation

NEGOTIATING AND DOCUMENTING A "DEFENSIVE" DEBTOR-IN-POSSESSION FINANCING
C. Edward Dobbs, Parker, Hudson, Rainer & Dobbs

AN OVERVIEW OF DIP FINANCING
Marshall S. Huebner, Davis Polk & Wardwell

CURRENT DIP LENDING ISSUES
Richard S. Toder, Morgan, Lewis & Bockius LLP

TERMINATION PROVISIONS OF DIP LOANS: PASSING MUSTER UNDER NEW GUIDELINES
Gilbert Backenroth, Hahn & Hessen
Stephanie G. Spanja, Hahn & Hessen

BUYING AND SELLING SENIOR AND SUBORDINATED DEBT IN CHAPTER 11 COMPANIES
Stephen P. Ewald, Bank of America
James B. Hoffman, Murray Capital
Bradley Takahashi, Franklin Mutual Advisers
Laura Torrado, Bear, Stearns & Co.

SUBORDINATION UNDER BANKRUPTCY CODE SECTION 510: ISSUES AFFECTING CONTRACTUAL AND EQUITABLE SUBORDINATION
Mark I. Bane, Kelly Drye & Warren
Deborah Fried-Rubin, Kelley Drye & Warren

INTER-CREDITOR AFFAIRS: PRESERVING AND IMPROVING YOUR RELATIVE POSITION
Tina Brozman, Bingam McCutchen

SUBSTANTIVE CONSOLIDATION AND ITS IMPACT ON CREDITORS, RELATED CORPORATE ENTITIES AND GUARANTORS
Kenneth H. Eckstein, Kramer Levin Naftalis & Frankel

CONFORMING TO THE BANKRUPTCY CODE: WHAT LENDERS AND INVESTORS NEED TO KNOW
Lindsee P. Granfield, Cleary, Gottlieb, Steen & Hamilton
Lawrence Handelsman, Stroock & Stroock & Lavan
Robin E. Phelan, Haynes and Boone
Eric D. Poole, Haynes and Boone
Frances A. Smith, Haynes and Boone

EXIT FINANCING ARRANGEMENTS REDUCED RISK WITH GREATER RETURNS
Louis T. DeLucia, Buchanan Ingersoll PC

STRUCTURING EXIT FINANCING ARRANGEMENTS
Brian Trust, Mayer Rowe Brown & Maw

TERMINATING OR CONTINUING DERIVATIVE TRANSACTIONS WITH CHAPTER 11 DEBTORS
Wilbur F. Foster, Jr., Milbank, Tweed, Hadley & McCloy

DOING DERIVATIVES BUSINESS WITH CHAPTER 11 ENTITIES
Mark Speiser, Stroock & Stroock & Lavan
Sherri Venokur, Stroock & Stroock & Lavan

DISTRESSED DEBT TRADING AND NONPUBLIC INFORMATION
Jean S. Chin, Mayer, Brown, Rowe & Maw

TAX CONSIDERATIONS RELATING TO TRADING IN DEBT CLAIMS AND ANTI-TRADING INJUNCTIONS
Kathleen L. Ferrell, Davis Polk & Wardwell

DISTRESSED DEBT TRADING AND ISSUES UNDER THE INVESTMENT COMPANY ACT OF 1940
Bradley Takahashi, Franklin Mutual Advisers


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