Creditors' Committee

Unsecured creditors (and official creditor committees) may appear hopelessly “out of the money” at the beginning of a case, but how may they most effectively and most responsibly assert their interests throughout the case to win a recovery? This panel addresses this question and more.

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.

Creditors’ committees are integral to the success of chapter 11 cases. This panel will discuss what it takes to maximize results for unsecured creditors in today’s chapter 11 cases, including how to deal with the different interests of the creditors who sit on creditors’ committees.

This panel will discuss the various standing doctrines that apply in federal and bankruptcy courts, including constitutional (Article III) standing, prudential standing, statutory standing (“party-in-interest” status) and derivative standing, and will cover issues that arise both in chapter 11 cases and the consumer arena.

This panel will examine creditors vs. creditors in liability-management transactions (Boardriders, Serta, Travelport, Trimark), collective actions and credit bidding (Speedcast, Alta Masa, Empire Generating, Allied), strict foreclosure in light of TIA 316(b) (CNH Diversified Opportunities v. Cleveland Unlimited), de facto claim-subordination (La Paloma), rights preserved for junior creditors under an intercreditor agreement (do the exceptions swallow the rule (Claires, Momentive)?), and practical considerations such as coordination agreements, unitranche facilities and CLOs in restructurings.