Understanding Financial Restructuring
|
|
- August Shepherd
- 5 years ago
- Views:
Transcription
1 Understanding Financial Restructuring December 2018
2 What is Distress? At its core: a distressed business is simply one with unsustainable operations This can be defined as: the inability to generate consistent, positive cash flow over a period of time relative to the financial obligations of the business Usually, this is discovered by the firm s lender following a covenant breach, which can push a relatively healthy business into distress, because of the lender s ability to shut down liquidity and force a liquidation of the business Temporarily unsustainable operations can be restructured or funded via: Junior Capital (typically equity) Working capital run-down Excess revolver/term debt availability/capacity Capital restructuring So the definition of a distressed business becomes: a business with temporarily unsustainable operations, in combination with inadequate liquidity, relative to the working capital and debt service needs of the firm Page 2
3 Causes of Distress External Internal Changes in Market Demand Housing market Coal industry Competition New competition Change in relative competitive position Brick and mortar retail vs. online Change in Costs Adverse change in commodity prices Disconnect with customer contracts Poor Management Not necessarily incompetence but poor team dynamic Inadequate Financial Control Failure to identify declining performance and take action High Cost Structure Fixed costs may have increased as a result of an attempted growth push Loss of Talent Or mis-alignment of resources due to management changes Poor Marketing Lack of focus on selling and marketing efforts Big Projects / Acquisitions Poor integration Distraction from core competencies Drain on financial resources Capital Structure / Leverage Page 3 Copyright All Rights Reserved.
4 The Distress Decline Curve Course of a company crisis Fig. 2 Probability of continuance Stakeholder crisis Strategy crisis Success crisis At the beginning of a company crisis there is a stakeholder crisis, or strategically wrong decisions were taken. However, measures are only taken in case of a success or liquidity crisis. The probability of continuance decreases over the course of the time. Liquidity crisis Usually Where an advisory is brought in Insolvency maturity time Source: bdp-aktuell.de Page 4
5 Path of a Turnaround or Restructuring The transition to a Crisis can take weeks, months or years depending on many factors, such as: the industry the degree of indebtedness the availability of capital the nature of the causes of poor performance Sustainable Recovery Non-Crisis Crisis Turnaround strategies adopted Mere Survival Short-Term Survival Failed Turnaround Financial Position Time Insolvency Page 5
6 The Impact of Distress on Valuation Liquidation v. Enterprise Value Liquidation Value Partial Breakup Value Enterprise Value Asset Liquidation Value Cash Flow Value Asset Liquidation Value Partial Liquidation Value Partial Cash Flow Value Asset Liquidation Value Cash Flow Value The key is actual value versus expected value Page 6
7 Four Key Objectives of Turnaround Process Successful turnarounds are based on addressing both strategic and operational issues and by doing so, creating a new EBITDA engine. Only then can a new financial structure be put in place to match the new EBITDA engine. Four Key Objectives 1. Take Control of the Situation Crisis stabilization Leadership 2. Rebuild Stakeholder Support Stakeholder management 3. Fix the Business Strategic focus Organizational change Critical process improvements 4. Resolve Future Funding Financial restructuring Phases of the Turnaround Process Survival Phase Stability Phase Growth Phase Page 7
8 Seven Essential Ingredients of Turnaround Process Seven Key Ingredients Generic Turnaround Strategies Crisis Stabilization Take Control Cash Management Working Capital Reduction Asset Reduction Short-term Financing First-step cost reduction Leadership Critical Mass of New Thinking Potential Change of Senior Management Stakeholder Support Communications Strategic Focus Redefine Core Businesses Divestment and Asset Reduction Product-Market Refocusing Downsizing Outsourcing Investment Organizational Change Structural Changes Key People Changes Improved Communications Building Commitment and Capabilities New Terms and Conditions of Employment Critical Process Improvements Improved Information and Control Systems ( Management Accounting ) Improved Sales and Marketing Cost Reduction Quality Improvements Improved Responsiveness Financial Restructuring Refinancing Asset Reduction Page 8
9 Restructuring Framework Page 9
10 Tools of the Trade Situation Analysis What is the initial understanding of the problem? Capital Structure Analysis Who has the leverage? Liquidation Analysis Again, who has the leverage? Viability Analysis Is this a viable business? Strategic Alternatives Status quo, Amendment, Refinance, Restructure and Sell Debt Capacity Analysis How much new equity is needed? 13-Week Cash Flow Forecast Can the Company keep operating? Financial Assessment Projections Is there value in the business? Liquidity Analysis How do we get thru the next month? Covenant Analysis What are the limitations in the credit agreement? Business Plan Review Is there a valid recovery strategy? Operations Improvement Is more needed than a financial restructuring? Bankruptcy as Strategy Can we motivate creditors to cooperate? Restructuring Proposal What is the plan? Feasibility Analysis Will the plan work? Page 10
11 Analytical Framework For Cash Flow Evaluation Historical Reconstruction Forward Projections Opportunities Rationalization Adjustments Revenue Enhancement New customers existing products New products existing customers New channels New pricing New markets New product technology Change focus of sales & marketing Normalization Adjustments Cash Flow Evaluation Cost Reduction New products existing methods New methods existing products New process technology Change production Change sourcing Change distribution Change selling Change marketing Change administration Change scale of operations Separation Adjustments Capital Redeployment Reduce facilities Reduce receivables Reduce inventories Change payables Reduce other assets Change investment process Left Brain Right Brain Page 11
12 Rebuilding the Past Reconstruct historical financials to reflect left side adjustments. Cash Flow Value Value added Rationalization Adjustments Normalization Adjustments Value lost Separation Adjustments Change in value based on historical reconstruction Unadjusted Historical Adjustment Layers Observations: Rationalization adjustments almost always add to value and can be very significant Normalization adjustments usually add to value, but are often overestimated Separation adjustments almost always subtract from value and are often underestimated Page 12
13 Projecting the Future Build on reconstructed historical to include right side adjustments. Cash Flow Value Value added Cost Reduction Capital Redeployment Revenue Enhancements Change in value over reconstructed historical Reconstructed Historical Adjustment Layers Observations: Cost reduction opportunities almost always add real value, but are often overestimated Capital redeployment usually adds to value, but timing is usually underestimated Revenue enhancements almost always are overestimated Page 13
14 Crisis Stabilization Mechanics of a 13-Week Cash Flow Granular detail, Direct cash flow Not GAAP cash flow statement (Indirect) Not an Excel model but a comprehensive process that must be used over an extended period of time Must develop primary drivers of business and how to include in model Find historical data in accounting systems Why... Why... Why... Must be able to cost effectively pull actual results on a timely basis from books for use in weekly variance analysis Talk to management and staff not just at the top, but also middle levels and DOERS Page 14
15 Crisis Stabilization Example 13-Week Cash Flow Page 15
16 Crisis Stabilization Example 13-Week Cash Flow Page 16
17 Restructuring Alternatives Page 17
18 Considerations of Constituents Objectives of Selected Constituents - Understanding various constituents behavior and reactions to the Company s situation is critical to developing an effective alternative that achieves the Company s goals Constituency Company / Board Objectives Preserve financial liquidity and business value Maximize value for all stakeholders Minimize cost, management distraction, process duration, and execution risk Shareholders Create greatest likelihood for maximizing equity value Minimize dilution to equity Seek transaction with greatest market impact Secured Lenders Preserve liquidity Monitor collateral Seek compensation for facilitating liquidity and taking a greater risk Bondholders Gain influence over any restructuring process through coordination with other holders Maximize investment returns (short-term or long-term) Bondholders will otherwise seek to marginally improve and protect the value of their position, since most holders mark to market; this allows broad solicitations to be effective when there is not significant concentration among few holders Assess impact of subordination agreement on recoveries Customers/Suppliers/ Employees Minimize operational disruption to Company Avoid compromise of collective bargaining agreements or trade terms Often encourage de-levering transaction Page 18
19 Definition of Insolvency Bankruptcy Code Defines Insolvency as a Balance Sheet test: When the value of liabilities is greater than fair value of all of the assets (where Fair Value is undefined) Outside of bankruptcy, a Capital Adequacy test covers: The inability to pay obligations as they come due Both definitions are applicable and meaningful to distressed companies Either form of insolvency typically leads to liquidation, unless the company can be turned around, restructured or sold in a reasonable amount of time Page 19
20 Restructuring Threshold Questions Is the business worth saving? Is there a Core business to restructure around? Canthe business be saved? Is the management team capable? Is the capital structure willing and able? Who is the fulcrum security? What level of new capital will be required to sustain the business or finance a turnaround? Can a restructuring be accomplished out of bankruptcy court? Page 20
21 Claims and Absolute Priority Understanding the Rules A company s indentures and/or the bankruptcy code ranks a company s claims to determine the order in which claims or a class of claims will be paid, if there is not enough money to pay all claims in full (the absolute priority rule) Administrative claims Expenses for lawyers, bankers, accountants, etc. Priority claims Employee wages (earned but not paid for up to 180 days) up to $12,475 per employee Taxes owed to state or federal entities Secured claims Only to the extent of the value of the collateral Unsecured claims Trade claims Deficiency claims (unsecured lenders) Bondholders Contingent claims (lawsuits, lease damage claims, etc.) Equity interests Preferred stock Common stock This is Traditional Bank Debt Page 21
22 Negotiating With Creditors Understanding Creditors Motives Reduce loan exposure via reducing advance rates, commitments or establishing reserves Reduce downside versus enhance upside Push for additional collateral, especially when making accommodations, loan waivers Call a loan default and negotiate a forbearance agreement Require company to hire a turnaround consultant and develop & execute a turnaround plan Credibility is critical Page 22
23 Find the Fulcrum Security The fulcrum security is the highest-priority security in a capital structure to recover less than par value in a hypothetical restructuring Consequently, it is the one most likely to be converted into equity; and therefore, can be valued as an option on the equity of the restructured firm This is where loan-to-own investors look to invest in distressed companies Knowing the fulcrum security often allows leverage to be applied to other constituents to get to a successful restructuring Equity Unsec. Debt Liquidation Value of Assets 2 nd Lien 1 st Lien Debt Fulcrum Security Page 23
24 Potential Alternatives Distressed Middle Market Company Strategic Alternatives Invest Additional Capital Refinance with Current / New Lenders Pursue a Going Concern Sale Restructure / Continue as a Going Concern File Bankruptcy and Pursue a Restructuring Liquidate Low Interference with Daily Operations High Page 24
25 Potential Alternatives Illustrative Decision Process While enhancing financial liquidity is a key objective, it is also the means toward pursuing a more comprehensive solution. Having enough cash today does not preclude investigating alternatives such as those shown below, given the current situation and operating environment Borrow More Secured Debt Strategic Sale New Equity Issuance PIPE Investment Exchange Offer Rights Offering CH Sale Reorganize in CH. 11 Page 25
26 Bankruptcy Page 26
27 Bankruptcy Overview Companies customarily seek protection under Chapter 11 of the Bankruptcy Code for one or more of the following reasons Company faces a serious liquidity problem and requires breathing room to operate its business and reorganize its capital structure (considerations include unsecured and trade debt versus secured debt) Company has made a strategic determination to restructure its business and utilize benefits of various statutory provisions of Chapter 11 to implement its restructuring plan often through a prepackaged or pre-negotiated reorganization plan Company has recognized serious going-concern or stand-alone operational issues and will use the Chapter 11 process for business combination or divestiture purposes (including, in some instances, liquidation) A catastrophic event has occurred and is reasonably foreseeable (i.e., mass tort, fraud, serious environmental problems) and the Company must immediately seek protection from creditors Page 27
28 Chapter 11 Alternatives Pre-Packaged Pre-Negotiated "Free Fall" Company and creditors agree to a plan of reorganization to bankruptcy filing - Plan is both negotiated and solicited prior to filing - Allows company to enter Chapter 11 with a consensual plan that is not subject to further negotiation Plan of reorganization can be consummated on an expedited basis after filing Avoids operational/legal risks and administrative expenses of a long Chapter 11 case Low risk of rejection of plan by court Debtor negotiates with creditors prior to bankruptcy but does not solicit creditor approval until after filing Dissenting stakeholders in bankruptcy may delay confirmation or block plan Dissent may inhibit Company from implementing business plan Debtor follows normal Chapter 11 procedures Debtor has no agreement with its creditors filing and negotiates with creditors while in Chapter 11 - Plan filed during pendency of case Typically longer timetable and higher administrative costs than prepacks / prenegotiated filings Page 28
29 Bankruptcy Overview Characteristics of U.S. Chapter 11 Bankruptcies (frequently referred to as a reorganization bankruptcy) The U.S. Bankruptcy Code is pro-debtor in its approach Debtor remains in control of business under a Chapter 11 filing and operates as a going concern on a business as usual basis ( debtor in possession or DIP ). Differs significantly from receivership-style bankruptcies common in many European countries The U.S. bankruptcy code is designed to give the debtor the opportunity to reorganize in a manner that maximizes value to all stakeholders and preserves jobs Debtor benefits from a stay of all claims and litigation Debtor often receives post-petition DIP financing to ensure continued operations of business Debtor has 120 days from date of bankruptcy filing to file a plan of reorganization. If the debtor shows progress toward formulating a plan, this period is customarily extended by the court Code allows debtor to reject contracts and leases that have unfavorable economic terms. Liabilities arising from the rejection of leases are limited by the bankruptcy code Code allows for orderly asset sales. The court employs several procedures designed to stimulate a competitive bidding process Page 29
30 Bankruptcy Overview Despite the benefits afforded a debtor by the bankruptcy process, bankruptcy can be expensive, litigious, and lengthy Debtor pays for fees and expenses of all professionals subject to reasonableness standard Bankruptcy Code provides a forum for all stakeholders to be heard, resulting in potential for creditors to pursue litigation to extract hold-up value In contrast to a Chapter 11 reorganization Chapter 7 has as its primary end the liquidation of the estate Business is shut down (not sold as a going concern as in a Liquidating Chapter 11 ) Trustee is appointed to locate and collect the property of the estate, to convert/reduce such property to cash and to make distributions to claimants in a prescribed order Debtor allowed to retain only exempt property Unpaid amounts on dischargeable debts are discharged In some instances, the Trustee may receive court authorization to operate the debtor s business temporarily when doing so facilitates orderly liquidation Page 30
31 Bankruptcy Overview Key Players in the Bankruptcy Process Bankruptcy Judge U.S. Trustee The Debtor (in possession) Management Board of Directors Advisors Secured Lenders (if any) and their advisors Unsecured Creditors Committee and its advisors Equity Committee (to the extent there is a reasonable chance of recovery to this class of creditor) Unions Other parties-in-interest (landlords, taxing authorities, plaintiffs in litigation, etc.) and their respective advisors Page 31
32 Bankruptcy Overview Plan of Reorganization Petition Automatic Stay Continued Control by Management Committees Form Creditors Meeting Plan of Reorganization Disclosure Statement Voting and Confirmation Discharge Paying Creditors Dispute Resolution Appeal Page 32
33 Overview of 363 Sales Process In addition to a plan of reorganization, Chapter 11 provides a forum for a company to sell some or all assets free and clear of all liens and encumbrances pursuant to a 363 sale process The filing of a 363 motion to sell assets places everyone on notice that the Company s assets are for sale and provides an opportunity for buyers to bid and creditors to object; both are highly visible and objections are usually resolved quickly To effect 363 sale, the Company only needs to substantiate a good business reason for sale (e.g., that the business is deteriorating or that a prompt sale is the best available means of preserving going concern value) In a sale of less than all assets, it is usually sufficient that the assets are non-core Page 33
34 Overview of 363 Sales Process Optimal vehicle to use when value of company is deteriorating rapidly Management can advance best interests of all stakeholders through the sale of the debtor s assets as a going concern The perception of the Debtor as having to sell assets may significantly depress price that might be obtained for the business A 363 sale of all or substantially all of the Debtors assets requires support of creditors whose money is at risk Makes it very difficult for those creditors who are out of the money to hold up the process In general the court requires that: The Debtor has demonstrated good faith and the assets have has been thoroughly shopped prior to filing Debtor s assets are wasting or there are other compelling business reasons for selling them Fair bidding process has occurred or is provided for in the proposed sale process Page 34
35 Overview of 363 Sales Process Illustrative Timeline for Middle-Market 363 Process Week 8 Week 11 Weeks 1-5 Weeks 6-7 Expedited Marketing Process (competitive, but fast) Select Stalking Horse (typical) Filing of Sale Motion Bid Procedure Competitive Bid Deadline Court Auction Weeks Closing (describes breakup fee, deposit requirements and overbid amounts) Page 35
36 Overview of 363 Sales Process Market Assets Marketing process is similar to that for non-distressed companies, though time pressure may be greater Limiting the initial buyer universe can accelerate the process, although fewer bidders may result in lower initial bids In some cases, there are relatively few easily identifiable potential purchasers Sales Process Select Stalking Horse Bidder Establish Bidding Procedures and Approve Breakup Fees Bids are solicited from parties showing the greatest interest and ability to move quickly Often, it is advantageous to sign up a "Stalking Horse" bid which represents the starting point for the auction process (required in most bankruptcy sales) Stalking Horse bidders often receive a break-up fee in the event their bid is topped Typically, Courts approve break-up fees of approximately 3%, plus the reimbursement of expenses After parties conduct due diligence, the most attractive bid is selected, and an Asset Purchase Agreement is negotiated and signed An Asset Purchase Agreement is subject to Court approval, which will typically not be granted in the face of a better offer The Stalking Horse bid and procedures for the auction are submitted to the Court The Stalking Horse bidder often influences the bidding procedure terms The procedures lay out deadlines and the rules for bidding (such as the minimum bid above the Stalking Horse bid and the bidding increments) They define what qualifies a bidder to participate in the auction process Often, a bidder is required to prove financial ability to execute a purchase by disclosing sources of funding and paying a deposit Conduct Auction The auction takes place according to the bidding procedures established by the Court Typically, the auction takes place after an initial round of bidding limits the participants Receive Court Approval During the auction, bids are evaluated and the best bid is determined An Asset Purchase Agreement is signed and submitted to the Court for approval Close Transaction Following Court approval and fulfillment of closing conditions, the transaction closes Page 36
37 Overview of 363 Sales Process Exclusivity periods No shop provisions (exclusivity) Termination provisions Bidding Procedures creditors may participate in approving such procedures Minimum overbids Qualification of bidders (expression of interest, ability to perform, etc.) Submission of initial bids (use of stalking horse s form of APA, deposit often required, bids irrevocable, firm offers) Possible to condition commitment to proceed on court approval of bid procedures Break-up or topping fees, expense reimbursement Accelerated auction process Credit bid of claims Quick court approval of sale Page 37
Advanced Chapter 11 Practice: Strategies for Minimizing Losses and Maximizing Recoveries in a Customer Bankruptcy
Advanced Chapter 11 Practice: Strategies for Minimizing Losses and Maximizing Recoveries in a Customer Bankruptcy Thomas R. Fawkes and Brian J. Jackiw Goldstein & McClintock LLLP Agenda Chapter 11 Overview
More informationProviding Corporate Finance to a Chapter 11 Company: Lending To, Buying From and Providing Exit Financing to Chapter 11 Debtors
Providing Corporate Finance to a Chapter 11 Company: Lending To, Buying From and Providing Exit Financing to Chapter 11 Debtors Berry D. Spears Zack A. Clement R. Andrew Black Johnathan C. Bolton TABLE
More informationAlternatives to Bankruptcy. Options for Corporate Recovery
Alternatives to Bankruptcy Options for Corporate Recovery Overview Strategic guidelines Analytical framework Causes of business failure Restructuring options The turnaround process DIP financing structures
More informationM & A 2016 CONFERENCE INDIANAPOLIS JUNE 9
M & A 2016 CONFERENCE INDIANAPOLIS JUNE 9 1 Acquiring Distressed Assets 2016 M&A CONFERENCE Bob Leasure, President LS Associates LLC Thomas van der Meulen, Operating Partner Source Capital LLC Jeff Schneiders,
More informationHow To Negotiate A Ch. 11 Plan Support Agreement
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com How To Negotiate A Ch. 11 Plan Support Agreement Law360,
More informationRestructuring of Continuing Care Retirement Communities. February(3,(2016(
Restructuring of Continuing Care Retirement Communities February(3,(2016( Representing the Distressed CCRC I. Board Governance and Liability Issues A. Not for Profit 1. Single site 2. Sponsored or system
More informationCIT Restructuring Plan Management Presentation. October 2009
CIT Restructuring Plan Management Presentation October 2009 Important Notices This presentation contains forward-looking statements within the meaning of applicable federal securities laws that are based
More informationMergers & Acquisitions in a More Uncertain World: Using the Companies Creditors Arrangement Act
Mergers & Acquisitions in a More Uncertain World: Using the Companies Creditors Arrangement Act You are probably aware of the useful protective reconstruction provisions available to insolvent corporations
More informationPrinciples of Business Credit
Principles of Business Credit National Education Department 8840 Columbia 100 Parkway, Columbia, MD 21045-2158 Fax: 410-740-5574 Email: education_info@nacm.org Eighth Edition Questions for Discussion
More informationPrepack Bankruptcy Strategies and Problems
Prepack Bankruptcy Strategies and Problems CONCURRENT SESSION Hon. James M. Carr, Moderator U.S. Bankruptcy Court (S.D. Ind.); Indianapolis Mark A. Berkoff Neal, Gerber & Eisenberg, LLP; Chicago Stephen
More informationBIDDING PROCEDURES ANY PARTY INTERESTED IN BIDDING ON THE ASSETS SHOULD CONTACT:
BIDDING PROCEDURES On September 11, 2017, Vitamin World, Inc. and certain of its affiliates, as debtors and debtors in possession (collectively, the Debtors ), filed voluntary petitions for relief under
More informationStrategic Growth Bancorp s Acquisition and Recapitalization of Mile High Banks in a Section 363 Sale
Client Memorandum Strategic Growth Bancorp s Acquisition and Recapitalization of Mile High Banks in a Section 363 Sale February 13, 2013 On December 31, 2012, Strategic Growth Bancorp Inc. ( Strategic
More informationCase Document 732 Filed in TXSB on 04/02/18 Page 1 of 14
Case 17-36709 Document 732 Filed in TXSB on 04/02/18 Page 1 of 14 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ) In re: ) Chapter 11 ) COBALT INTERNATIONAL
More informationBankruptcy Litigation Services
Bankruptcy Litigation Services Providing sophisticated support for complex bankruptcy litigation matters Deloitte CRG Deloitte Transactions and Business Analytics LLP Bankruptcy-related litigation presents
More informationTransforming State-Owned Enterprises: Utilizing Insolvency/Restructuring Approaches to Achieve the Aims of Privatization
Transforming State-Owned Enterprises: Utilizing Insolvency/Restructuring Approaches to Achieve the Aims of Privatization Special Colloquium on Privatization and Restructuring/Insolvency: New Directions
More informationDUTIES AND OBLIGATIONS OF SMALL BUSINESS REORGANIZING UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
DUTIES AND OBLIGATIONS OF SMALL BUSINESS REORGANIZING UNDER CHAPTER 11 OF THE BANKRUPTCY CODE In a Chapter 11 case, the party filing the case is referred as a debtor. Upon filing, the debtor automatically
More informationExhibit D Liquidation Analysis
Case 14-10461-MFW Doc 16-4 Filed 03/03/14 Page 1 of 5 Exhibit D Liquidation Analysis Case 14-10461-MFW Doc 16-4 Filed 03/03/14 Page 2 of 5 Liquidation Analysis The Liquidation Analysis has been prepared
More informationPROVIDING SOLUTIONS TO SOME OF THE MOST COMPLEX BUSINESS CHALLENGES IMAGINABLE
PROVIDING SOLUTIONS TO SOME OF THE MOST COMPLEX BUSINESS CHALLENGES IMAGINABLE OUR WILL. YOUR WIN. LOS ANGELES WASHINGTON DC MIAMI LAS VEGAS WHO WE ARE Province is a nationally recognized financial advisory
More informationImproved Returns: The Benefits of a 363 Sale for Secured Creditors
Improved Returns: The Benefits of a 363 Sale for Secured Creditors October 2011 by Michael Grau and Juanita Schwartzkopf Focus Management Group Table of Contents What is a 363 sale? 3 What if the debtor
More informationThe Accidental Distressed Investor
Private Equity The Accidental Distressed Investor Effecting a Positive Outcome in a Challenging Economic Environment Private Equity Practice Contents Management Summary... 1 De-levering Your Investment
More informationBankruptcy Sales to Facilitate Recapitalizations
Bankruptcy Sales to Facilitate Recapitalizations Prepared By: Financial Institutions Group Bankruptcy can provide a valuable tool to close a previously negotiated recapitalization of a financially distressed
More informationSALE AND INVESTOR SOLICITATION PROCEDURES
SALE AND INVESTOR SOLICITATION PROCEDURES Bloom Lake General Partner Limited, Quinto Mining Corporation, 8568391 Canada Limited, Cliffs Québec Iron Mining ULC (formerly, Cliffs Québec Iron Mining Limited),
More informationFIRST LIEN/SECOND LIEN INTERCREDITOR AGREEMENTS AND RELATED ISSUES
FIRST LIEN/SECOND LIEN INTERCREDITOR AGREEMENTS AND RELATED ISSUES An Introduction to the ABA Model Intercreditor Agreement Presented by: Michael S. Himmel, Chapman and Cutler LLP ABA Business Law Section
More informationACQUISITIONS AND DISPOSITIONS OF ASSETS OF TROUBLED COMPANIES
ACQUISITIONS AND DISPOSITIONS OF ASSETS OF TROUBLED COMPANIES Prepared by: Eric S. Prezant, Esq. Vedder, Price, Kaufman & Kammholz, P.C. 222 North LaSalle Street Chicago, Illinois 60601 (312) 609-7853
More informationCase Doc 2 Filed 02/18/19 Page 1 of 17 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE. Chapter 11
Case 19-10316 Doc 2 Filed 02/18/19 Page 1 of 17 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re: BEAVEX HOLDING CORPORATION, et al., 1 Debtors. Chapter 11 Case No. 19-10316 ( )
More informationCase PJW Doc 762 Filed 07/29/13 Page 1 of 20 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE
Case 13-10061-PJW Doc 762 Filed 07/29/13 Page 1 of 20 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ------------------------------------------------------x In re : Chapter 11 : Penson
More informationHow to Complete the New SBA 7(a) Litigation 7 Tab Package SOP (Effective Date: March 1, 2013)
How to Complete the New SBA 7(a) Litigation 7 Tab Package SOP 50 57 (Effective Date: March 1, 2013) The United States Small Business Administration ( SBA ), in SOP 50 57 ( SOP ), recently promulgated Litigation
More informationProposed Framework For Expedited Insolvency Procedures to Facilitate Cross-Border Restructurings
Proposed Framework For Expedited Insolvency Procedures to Facilitate Cross-Border Restructurings (Text distributed at UNCITRAL/INSOL/IBA Vienna Colloquium) The recent work of the Insolvency Working Group
More informationASSIGNMENT FOR THE BENEFIT OF CREDITORS, STATE COURT RECEIVERSHIPS, AND BANKRUPTCY OPTIONS 2009 SOUTHEASTERN BANKRUPTCY LAW INSTITUTE
ASSIGNMENT FOR THE BENEFIT OF CREDITORS, STATE COURT RECEIVERSHIPS, AND BANKRUPTCY OPTIONS 2009 SOUTHEASTERN BANKRUPTCY LAW INSTITUTE PROF. JACK F. WILLIAMS, JD, CIRA RESIDENT SCHOLAR, AMERICAN BANKRUPTCY
More informationCase bjh11 Doc 20 Filed 11/09/16 Entered 11/09/16 04:56:54 Page 1 of 12
Case 16-34393-bjh11 Doc 20 Filed 11/09/16 Entered 11/09/16 04:56:54 Page 1 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF TEXAS DALLAS DIVISION In re: ERICKSON INCORPORATED, et
More informationDEEDS IN LIEU OF FORECLOSURE. Steven R. Davidson and John M. Nolan
DEEDS IN LIEU OF FORECLOSURE Steven R. Davidson and John M. Nolan When the Lender and the Borrower have concluded that a loan modification is not going to work and that it is time for the Borrower to relinquish
More informationChapter 11. Elliott Management Corp. ( Elliott ), as a provider of investment
Hearing: March 3, 2010 at 10:00 a.m. (EST) STUTMAN, TREISTER & GLATT P.C. 1901 Avenue of the Stars, 12th Floor Los Angeles, CA 90067 Tel: (310) 228-5600 Isaac M. Pachulski (pro hac vice pending) K. John
More informationBusiness Bankruptcy: Executive Summary
Business Bankruptcy: Executive Summary Business Information for Clients and Friends of Shumaker, Loop & Kendrick, LLP April 2014 Need to Know Bankruptcy Concepts David H. Conaway, Partner Chair, Shumaker
More informationAn Overview CYPRESS ASSOCIATES LLC 52 VANDERBILT AVENUE NEW YORK, NY Tel: Fax:
An Overview CYPRESS ASSOCIATES LLC 52 VANDERBILT AVENUE NEW YORK, NY 10017 Tel: 212.682.2222 Fax: 212.682.2221 contact@cyprs.com www.cyprs.com Member FINRA/SIPC Table of Contents Introduction 3 I. Mergers
More informationCredit Bidding in a Sale Under a Plan Is Not a Right: The Third Circuit s Philadelphia Newspapers Decision. Nicholas C. Kamphaus
Credit Bidding in a Sale Under a Plan Is Not a Right: The Third Circuit s Philadelphia Newspapers Decision Nicholas C. Kamphaus Secured lenders are not as protected in bankruptcy as they might have thought,
More informationAppendix A. SISP Procedures
Appendix A SISP Procedures Procedures for the Sale and Investment Solicitation Process 1. On September 1, 2016, the Court of Queen's Bench of Alberta (the "Court") made an order (the "Receivership Order")
More informationCase JDW Doc 150 Filed 11/09/17 Entered 11/09/17 11:49:44 Desc Main Document Page 1 of 10
Case 17-12693-JDW Doc 150 Filed 11/09/17 Entered 11/09/17 11:49:44 Desc Main Document Page 1 of 10 IN RE: ALUMINUM EXTRUSIONS, INC., Debtor. UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF MISSISSIPPI
More informationTesting the Limits of Lender Liability in Distressed-Loan Situations. July/August Debra K. Simpson Mark G. Douglas
Testing the Limits of Lender Liability in Distressed-Loan Situations July/August 2007 Debra K. Simpson Mark G. Douglas As has been well-publicized recently, businesses are increasingly turning to private
More informationCase Doc 16 Filed 04/18/16 Page 1 of 10 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE. Chapter 11
Case 16-10971 Doc 16 Filed 04/18/16 Page 1 of 10 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re VESTIS RETAIL GROUP, LLC, et al., 1 Debtors. Chapter 11 Case No.: 16-10971 ( ) (Joint Administration
More informationNOTEHOLDERS IN THE AGE OF PREPACKS. December 2, 2013
NOTEHOLDERS IN THE AGE OF PREPACKS December 2, 2013 2 Panelists: Harold L. Kaplan, Esq. Partner, FOLEY & LARDNER LLP J. Eric Ivester, Esq. Partner, SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP Alice Belisle
More information501 Third Street, N.W. Washington, D.C (202) ~ Phone (202) ~ Fax VIA
Communications Workers of America AFL-CIO, CLC 501 Third Street, N.W. Washington, D.C. 20001-2797 (202) 434-1305 ~ Phone (202) 434-1308 ~ Fax Lisa M. Bolton, Vice President Telecommunications & Technologies
More informationThe New Insolvency Act: A Breath of New Life into Insolvent and Distressed Companies in Jamaica
The New Insolvency Act: A Breath of New Life into Insolvent and Distressed Companies in Jamaica (Published in the Young Attorney A publications of the Norman Manley Law School Students Association, 2016)
More informationCase Doc 21 Filed 10/04/18 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE
Case 18-12221 Doc 21 Filed 10/04/18 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) ATD CORPORATION, et al., 1 ) Case No. 18-12221 ( ) ) Debtors.
More informationHow did you go bankrupt? Bill asked. Two ways, Mike said. Gradually and then suddenly. -Ernest Hemingway, The Sun Also Rises (1926)
Solvency Opinions Uses & Issues How did you go bankrupt? Bill asked. Two ways, Mike said. Gradually and then suddenly. -Ernest Hemingway, The Sun Also Rises (1926) Hemingway, in his economic style, illustrates
More informationUNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF LOUISIANA
UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF LOUISIANA * * * * * * * * * * * * * * * * * * * IN RE: * * * ENTERGY NEW ORLEANS, INC. * Debtor * * * * * * * * * * * * * * * * * * * * * Case
More informationDEEDS IN LIEU OF FORECLOSURE. Steven R. Davidson and John M. Nolan
DEEDS IN LIEU OF FORECLOSURE Steven R. Davidson and John M. Nolan When the Lender and the Borrower have concluded that a loan modification is not going to work and that it is time for the Borrower to relinquish
More informationDoc#: 475 Filed: 03/05/15 Entered: 03/05/15 15:51:03 Page 1 of 18 UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MONTANA.
14-60074 Doc#: 475 Filed: 03/05/15 Entered: 03/05/15 15:51:03 Page 1 of 18 UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MONTANA In Re: Roman Catholic Bishop of Helena, Montana, a Montana Religious
More informationTrident Procedures for the Sale and Investor Solicitation Process
Trident Procedures for the Sale and Investor Solicitation Process On September 8, 2009, Trident Exploration Corp. ( TEC ), certain of its Canadian subsidiaries (Fort Energy Corp., Fenergy Corp., 981384
More informationToys-Delaware Settlement Agreement Frequently Asked Questions 1
Toys-Delaware Settlement Agreement Frequently Asked Questions 1 1. Question: What will administrative creditors receive under the Settlement Agreement? Answer: Administrative Claim Holders that are eligible
More informationHow To Buy Distressed Real Estate and Loans
How To Buy Distressed Real Estate and Loans A Primer for Investors and Developers Welcome Purpose/Goals Website address if you wish to review post event: http://www.dlapiper.com/re_breakfast_briefing/
More informationCase Document 213 Filed in TXSB on 05/02/17 Page 1 of 22
Case 17-31575 Document 213 Filed in TXSB on 05/02/17 Page 1 of 22 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ) In re: ) Chapter 11 ) GOODMAN NETWORKS INCORPORATED,
More informationEnforceability of the "Bankruptcy Waiver": Where Are We Now?
Enforceability of the "Bankruptcy Waiver": Where Are We Now? Rick Hyman and Jane Kang of Mayer Brown LLP We are now exiting a three year period of unprecedented bankruptcy activity as the return of low
More informationWalter Energy, Inc. $50,000,000 Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions
Walter Energy, Inc. $50,000,000 Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions Borrower: Guarantors: Backstop Parties: DIP Agent: DIP Lenders: Walter Energy, Inc. (the Borrower
More informationIN THE UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF INDIANA INDIANAPOLIS DIVISION
IN THE UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF INDIANA INDIANAPOLIS DIVISION In re: ) Chapter 11 ) ATA Holdings Corp., et al., 1 ) Case No. 04-19866 ) (Jointly Administered) Debtors. ) FIRST
More informationCosta Rican Bankruptcy Rules: What Every Investor Needs To Know
Costa Rican Bankruptcy Rules: What Every Investor Needs To Know By ANDRÉS LÓPEZ Introduction Costa Rican law on insolvency and bankruptcy creates a fairly reliable system that offers stability and solutions
More informationIBS INSTITUTIONAL BANKING
IBS Guide IBS INSTITUTIONAL BANKING Entrepreneurs Investing in Entrepreneurs IBS Investment Bank 101 Plaza Real S #222 Boca Raton, Florida 33432 Group Line: (954) 889-5827 www.myinstitutionalbanking.com
More informationAn introduction to court procedures for insolvency in Japan
An introduction to court procedures for insolvency in Japan April 1, 2011 1. An introduction to court procedures for insolvency in Japan This document is an introduction to court procedures for insolvency
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF TEXAS DALLAS DIVISION ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) Chapter 11
JEFFREY C. KRAUSE (Cal. State Bar #94053 Email: jkrause@stutman.com EVE H. KARASIK (Cal. State Bar #155356 Email: ekarasik@stutman.com GREGORY K. JONES (Cal. State Bar #153729 Email: gjones@stutman.com
More informationCase Doc 15 Filed 02/14/14 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE. Chapter 11
Case 14-10282 Doc 15 Filed 02/14/14 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE In re Event Rentals, Inc., et al., 1 Debtors. Chapter 11 Case No. 14-10282 ( ) Joint Administration
More informationQ&A on Municipalities and Chapter 9 Bankruptcy
Q&A on Municipalities and Chapter 9 Bankruptcy Introduction There has been much concern of late regarding the performance of municipal bonds and pending defaults. Some in the industry have gone as far
More informationNORTEL CCAA PROCEEDING
February 16, 2009 NORTEL CCAA PROCEEDING Nortel shares once traded at $124.50. On January 13, 2009 they were 38.5 cents. On January 14, 2009, Nortel filed an application with the Court for protection from
More informationExhibit E. Liquidation Analysis
Exhibit E Liquidation Analysis LIQUIDATION ANALYSIS 1 Introduction Under the best interests of creditors test set forth in section 1129(a)(7) of the Bankruptcy Code, the Bankruptcy Court may not confirm
More informationDefault Remedies under Subscription Credit Facilities: Guide to the Foreclosure Process
Default Remedies under Subscription Credit Facilities: Guide to the Foreclosure Process Kiel Bowen Sean Scott Alexander Righi Although the growing market for subscriptionbacked credit facilities (each,
More informationINSOLVENCY 101 & 201. December 3, By: Peter D. Wedlake, FCIRP
INSOLVENCY 101 & 201 December 3, 2008 By: Peter D. Wedlake, FCIRP Contents Insolvency 101 Bankruptcy & Receivership Definitions Why do businesses fail Alternatives Impact of Bankruptcy/Receiverships on
More informationMethodology for Rating Parents, Subsidiaries, and Issues
Methodology for Rating Parents, Subsidiaries, and Issues October 2015 Page 2 of 9 Methodology for Rating Parents, Subsidiaries, and Issues Ratings of individual debt instruments may be adjusted up or down
More informationREPUBLIC OF KOREA Special Rehabilitation Proceedings for MSMEs
REPUBLIC OF KOREA Special for MSMEs Ministry of Justice, Republic of Korea I. Court-Supervised Insolvency in Korea 1. Types of the Insolvency The principal insolvency legislation in the Republic of Korea
More informationBankruptcies, liquidations and quasi-reorganizations
Financial reporting developments A comprehensive guide Bankruptcies, liquidations and quasi-reorganizations Revised May 2018 To our clients and other friends This publication is designed to assist professionals
More informationTHE EFFECT OF THE 2005 BANKRUPTCY CODE AMENDMENTS ON PERSONAL PROPERTY SECURED TRANSACTIONS IN BUSINESS CASES
THE EFFECT OF THE 2005 BANKRUPTCY CODE AMENDMENTS ON PERSONAL PROPERTY SECURED TRANSACTIONS IN BUSINESS CASES Gabriel R. Safar and Edwin E. Smith Bingham McCutchen LLP November 8, 2005 The Bankruptcy Abuse
More informationMERGERS & ACQUISITIONS
F: MERGERS & ACQUISITIONS A COUNTRY UNITED Key to the unification of Canada s provinces was the construction of a trans-canadian railway. It was completed in 1885 at Craigellachie, British Columbia. Canada
More informationChapter 11 and CCAA. » A Cross-Border Comparison
Chapter 11 and CCAA» A Cross-Border Comparison TORONTO CALGARY VANCOUVER MONTRÉAL OTTAWA NEW YORK LONDON RIYADH/AL-KHOBAR* BAHRAIN BEIJING Blake, Cassels & Graydon LLP *Associated Offices blakes.com Chapter
More informationThe Digital Media M&A Marketplace: Thinking about a company sale some perspectives from legal counsel
The Digital Media M&A Marketplace: Thinking about a company sale some perspectives from legal counsel Paul McDermott, DLA Piper US LLP MITX Program March 20, 2007 Copyright 2007 DLA Piper US LLP Overview
More informationFIELD & PLAYING CREATING A LEVEL WORKSHOP CORPORATE ARGENTINA RESTRUCTURING PREPACKAGED PLANS. Gordon W Johnson. The World Bank
ARGENTINA CORPORATE RESTRUCTURING WORKSHOP CREATING A LEVEL PLAYING FIELD & PREPACKAGED PLANS Buenos Aires, Argentina 2 May 2002 Gordon W Johnson The World Bank TOPICS COVERED Context for Insolvency and
More informationCase 8:10-bk TA Doc 662 Filed 12/22/11 Entered 12/22/11 16:11:05 Desc Main Document Page 1 of 60
Main Document Page of 0 RON BENDER (SBN ) TODD M. ARNOLD (SBN ) JOHN-PATRICK M. FRITZ (SBN 0) LEVENE, NEALE, BENDER, YOO & BRILL L.L.P. 00 Constellation Boulevard, Suite 00 Los Angeles, California 00 Telephone:
More informationTHE BASICS OF CASH COLLATERAL AND DIP FINANCING by Kevin M. Lippman and Jonathan L. Howell
I. Generally A. Importance THE BASICS OF CASH COLLATERAL AND DIP FINANCING by Kevin M. Lippman and Jonathan L. Howell In most Chapter 11 bankruptcy cases, a debtor 1 will need to use cash that is subject
More informationCase lbr Doc 415 Entered 05/24/10 15:21:14 Page 1 of 17
Case 0--lbr Doc Entered 0// :: Page of SULLIVAN, HILL, LEWIN, REZ & ENGEL Electronically Filed: May, A Professional Law Corporation James P. Hill, CA SBN 0 (Pro Hac Vice Christine A. Roberts, NV SBN Elizabeth
More informationUNITED STATES BANKRUPTCY COURT DISTRICT OF RHODE ISLAND FOURTH AMENDED LOSS MITIGATION PROGRAM AND PROCEDURES I. PURPOSE
APPENDIX IX (Rev. 2/14/11) UNITED STATES BANKRUPTCY COURT DISTRICT OF RHODE ISLAND FOURTH AMENDED LOSS MITIGATION PROGRAM AND PROCEDURES I. PURPOSE The Loss Mitigation Program (LMP) is designed to function
More information266 Index. starting insolvency proceedings, business judgment rule, 93, 176 7, 183, 186, 188, 191, 211
Index absolute priority rule, 80, 102, 105 7, 116n89 administration, 9 13 pre-pack, 13 15 priority ranking in, 30 1 procedure for companies, 53 9 administrative expense, 112n37 administrative receivership
More informationDEBT POLICY Last Revised October 11, 2013 Last Reviewed October 7, 2016
INTRODUCTION AND PURPOSE This Debt Policy Statement serves to articulate Puget Sound s philosophy regarding debt and to establish a framework to help guide decisions regarding the use and management of
More informationSummary of Bankruptcy Reform Conference Report
Summary of Bankruptcy Reform Conference Report On the evening of Thursday, July 25, 2002, Senate and House conferees reached consensus on the final issue in disagreement between their respective versions
More informationRESTRUCTURING IN THE SHADOW
RESTRUCTURING IN THE SHADOW OF BANKRUPTCY: A PERSPECTIVE ON NORSKE SKOG PROFESSOR KARIN S. THORBURN OSLO, JANUARY 3, 018 Economic distress vs. financial distress Economic distress Financial distress Cause
More informationRestructuring and Insolvency Doing Business In Canada
Restructuring and Insolvency Doing Business In Canada Restructuring and insolvency law in Canada is primarily governed by two pieces of federal legislation: the Companies Creditors Arrangement Act (the
More informationACQUISITION & DISPOSITION ADVISORS ADVISORY & LEGAL SERVICES MALFITANOPARTNERS.COM YOUR PARTNER IN BUSINESS
ACQUISITION & DISPOSITION ADVISORS ADVISORY & LEGAL SERVICES MALFITANOPARTNERS.COM MEMBER OVERVIEW We are trusted partners to companies, corporate boards and management, business, asset or debt acquirers,
More informationShifting Sands: Creditor Alignment, Cohesion and Committees in Large Value Insolvencies
Shifting Sands: Creditor Alignment, Cohesion and Committees in Large Value Insolvencies Doug McIntosh Janis Sarra Edward Sellers Derrick Tay Insolvency Institute of Canada Annual Conference & General Meeting
More informationChapter 11 for Individuals and Small Businesses. A Primer on Small Chapter 11 Cases
Chapter 11 for Individuals and Small Businesses A Primer on Small Chapter 11 Cases Chapter 13 v. Chapter 11 Debt limitations and eligibility under 11 U.S.C. 109(e) Individuals and Companies Semi-superdischarge
More informationFrequently Asked Questions about Asset-Based Lending
Bank of America Merrill Lynch White Paper Frequently Asked Questions about Asset-Based Lending December 2013 Executive summary Contents Asset-based lending offers a powerful financing solution for midsized
More informationIncreasing Shareholder Value Through Transaction Preparation
Increasing Shareholder Value Through Transaction Preparation PRESENTED BY: CHRIS DALTON, NATIONAL TRANSACTION SERVICES LEADER & KEN HIRSCH, MANAGING DIRECTOR, BKD CORPORATE FINANCE TO RECEIVE CPE CREDIT
More informationThailand. Suntus Kirdsinsap, Natthida Pranutnorapal, Piyapa Siriveerapoj and Jedsarit Sahussarungsi. Weerawong, Chinnavat & Partners Ltd
Thailand Suntus Kirdsinsap, Natthida Pranutnorapal, Piyapa Siriveerapoj and Jedsarit Sahussarungsi General 1 Legislation What main legislation is applicable to insolvencies and reorganisations? In Thailand,
More informationLoan Enforcement Improving the Odds of Recovery. By Michael A. Campbell Polsinelli Shughart PC
Loan Enforcement Improving the Odds of Recovery By Michael A. Campbell Polsinelli Shughart PC Copyright 2009 Contents 1. Good Underwriting 2. Speed and its Effect on Recoveries 3. Pre-Enforcement Asset
More informationCash Collateral Orders Revisited Following ResCap
Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com Cash Collateral Orders Revisited Following ResCap
More informationCase Document 324 Filed in TXSB on 08/29/16 Page 1 of 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS
Case 16-32689 Document 324 Filed in TXSB on 08/29/16 Page 1 of 11 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS In re: ) Chapter 11 ) LINC USA GP, et al. 1 ) Case No. 16-32689
More informationPresenting a live 90-minute webinar with interactive Q&A. Today s faculty features:
Presenting a live 90-minute webinar with interactive Q&A Prepackaged and Prenegotiated Chapter 11 Reorganizations: Debtor and Creditor Strategies Restructuring Support Agreements, Valuation, Credit Bidding
More informationEMBARGOED UNTIL MIDNIGHT ET Obama Administration New Path to Viability for GM & Chrysler. Key Findings
Obama Administration New Path to Viability for GM & Chrysler In accordance with the March 31, 2009 deadline in the U.S. Treasury s loan agreements with General Motors and Chrysler, the Obama Administration
More informationThe Webinar Will Begin Shortly
From Negotiated Reorganization to Pre- Packaged Bankruptcy: What Creditors Need to Know The Webinar Will Begin Shortly Presented by Stephen Williamson, Esq. Montgomery Barnett, L.L.P. New Orleans, LA Samuel
More informationMiller Thomson Seminar April 15, 2009
MILLER THOMSON LLP Barristers & Solicitors Patent & Trade-Mark Agents Robson Court 1000-840 Howe Street Vancouver, BC Canada V6Z 2M1 Tel. 604.687.2242 Fax. 604.643.1200 www.millerthomson.com VANCOUVER
More informationNo Surcharge for You: Third Circuit Rules That Section 506(c) Surcharge Is "Sharply Limited" January/February Lauren M. Buonome Mark G.
No Surcharge for You: Third Circuit Rules That Section 506(c) Surcharge Is "Sharply Limited" January/February 2014 Lauren M. Buonome Mark G. Douglas The ability to "surcharge" a secured creditor's collateral
More informationForm 3928 ( ) LAND TITLES ACT (ALBERTA) SET OF STANDARD FORM MORTGAGE TERMS COLLATERAL MORTGAGE (PERSONAL LENDING)
LAND TITLES ACT (ALBERTA) SET OF STANDARD FORM MORTGAGE TERMS COLLATERAL MORTGAGE (PERSONAL LENDING) TABLE OF CONTENTS SECTION 1 TERMS YOU NEED TO KNOW...1 SECTION 2 - HOW THE MORTGAGE WORKS...4 SECTION
More informationMarine Money Hong Kong Ship Finance Forum Restructure, Consolidation and Opportunity 7 April 2016 Peter Lee
Marine Money Hong Kong Ship Finance Forum Restructure, Consolidation and Opportunity 7 April 2016 Peter Lee Acknowledgement Foreign Shipping Companies Will Test The Limits of Bankruptcy Jurisdiction, The
More informationDistressed M&A and Investment Opportunities
Distressed M&A and Investment Opportunities Seizing Opportunities While Mitigating Risk For further information please contact: Carl Roston, Co-Head of Mergers & Acquisitions and Private Equity 305.374.5600
More informationNON-CURRENT ASSETS Property, plant, and equipment 7 124, , , ,000 $221,430 $405,160
CONDENSED INTERIM BALANCE SHEET (UNAUDITED) As at, (Canadian dollar in thousands) Notes September 30, 2018 December 31, 2017 ASSETS CURRENT ASSETS Cash and cash equivalents $55,862 $36,228 Restricted cash
More informationExhibit 13 Creditors Committee Solicitation Letter
Case 15-44931-rfn11 Doc 537-9 Filed 03/18/16 Entered 03/18/16 15:54:23 Page 1 of 6 Exhibit 13 Creditors Committee Solicitation Letter Case 15-44931-rfn11 Doc 537-9 Filed 03/18/16 Entered 03/18/16 15:54:23
More information