Attention:

Intercreditor Disputes


Level: Advanced
Runtime: 73 minutes
Recorded Date: May 20, 2021
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Agenda

  • Recent Distressed Liability Management Transactions
  • Overview of Distressed Liability Management Transactions in the Loan Market
  • Drop-Down Financings
  • Uptiering Transactions
  • Documentation Considerations
  • Collective Action Provisions - Recent Developments
Runtime: 1 hour, 13 minutes
Recorded: May 20, 2021

Description

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.

This program was recorded as part of the American Bankruptcy Institute's New York City Bankruptcy Conference held on May 20th, 2021.

Provided By

American Bankruptcy Institute

Panelists

Brian M. Resnick

Partner, Restructuring
Davis Polk & Wardwell LLP

Brian M. Resnick is a partner in Davis Polk & Wardwell LLP’s Restructuring Group in New York. He has experience in a broad range of corporate restructurings and bankruptcies, representing debtors, creditors, banks, hedge funds, asset-acquirers and other strategic parties in connection with bankruptcy cases, out-of-court workouts, DIP and exit financings, bankruptcy litigation and ? 363 sales. His recent significant representations include Dean Foods, Arch Coal, Patriot Coal and Bonanza Creek Energy in their chapter 11 cases, ad hoc groups of bondholders in various energy restructurings including Blackhawk Mining, Jones Energy, Legacy Reserves, Midstates Petroleum and Memorial Production Partners, ad hoc groups of the Government Development Bank for Puerto Rico bondholders and Commonwealth Bondholders in connection with the Commonwealth’s debt restructuring, and Lehman Brothers International (Europe) in the Lehman bankruptcy cases. Outside of the firm, Resnick is a frequent author, lecturer and panelist around the country on a broad range of bankruptcy topics, and serves as a contributing author to Collier on Bankruptcy and a member of the New York City Bar Association’s Committee on Bankruptcy and Corporate Reorganization. In 2020, he was inducted as a Fellow of the American College of Bankruptcy.

Mr. Resnick is regularly recognized as a leader in his field, including by Chambers USA, IFLR 1000 and Super Lawyers. He was profiled in The Wall Street Journal’s “Bankruptcy Beat,” which chronicled his transition from Juilliard-trained professional musician to partner in one of the world’s top insolvency and restructuring practices, and Bloomberg Law’s “Davis Polk Lawyer Goes from Pit Musician to Tony Winner,” regarding his 2019 Tony Award as co-producer of Hadestown on Broadway.

Mr. Resnick received his B.M. and M.M. from The Juilliard School and his J.D. from Columbia Law School, where he was a Harlan Fiske Stone Scholar and a member of the Columbia Business Law Review.

Hon. Julie A. Manning

Chief Judge
U.S. Bankruptcy Court - District of Connecticut

Julie A. Manning is the Chief Judge of the United States Bankruptcy Court for the District of Connecticut. She was appointed to the court on September 9, 2013, succeeding Judge Lorraine M. Weil.

Prior to joining the court, Manning was employed as a member of the partnership at the private practice firm of Shipman & Goodwin, where she focused on bankruptcy and creditor-debtor rights, as well as insolvency and reorganization law.

Judge Manning earned a bachelor's degree from Fairfield University and a J.D. from Suffolk University.

Arthur J. Steinberg

Partner
King & Spalding LLP

Arthur J. Steinberg is a senior financial restructuring partner in the New York office of King & Spalding LLP. In his 40 years of practice, he has represented a broad range of clients, including examiners, trustees, corporate monitors, debtors, creditors’ committees, secured and unsecured creditors groups/individuals, distressed investors and asset-buyers, and parties to bankruptcy-related litigation. He also has acted as a receiver and Investment Company Act trustee for failed hedge funds and investment advisors.

Mr. Steinberg has participated in many of the largest bankruptcy cases and has played an important role in forging a compromise among the key creditor constituencies. Listed in Chambers USA and New York’s Best Lawyers, he is a frequent lecturer and speaker on a variety of bankruptcy issues.

Mr. Steinberg received his B.A. in economics cum laude from Columbia University and his J.D. from New York University School of Law, where he was elected to the Order of the Coif.

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.

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.

Marc J. Heimowitz

Founder & Managing Member
Coda Advisory Group, LLC

Marc J. Heimowitz is with Coda Advisory Group LLC in New York, where he focuses on distressed and special-situation investments. He frequently takes active roles in large capital structure restructurings, administration of ad hoc creditor committees, and bankruptcy-related litigations.

Previously, Mr. Heimowitz was a portfolio manager with Claren Road Asset Management and a managing director and head of credit special situations at and Citigroup, where he managed investments related to companies in stress or reorganization, including bankruptcy reorganizations and liquidations, out-ofcourt restructurings, rescue financings and distressed acquisitions. Prior to joining Citigroup, he was a senior credit analyst on the distressed trading desk at Merrill Lynch, managed distressed-debt and emerging market portfolios, and practiced law in both New York and Florida.

Mr. Heimowitz is a Charted Financial Analyst (CFA), holds Series 7, 24 and 63 licenses with FINRA, is a member of ABI and has published and lectured on U.S. transnational insolvency matters at the World Bank and other forums.

He received his B.S. in finance with highest honors from the University of Florida and his J.D. from Columbia University School of Law in 1993, where he was a Harlan Fiske Stone Scholar.


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