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CDS Markets


Level: Advanced
Runtime: 77 minutes
Recorded Date: May 22, 2019
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Agenda


  • What is a Credit Default Swap?
  • What Governs CDS?
  • Key CDS Terms
  • Buyer's/Seller's Perspective
  • How is CDS Triggered?
  • Settlements
  • Auction Mechanics
  • Auction Process
  • Strategic/Unconventional CDS Issues
  • Proposed Amendments to ISDA Credit Derivatives Definitions
  • Case Studies
Runtime: 1 hour and 17 minutes
Recorded: May 22, 2019

Description

A number of recent high-profile cases have been impacted by credit derivatives (e.g., Hovnanian, Sears, Caesars, iHeart). The panelists will discuss how these situations have unfolded and their effects. What pre-filing diligence should a debtor perform in order to be prepared?

This program was recorded as part of ABI's New York City Bankruptcy Conference on May 22nd, 2019.

Provided By

American Bankruptcy Institute
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Panelists

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Glenn E. Siegel

Partner
Morgan, Lewis & Bockius, LLP

Glenn E. Siegel is a partner with Morgan, Lewis & Bockius LLP’s Business and Finance Practice in New York and former co-head of the firm’s Bankruptcy and Restructuring Group. He has decades of experience in high-level bankruptcy matters and has advised major stakeholders in numerous bankruptcy cases.

Mr. Siegel’s clients include shareholders, bondholders, indenture trustees, creditor committees, secured creditors, debtors, and other participants in bankruptcy and workout matters. In the chapter 11 bankruptcy of automotive parts maker Delphi Corp., he counseled the largest debtor-in-possession lender in its acquisition of Delphi, and in the chapter 11 bankruptcy of Residential Capital, he counseled the largest residential mortgage-backed securities (RMBS) trustees to achieve a settlement of billions of dollars in claims.

Mr. Siegel is a frequent lecturer on issues pertaining to public debt-holders, including claims-trading, second-lien loans and subordination, and he frequently authors or co-authors articles on bankruptcy-related topics and developments. He is admitted to practice in New York and New Jersey and before the U.S. Supreme Court, the U.S. Courts of Appeals for the Second and Sixth Circuits, the U.S. District Courts for the Northern, Eastern and Southern Districts of New York and the District of New Jersey, the State of New York Court of Appeals and the Supreme Court of New Jersey.

Mr. Siegel was named Lawyer of the Year for Bankruptcy and Creditor/Debtor Rights/Insolvency and Reorganization Law, New York, in The Best Lawyers in America for 2020 and has been recognized in The Legal 500 for Corporate Restructuring. An ABI member, he co-chaired ABI’s New York City Bankruptcy Conference from 2008-12.

Mr. Siegel received his B.A. from Brooklyn College in 1979, his J.D. from Boston University School of Law in 1982 and his LL.M. in corporate law from New York University School of Law in 1984.

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J. Soren Reynertson

Managing General Partner
GLC Advisors & Co.

J. Soren Reynertson is the managing partner of GLC Advisors & Co. in New York, an advisory firm he co-founded in 2009. He was previously a managing director in UBS’s Restructuring Group and was based in London and New York. He also was head of the European Strategic Finance Group at Morgan Stanley in London., and he held positions with AlixPartners and PriceWaterhouse.

Throughout his career, Mr. Reynertson has worked with companies, municipalities and their creditors on exchange offers, out-of-court workouts, bankruptcy reorganizations, debt financing and M&A. Recent engagements include iHeart, First Energy Solutions, Commonwealth of Puerto Rico, City of Detroit, Jefferson County, Atlantic City, Toys “R” Us, Basic Energy, Colt Defense, Radio Shack, Caesars, Foxwoods, Landsbanki and Nortel.

Mr. Reynertson received his B.A. from Emory University and his M.B.A. from Columbia Business School.

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Evan C. Hollander

Partner
Orrick, Herrington & Sutcliffe, LLP

Evan Hollander, a Senior Partner in Orrick’s New York office, is a member of the firm’s Restructuring group.

Evan Hollander has over 25 years of experience representing debtors, secured creditors, holders of fulcrum securities, distressed asset acquirers, and independent directors in complex U.S. and cross-border restructuring matters. Mr. Hollander is equally comfortable in the courtroom as he is at the negotiating table and the boardroom, and has extensive experience crafting and implementing restructuring plans. He frequently writes on insolvency-related topics and routinely appears on panels at industry conferences.

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Hon. Brendan L. Shannon

Chief Judge
U.S. Bankruptcy Court for District of Delaware

Hon. Brendan L. Shannon is the Chief Judge of the U.S. Bankruptcy Court for the District of Delaware in Wilmington, appointed as judge in 2006. He manages a full chapter 11 docket and also handles all chapter 13 consumer bankruptcy cases filed in Delaware. In 2015, Chief Judge Shannon was appointed by Chief Justice John G. Roberts to serve on the Committee on the Administration of the Bankruptcy System, which advises the Judicial Conference of the United States on matters relating to consumer and corporate insolvency, and bankruptcy policy.

Prior to his appointment to the bench, he was a partner with Young Conaway Stargatt & Taylor, LLP in Wilmington, where he specialized in representing large corporate debtors and official committees in chapter 11 cases. Chief Judge Shannon is a member of the Delaware and American Bar Associations, ABI and the Rodney Inns of Court, and is also a member of the board of directors of the Delaware Council on Economic Education. He is also an adjunct professor of law in the LL.M. in Bankruptcy program at St. John’s University School of Law and at Widener School of Law in Delaware, and is a member of the National Bankruptcy Conference and serves on the board of editors of Collier on Bankruptcy, the advisory board for the ABI Law Review, and the editorial board of the American Bankruptcy Law Journal.

Chief Judge Shannon received his undergraduate degree from Princeton University and his J.D. from the Marshall-Wythe School of Law at the College of William and Mary.

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Kristopher Hansen

Partner, Financial Restructuring Group
Stroock & Stroock & Lavan LLP

Kristopher M. Hansen is a partner with Stroock & Stroock & Lavan LLP in New York and is the practice group leader of its Financial Restructuring Group, which encompasses four distinct business units: restructuring, debt finance, distressed corporate and impact litigation. His practice includes corporate, litigation and core bankruptcy matters in the restructuring arena. In addition to his representation of debtors, official and unofficial creditors’ committees and secured lenders in workout and debtor-in-possession lending situations, Mr. Hansen typically represents individual investors in the structuring and execution of distressed merger and acquisition investments. He is also listed in the 2009 and 2010 K&A Restructuring Register as one of the top restructuring attorneys in the U.S.

Mr. Hansen was recognized by Chambers USA: Leading Lawyers for Business in 2008 and 2009 as one of the nation’s top restructuring attorneys, and was named in December 2007 by Turnarounds & Workouts as one of the top 12 restructuring lawyers in the U.S., as well as one of the top 12 young restructuring lawyers in the country for 2008.

Mr. Hansen is admitted to practice before the courts of the State of New York, the Southern and Eastern Districts of New York, the U.S. Court of Appeals for the Second and Third Circuits, and the U.S. Supreme Court. He frequently lectures and has published articles on the distressed marketplace.

Mr. Hansen received both his B.S. in finance in 1992 and his J.D. in 1995 from Fordham University.


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