Attention:

Rights Offering: Introduction and Overview


Level: Advanced
Runtime: 61 minutes
Recorded Date: April 20, 2018
Click here to share this program

Agenda

2:30 pm - 3:30 pm
  • Overview
  • Securities Law Exemptions
  • Relevant Agreements
  • Value Creation for Investors
  • Select Rights Offering Comps
  • Case Study: Chaparral Energy
  • Case Study: Expro International Group Holidngs, Ltd.
  • Case Study: C&J Energy Services, Ltd.
  • Case Study: Peabody Energy Corporation
  • Common Objections to Bankruptcy Rights Offerings
Runtime: 1 hour
Recorded: April 20, 2018

Description

This panel will provide an overview of rights offerings and issues that frequently arise, including limitations under the securities laws as to which creditors can participate, what happens to those creditors who cannot participate, what is a backstop party, who has the right to participate in the backstop, how backstop parties are compensated, and the limitations on the use of Section 1145 in connection with rights offerings and any securities subscribed for in rights offerings.

This program was recorded on April 20th, 2018.

Provided By

American Bankruptcy Institute

Panelists

Andrew M. LeBlanc

Managing Partner
Milbank, Tweed, Hadley & McCloy, LLP

Andrew M. Leblanc is a managing partner in the Washington, D.C., office of Milbank, Tweed, Hadley & McCloy LLP and is a member of the firm’s financial restructuring and litigation and arbitration groups. His practice focuses on complex commercial litigation, financial restructuring and international arbitration, with a particular focus on contested issues arising in bankruptcy cases.

Mr. Leblanc regularly represents official committees, secured and unsecured creditors, debtors and bidders in bankruptcy cases, as well as financial institutions as defendants in adversary proceedings brought as part of bankruptcy cases in courts throughout the country. His significant recent representations include lead trial counsel for the ad hoc group of noteholders in the In re Nortel Networks bankruptcy, Lightsquared Inc. in its bankruptcy and related litigation, the Refco litigation trustee in claims arising from the bankruptcy of Refco, LLC, the Transeastern defendants in a $500 million fraudulent transfer case in In re TOUSA, the lead lenders in the Texas Rangers bankruptcy, the lead second-lien noteholders in the In re DBSD bankruptcy, and Vitro SAB, a Mexican glassmaker that filed a chapter 15 petition in the U.S. Mr. Leblanc has been recognized as one of the leading lawyers in America for bankruptcy litigation by Chambers USA, Lawdragon and Benchmark Litigation, which recognized him as one of the “Top 10 Bankruptcy Practitioners in America” and as the 2017 and 2018 “Bankruptcy Lawyer of the Year.”

Mr. Leblanc received his B.S. from Rensselaer Polytechnic Institute and his J.D. from Harvard Law School.

Michael O'Hara

Partner
PJT Partners

Michael O’Hara is a Partner in the Restructuring and Special Situations Group at PJT Partners, based in New York. Previously, Mr. O’Hara worked for nine years in Blackstone’s Restructuring & Reorganization Group. Mr. O’Hara has advised on a variety of restructuring and special situation assignments for companies, creditors, corporate board committees and acquirers and sellers of distressed assets. Additionally, Mr. O’Hara has worked on several sovereign situations. Examples of Mr. O’Hara’s public assignments include AbitibiBowater, Delphi, Eastman Kodak, Greece (Hellenic Republic), Iceland (re: Kaupthing), Samson Resources, Taro Pharmaceutical, Travelport, Ultra Petroleum and Washington Mutual. Before joining Blackstone, Mr. O’Hara worked in the M&A groups of Wasserstein Perella & Co. and Stephens Inc. He is a frequent panelist at conferences and schools on restructuring-related topics. Mr. O’Hara received a BS in Business Administration from Georgetown University and an MBA from Columbia Business School.

Damian Schaible

Partner
Davis Polk & Wardwell LLP

Damian Schaible is a partner in the Insolvency and Restructuring Group of Davis Polk & Wardwell LLP. He has worked on a wide range of corporate restructurings and bankruptcies, representing debtors, creditors, agent banks, lenders, asset purchasers and other strategic parties. Mr. Schaible has played a key role in a number of high-profile restructurings in recent years, including representing the debtors in Delta Air Lines’, Frontier Airlines’, Pinnacle Airlines’ and Patriot Coal's successful chapter 11 cases, representing the agent for the prepetition senior lenders in the Cengage, Tribune, C-BASS and MediaNews Group cases, and representing the DIP Agent in the Exide and NewPage cases. Mr. Schaible also regularly advises banks and potential investors in connection with distressed bank acquisitions and recapitalizations. Mr. Schaible graduated magna cum laude from NYU School of Law, where he was elected to the Order of the Coif and served on the NYU Law Review. Following graduation, he clerked for Judge Danny J. Boggs of the U.S. Court of Appeals for the Sixth Circuit. He currently serves as the Chair of the Committee on Bankruptcy and Corporate Reorganization of the New York City Bar Association, and he is on the Board of Directors of the American Bankruptcy Institute.

Similar Courses

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
76 minutes
50 Shades of Valuation
This panel will review the art and science of valuations prepared for different stakeholders in the same case. Panelists will discuss how professionals can use the same data but arrive at dramatically different results through the manipulation of various methodologies and assumptions depending on the interests of their clients.

American Bankruptcy Institute

$75

Add to Cart
Card image cap
63 minutes
A Collision of Complex Laws: The Interplay Between and Among State and Federal Regulatory Laws in Health Care Cases
This program will probe how state, federal and local laws affect health care bankruptcy cases. The program will address such regulatory schemes as ERISA, state and federal labor laws (with a focus on union issues), state local health care laws, and requisite approval processes for the sale of health care assets and state and local laws concerning reimbursement programs and other aid for the benefit of health care institutions. The program will feature speakers with experience in state, federal and local regulatory laws along with health care insolvency professionals.

American Bankruptcy Institute

$75

Add to Cart
Card image cap
77 minutes
A Fistful of Dollars: Thorny Chapter 11 Plan Confirmation Issues and How to Address Them
This panel will explore four challenging chapter 11 plan confirmation issues and potential ways to resolve them.

American Bankruptcy Institute

$75

Add to Cart
Next