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Bankruptcy & Restructuring: Structured Dismissals, Out-of-Court Workouts, and Safe Harbors

(461 reviews)

Produced on October 13, 2017

Taught by
$ 89 Business, Corporate, & Securities and Bankruptcy & Restructuring In Stock
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Course Information

Time 1h
Difficulty Intermediate

Course Description

There have been many significant court decisions recently that will impact corporate restructurings far into the future. Earlier this year in Czyzewski v. Jevic Holding Corp., the Supreme Court limited the utility of “structured dismissals” in Chapter 11 cases, which have become an increasingly popular method of effecting corporate reorganizations or liquidations, particularly in cases where a Chapter 11 plan cannot be confirmed. The Jevic decision thus narrowed the range of restructuring alternatives for very distressed Chapter 11 debtors. In addition, the Second Circuit Court of Appeals in Marblegate Asset Management, LLC v. Education Management Finance Corp. restored clarity to the capital markets regarding the question of whether distressed companies may conduct out-of-court restructurings that do not by their terms alter core payment terms of indentures for publicly-issued debt securities.

The Second Circuit’s decision reversed an earlier lower court opinion that had introduced significant uncertainty into a very popular restructuring method. Finally, a number of influential courts recently opined on the scope of the Bankruptcy Code’s “safe harbor” against preference and certain fraudulent transfer avoidance actions. That safe harbor protects certain transfers arising in connection with securities contracts, commodity contracts and forward contracts involving specific types of financial intermediaries from these “claw-back” actions, which benefits defendants and hinders plaintiffs.

Michael J. Riela, a partner in the Creditors’ Rights and Business Reorganization practice group at the law firm of Tannenbaum Helpern Syracuse & Hirschtritt LLP, will discuss these significant recent cases, as well as their potential effect on future restructuring strategies and options.


Learning Objectives:

  1. Understand the recent cases regarding corporate bankruptcies, as well as their effect on strategies and options in future restructuring matters
  2. Discuss the future of structured dismissals of Chapter 11 cases
  3. Consider the effect of out-of-court workouts involving public debt securities
  4. Examine the Bankruptcy Code’s “safe harbor” from preference and certain fraudulent transfer avoidance actions

Credit Information

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Faculty

Michael Riela

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Michael Riela advises clients in complex corporate restructuring and bankruptcy matters. He has in-depth experience in advising clients in corporate and real estate Chapter 11 and Chapter 7 bankruptcy cases, out-of-court restructurings, M&A transactions involving distressed sellers, debtor-in-possession (DIP) and bankruptcy exit loan facilities, secondary market trading of distressed debt and trade claims, and insolvency-related litigation. He has particular experience defending complex preference and fraudulent transfer cases, and with handling professional retention and fee dispute matters in bankruptcy cases.  Michael’s restructuring and bankruptcy practice spans across numerous different industries, though much of his recent work is focused on the staffing, real estate, construction, retail, technology, and cannabis industries.



Reviews

DS
David S.

Wonderful presentation.

RL
Russell L.

Outstanding

TM
Trudy M.

great job

AC
Allan C.

Very Informative

GP
Georgian P.

Interesting program! Very helpful material! Speaker knowledgeable and informative! Great course!

JB
Jared B.

The presenter was quite good. I only have the basics of bankruptcy under my belt, but this CLE was still extremely clear and engaging.

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