(Webcast) Clearing the Last Hurdle in Chapter 11 – Evolving Confirmation Issues That May Trip the Unwary

Tuesday, June 22, 2021 | 12:30 pm – 2:00 pm

Program Co-Chairs:
Sheryl P. Giugliano
Ruskin Moscou Faltischek, PC
Kenneth Lewis
Whiteford, Taylor & Preston LLP

  • This CLE webinar presentation will cover certain timely chapter 11 plan confirmation issues relevant to both large and small firm practitioners representing debtors, creditors, and estate fiduciaries.    The topics include:

    (i)        Third-party releases in plans.  Courts generally agree that third-party releases are permissible if creditors consent, but disagree about what constitutes “consent” (for impaired, unimpaired, and non-voting creditors), and whether non-consensual releases are permissible under the Bankruptcy Code.  We will discuss the various approaches, and offer predictions on where the trends are headed;

    (ii)       “Effective date” is a term used but not defined in the Bankruptcy Code and is often left to lawyers to delineate in plan documents.  There is surprisingly little authority regarding when it actually occurs and what impact it has on debtors and creditors.  This portion of the program will explore a variety of issues this uncertainty may raise;

    (iii)      The meaning of “impair” sounds simple — to damage or weaken something.  But is it really so simple for the purpose of bankruptcy law?  Most definitely not!  This part of the program will cover the meaning and effect of impairment under section 1124 of the Bankruptcy Code, and how the concept is used, misused or even abused; and

    (iv)      With respect to joint chapter 11 plans for multiple debtors, courts have split on the question of whether a plan can be confirmed if only one impaired class of claims within the entire plan has accepted (even if no class of claims against one or more of the debtors has accepted the plan), or whether a consenting class of claims with respect to each debtor is required.  This is the “per plan” vs. “per debtor” debate.  We will discuss the recent case law regarding this debate.

    Program Fee:
    $79 for Members | $149 for Nonmembers

    Members who are Law Students, Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2019-2021), In-House/Corporate Counsel, Judges, and attorney members who practice within the Government, Academic or Not-for-Profit sectors attend this program for free.

  • Robert E. Gerber, USBC SDNY (Ret.)
    Joseph Hage  Aaronson LLC

    Ira Herman
    Blank Rome LLP

    Samuel S. Kohn
    Dorsey & Whitney LLP

    Jessica Liou
    Weil, Gotshal & Manges LLP

    Andrew S. Mordkoff
    Willkie Farr & Gallagher LLP

    Christine A. Okike
    Kirkland & Ellis LLP

    Erica J. Richards
    Cooley LLP

    Michael J. Riela
    Tannenbaum Helpern Syracuse & Hirschtritt LLP

    Paul H. Zumbro
    Cravath, Swaine & Moore LLP

  • 12:30 pm – 12:35 pm
    Introduction of Topic and Panelists

    12:35 pm – 12:55 pm
    Topic 1 – Third Party Releases
    Sheryl P. Giugliano, Kenneth M. Lewis,  Andrew S. Mordkoff & Christine A. Okike

    12:55 pm – 1:15 pm
    Topic 2 – Effect of the “Effective Date”
    Samuel S. Kohn, Erica J. Richards & Hon. Robert E. Gerber (Ret.)

    1:15 pm – 1:35 pm
    Topic 3 – What is Considered “Impaired” Under Bankruptcy Code Section 1124
    Ira Herman, Paul H. Zumbro, & Hon. Robert E. Gerber (Ret.)

    1:35 pm – 1:55 pm
    Topic 4 – Joint Plans for Multiple Debtors
    Jessica Liou, Michael J. Riela, & Hon. Robert E. Gerber (Ret.)

    1:55 pm – 2:00 pm
    Question/Answer Session

  • New York: 1.5 Professional Practice
    New Jersey: 1.8 General
    California: 1.5 General
    Pennsylvania: 1.5 General
    Connecticut: Available to Licensed Attorneys

  • Sponsoring Association Committee:
    Bankruptcy & Corporate Reorganization, Ana M. Alfonso, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org