Attention:
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Impact of COVID-19 on Valuation: Views from the Bench, Investors and Advisors


Level: Advanced
Runtime: 61 minutes
Recorded Date: May 06, 2021
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Agenda

• Retail Case Studies
        - In re Centric Brands Inc., No. 20-22637 (Bankr. S.D.N.Y.)
        - In re Chinos Holdings, Inc. (“J. Crew”), No. 20-32181 (Bankr. E.D. Va.)
        - In re J. C. Penney Company, Inc., No. 20-20182 (Bankr. S.D. Tex.)
• Conclusion

Runtime: 1 hour
Recorded: May 6, 2021

Description

While COVID-19 has led to a substantial increase in the number of bankruptcy filings, its impact on valuation issues in the context of chapter 11 cases is less clear. Employing their differing perspectives, the panelists will explore how the uncertainty created by COVID-19 has affected the analysis of issues like plan feasibility, cost of capital, the pricing of risk, and the application of valuation methodologies in chapter 11 proceedings, with a particular emphasis on retail cases.

This program was recorded as part of the American Bankruptcy Institute's Virtual VALCON 2021 held on May 6th, 2021.

Provided By

American Bankruptcy Institute
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Panelists

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Josh Abramson

Partner
PJT Partners

Josh Abramson is a Partner in the Restructuring and Special Situations Group at PJT Partners, based in New York. Since joining PJT Partners’ predecessor firm Blackstone, Mr. Abramson has advised companies, creditors and sponsors in restructurings, special situations, financings, mergers and acquisitions. He has advised on all aspects of domestic and international transactions across a broad range of industries. Examples of Mr. Abramson’s public assignments include API Heat Transfer, Caesars Entertainment, CEDC, Centric Brands, Constellis, Deluxe Entertainment, Full Beauty, Genco Shipping & Trading, Gibson Brands, Hovnanian Enterprises, J.Crew, Jack Cooper, McGraw Hill Education, PetSmart, Revlon, Travelport and TridentUSA Health.

Prior to joining PJT Partners and Blackstone, Mr. Abramson worked at Barclays Capital and Lehman Brothers. He frequently serves as a guest lecturer at Wharton Business School, University of Pennsylvania Law School and George Washington Law School.

Mr. Abramson received a JD from the University of Pennsylvania Law School where he graduated Magna Cum Laude and Order of the Coif, and an MBA from the Wharton School of the University of Pennsylvania where he was a Palmer Scholar.

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Michael Addeo

Managing Director
Blackstone Credit

Michael Addeo is a Managing Director with Blackstone Credit, and is involved in leading restructuring activities. In this role, Mr. Addeo is involved in recapitalizations of existing portfolio companies and sources new investment opportunities around restructuring transactions. Since joining Blackstone Credit, then known as GSO Capital Partners, in 2011, he has also been involved in both debt and equity investments in the U.S. and Europe, with a specific focus on distressed and special situations investing. From May 2015 to May 2017, Mr. Addeo worked in Blackstone’s London office.

Before joining Blackstone Credit, he was a Vice President in equity research at Wolfe Research covering transportation companies, and specializing in the trucking, logistics, and rail sub-sectors. Prior to Wolfe Research, Mr. Addeo began his career with Deutsche Bank’s Private Wealth Management division.

Mr. Addeo graduated cum laude with a BS in Business Administration and a double major in Finance and Accounting from Georgetown University's McDonough School of Business. He is a CFA? Charterholder and previously served on the board of directors of Warrior Met Coal, Inc.

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Hon. David R. Jones

Chief Judge
U.S. Bankruptcy Court, Southern District of Texas

David R. Jones was sworn in as a bankruptcy judge for the Southern District of Texas on September 30, 2011. Judge Jones was appointed as chief judge in 2015. Prior to taking the bench, Judge Jones was a partner in the bankruptcy group of Porter Hedges, LLP.

Judge Jones received an LLM from Duke University in 2018, his Juris Doctor from the University of Houston in 1992 where he served as editor-in-chief of the HOUSTON LAW REVIEW. Judge Jones received his Master of Business Administration from Southern Methodist University in 1986 and his Bachelor of Science in Electrical Engineering from Duke University in 1983.

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Hon. Marvin Isgur

Judge
U.S. Bankruptcy Court, Southern District of Texas

Hon. Marvin Isgur is a U.S. Bankruptcy Judge for the Southern District of Texas in Houston, appointed Feb. 1, 2004, and also served as Chief Judge. His first bankruptcy experience was as an expert witness before the bankruptcy court and then as a principal of a number of real estate partnerships that became chapter 11 debtors. From 1978-1990, Judge Isgur was an executive with a large real estate development company in Houston. Between 1990 and 2004, he represented trustees and debtors in chapter 11 and chapter 7 cases, as well as various parties in 14 separate chapter 9 bankruptcy cases.

Judge Isgur has written over 500 memorandum opinions and was one of the first judges to issue opinions interpreting the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act. He is one of the principal organizers of the annual University of Texas Consumer Bankruptcy Conference in Galveston, Texas, and is a frequent speaker at continuing education programs.

Judge Isgur is a member of the Judicial Conference Committee on Court Administration and Case Management, appointed by Chief Justice John Roberts, and active participant in national bankruptcy rules process; he also led a national compromise effort on chapter 13 plans.

Judge Isgur received his bachelor’s degree from the University of Houston in 1974, his M.B.A. with honors from Stanford University in 1978, and his J.D. with high honors from the University of Houston in 1990.

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Abid Qureshi

Partner
Akin Gump Strauss Hauer & Feld LLP

Abid Qureshi is a partner with Akin Gump Strauss Hauer & Feld LLP in New York, where he advises on the full range of complex financial restructuring litigation in bankruptcy and appellate courts; leads litigation teams in hotly contested proceedings, including First Energy Solutions Corp., Momentive Performance Materials, Inc., Avaya Inc. and Seadrill Limited; and represents debtors, creditors, bondholders, hedge funds, institutional investors, and ad hoc and official creditors’ committees.

Mr. Qureshi also handles bankruptcy appellate issues at both the district and circuit court levels. He is a frequent speaker and writer on bankruptcy-related issues and has also testified before the Advisory Committee on Bankruptcy Rules regarding recent amendments to the Bankruptcy Rules.

Mr. Qureshi has been involved in contested plan-confirmation proceedings, valuation disputes, cramdown disputes make-whole and no-call claims, fraudulent-transfer and preference actions, breaches of fiduciary duty, fraudulent-transfer claims, asset sales and valuation proceedings. He has been listed in The Legal 500 (recommended in Finance-Corporate Restructuring from 2016-18), The Best Lawyers in America for Bankruptcy Litigation from 2012-18, Benchmark Litigation as a U.S. Bankruptcy Litigation Star from 2013-17 and as a New York Litigation Star from 2013-17, and IFLR1000 United States as a Notable Practitioner in Restructuring and Insolvency for 2019.

Mr. Qureshi received his B.A. with highest honors in 1991 from the University of British Columbia, his J.D. in 1994 from the University of Toronto and his LL.M. with merit in 1996 from the London School of Economics and Political Science.


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