Business

Negotiation and litigation regarding the allocation of value become more challenging when the debtor is part of an insolvent conglomerate. Parties must consider the allocation of value among subsidiaries and the presence of intercompany claims, guaranties and other complexities. This panel will discuss lessons learned and best practices for negotiating and litigating value allocation, focusing on recent bankruptcy cases and viewpoints from financial, legal and judicial perspectives.

Unprecedented levels of government stimulus, record levels of IPOs and an explosion of the SPAC market provided an abundance of liquidity to an already-buoyant market. These factors, combined with historically low interest rates, have fueled record levels of M&A and refinancing activity. This panel will examine the effects that this "easy money" has had on valuations throughout the pandemic, and compare these effects to companies' valuation outlooks for the remainder of calendar year 2022 and beyond.

This panel will examine current developments that may affect asset, enterprise and plan valuations. The panelists will discuss evolving market factors, the latest legal developments, and changing trends in valuation methodology.

This case-study-based discussion will focus on valuation for companies significantly impacted by COVID-19. The panelists will discuss recent cases where the market and business uncertainty caused by the pandemic led to unpredictable or unexpected valuation outcomes. Further consideration will be given as to how these outcomes might (or might not) be relevant going forward.

This panel will use a case-study approach and mock negotiations to work through restructuring options for a brand-new case study. The case focuses on issues related to the valuation, makewhole, shared-services agreement and governance issues of the company and its creditors.

Hosted by the Financial Advisors and Investment Banking Committee Subchapter V cases often involve troubled small businesses with limited financial means to hire a financial advisor. One unique feature about subchapter V cases is that a case trustee is appointed in every case, and some of these trustees are experienced bankruptcy professionals with backgrounds in accounting and finance. This panel is comprised of nonlawyer subchapter V trustees who regularly serve as financial advisors and accountants in chapter 11 matters. The panelists will share their perspectives on how they have used their financial and accounting experience to help subchapter V debtors successfully negotiate and confirm plans where feasibility and valuation issues have been raised.

Industry experts from the past four decades will walk attendees down insolvency memory lane.

Over the past decade, companies burdened with significant asbestos and other tort liability have utilized the so-called “Texas Two-Step” strategy to separate those tort liabilities from core assets and resolve them through the chapter 11 bankruptcy process. This session will cover isolating liabilities to preserve ongoing value with mass torts and corporate side changes, and subsequent bankruptcy issues, including venue, ongoing operations, valuations and third-party releases.

This panel will focus on covering lenders’ perspectives on chapter 11 strategy and options, such as note sales, out-of-court restructurings or formal bankruptcy sales, and will discuss lenders’ and borrowers’ perspectives on regulatory challenges and procedural issues, such as anti-trust and environmental concerns, that are sometimes raised during a bankruptcy case, as well as issues with § 363 sales, DIP milestones and restructuring support agreements.