Attention:

CDS Markets


Level: Advanced
Runtime: 77 minutes
Recorded Date: May 22, 2019
Click here to share this program

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

Panelists

Glenn E. Siegel

Partner
Morgan, Lewis & Bockius, LLP

Glenn E. Siegel has decades of experience handling high-level bankruptcies and counseling major stakeholders and clients on all sides of bankruptcy and restructuring 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. 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. Glenn is the former co-head of the firm’s restructuring and bankruptcy practice.

Glenn represents shareholders, bondholders, indenture trustees, creditor committees, secured creditors, debtors, and other participants in bankruptcy and workout matters. He frequently lectures on issues pertaining to public debt holders, including claims trading, second lien loans, and subordination. He also frequently authors and co-authors articles on bankruptcy-related topics and developments.

Prior to joining Morgan Lewis, Glenn was a partner in the bankruptcy practice of another international law firm.

J. Soren Reynertson

Managing General Partner
GLC Advisors & Co.

Soren Reynertson is a Managing Director and the Managing General Partner of GLC Advisors, which he co-founded in 2009. Based in the New York office, he has worked with companies and their creditors on a number of assignments including bankruptcy reorganizations, exchange offers, out-of-court workouts, M&A, financings and recapitalizations for over 20 years. Recent assignments include roles in: iHeart, First Energy Solutions, City of Detroit, Jefferson County, LBI ehf. (formerly Landsbanki Íslands hf.), Puerto Rico, Colt Defense, Caesars, Foxwoods, Basic Energy, Radio Shack, Rivers Casino, City of Atlantic City and Toys R Us.

Before founding GLC Advisors, Mr. Reynertson was a Managing Director in UBS’ Restructuring & Leveraged Finance Group based in New York. Previously, Mr. Reynertson was a Managing Director and Head of the European Strategic Finance Group at Morgan Stanley in London. Prior to joining Morgan Stanley, Mr. Reynertson also held various roles within UBS’ Restructuring team in New York and London including Managing Director and Head of UBS’ European Restructuring team.

Mr. Reynertson was also a crisis manager for Jay Alix Associates (now AlixPartners) where he focused on taking operational roles in financially distressed businesses. Mr. Reynertson also worked in PriceWaterhouse’s Dispute Analysis and Corporate Recovery Group in New York, providing advisory services to troubled companies and their creditors.

Mr. Reynertson has successfully completed the following FINRA Administered Qualification Examinations: Series 7, 24, 63. Mr. Reynertson passed the Financial Services Authority (FSA) Securities Exam in the UK including CF21 (Investment Adviser) and CF309 (Customer). Mr. Reynertson held a gaming license with the State of Pennsylvania.

Mr. Reynertson received a BA from Emory University and an MBA from Columbia Business School.

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.

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.

Kristopher Hansen

Partner
Stroock & Stroock & Lavan

Kris Hansen is the co-chair of Stroock's Financial Restructuring Group and manages the department on a day-to-day basis. Mr. Hansen's practice covers the broad spectrum of corporate, litigation and core bankruptcy matters necessary for the representation of equity, creditor, debtor, distressed investor and distressed merger and acquisition clients in the restructuring arena. In addition to his representation of debtors, official and unofficial committees of creditors, and secured lenders in workout and debtor-in-possession lending situations, Mr. Hansen typically represents individual investors in the structuring and execution of distressed investment strategies. Through his finance background and significant case experience, Mr. Hansen is known for understanding his clients' investment strategies and recovery analyses and creating unique, aggressive, efficient and cost-effective solutions to complex issues.

Similar Courses

Card image cap
92 minutes
#MeToo: Empowering Employees and Employers to Address Workplace Sexual Harassment & Violence
Join our expert attorneys as they discuss how employers can work to prevent and eliminate sexual harassment and violence in their workplace, and create an environment in which employees are able to respond to and report incidents without fear of retaliation. Not only is there a deep moral imperative to rectify sexual harassment in the workplace and promote an equitable work environment, but also there is significant monetary liability as a potential consequence for employers who fail to address harassment in the workplace.

American Bar Association

$115

Add to Cart
Card image cap
77 minutes
§ 363 Sale Issues
Dive into Section 363 sales issues, including whether there are limits to “free and clear”; the GM conflict between Sections 365(h) and 363(f) (“lease-stripping”); sales free and clear of leasehold interests, restrictive covenants and override royalties; being free and clear of successorships in CBAs; selling free and clear of environmental liabilities (La Paloma, Exide); and loan-to-own strategies.

American Bankruptcy Institute

$75

Add to Cart
Card image cap
63 minutes
2018 CA Consumer Privacy Act: The Big Tail Wagging the U.S.
In this session, two leading information governance attorneys will share why you need to and how you can be ready.

Legalweek

$65

Add to Cart
Card image cap
59 minutes
2018 Global Discovery: International Compliance in the Cloud
Join us for a session examining legal and regulatory changes in store for 2018 and best practices for compliance in the cloud.

Legalweek

$65

Add to Cart
Next