Today’s Chapter 11 Cases -What’s New
Debt Trading and Loan to Own, Debt for Equity Pre Pack Plans
And 363 Sales

Wednesday, January 20, 2010
11:00 am - 2:00 pm

Arno's Ristorante - 141 W. 38th Street, New York, NY

Click here to view attendance list
Click here to view presentation slides

11:00am -11:45am Registration & Networking
11:45am -1:00pm Panel Presentation
1:00pm - 2:00pm Lunch
        ** 1½ CPE, CTP, CIRA **

J. Scott Victor - Managing Director, SSG Capital Advisors, LLC
Hon. Allan L. Gropper - U.S. Bankruptcy Judge,U.S. Bankruptcy Court, Southern District of New York
Hon. Mary F. Walrath - US Bankruptcy Judge,U.S. Bankruptcy Court, District of Delaware
Marlene Rabinowitz, CPA, CTP, CIRA - Partner, BDO Consulting
Leah Eisenberg, Esq. - Partner, Arent Fox LLP

I. Current Capital Markets Overview
A. Loan volume
B. M&A activity
C. Default rates
D. Availability of capital
E. Chapter 11 filings

II. Options for the Distressed Company
A. Standstills and forbearances
B. Out of court balance sheet restructuring

1. Debt and equity recaps
2. Debt sale
3. Asset/division sale

C. Chapter 11 alternative

1. Prepackaged reorganization plan
          a. Soliciting pre-petition consents from impaired classes
2. Prearranged reorganization plan
3. Conventional reorganization
          a. 363 sale
          b. Stand alone
            i. DIP financing
            ii. Exit financing

III. New Factors in the Process
A. Debt trading and loan to own
B. All troubled companies in play
C. Credit bidding
D. Fraudulent transfer attacks on leveraged transactions
E. Use of collective action to bind minority bidders
F. Cram ups on senior debt

IV. Valuation and the Dynamics of the Process
A. It all comes down to valuation

1. Negotiated valuation
2. Market valuation
3. Judicial valuation
4. Liquidation valuation

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