Advanced DIP Financing: Structuring Equity-Linked Facilities, Roll-Overs, Cross-Collateralization, Priming, and More
A live 90-minute CLE video webinar with interactive Q&A
This CLE course will discuss advanced and emerging debtor-in-possession (DIP) financing issues that are the subject of significant judicial scrutiny and intense negotiations between DIP lenders and other secured creditors. The panel will address the rise of aggressive equity-linked or convertible facilities as well as roll-overs and roll-ups, cross-collateralization, priming liens, super-priority claims on avoidance actions, intercreditor disputes, and more.
Outline
- Equity-linked DIP lending
- Priming liens and disputes
- Rollover of pre-petition secured debt
- Releases and waivers of challenges to liens and other future borrowings
- Role of Bankruptcy Directors
Benefits
The panel will review these and other key issues:
- What must counsel consider in evaluating defensive vs. offensive DIP loans?
- Does equity conversion in the DIP facility incentivize undervaluation or sidestep confirmation requirements?
- How does the debtor seeking a priming lien convince the existing lender to consent or convince the court that the current lender's lien is adequately protected?
Faculty
Robert Miller
Assistant Professor of Law
University of South Dakota
Professor Miller was a partner in the corporate restructuring department of Manier & Herod, P.C. in Nashville,... | Read More
Professor Miller was a partner in the corporate restructuring department of Manier & Herod, P.C. in Nashville, Tennessee. His practice focused on representation of insurance companies in large national and international insolvency matters as well as chapter 11 trustees and unsecured creditors’ committees in regional cases. He also taught the Business Associations class at the Nashville School of Law. Prior to practicing, Professor Miller served as the law clerk for the Honorable William L. Stocks of the United States Bankruptcy Court for the Middle District of North Carolina. He is a graduate of the Emory University School of Law. Professor Miller joined the USD Knudson Law faculty in 2022. Professor Miller teaches debtor-creditor rights, secured transactions, and other related courses.
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Debra McElligott Sinclair
Partner, Business Reorganization & Restructuring
Willkie Farr & Gallagher
Ms. Sinclair is a partner in the Business Reorganization and Restructuring Department. She represents debtors, lenders,... | Read More
Ms. Sinclair is a partner in the Business Reorganization and Restructuring Department. She represents debtors, lenders, official committees of unsecured creditors, and ad hoc creditor groups comprised of hedge funds, financial institutions and other sophisticated investors in distressed situations. Ms. Sinclair advises clients on all aspects of complex chapter 11 cases and has experience with distressed acquisitions, bankruptcy litigation, cross-border matters and out-of-court restructurings. She has represented parties in restructurings in industries such as real estate, aviation, manufacturing, retail, energy, and pharmaceuticals.
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