Bankruptcy Limits on Lockup Provisions: Enforcing Section 1125, Creating Meaningful Outs, Ensuring Adequate Information
Lessons From In re Gol Linhas Areas Inteligentes S.A., Avoiding Pitfalls and Problematic Terms
A live 90-minute CLE video webinar with interactive Q&A
This CLE webinar will review the enforceability of lockup provisions and the lessons from recent decisions where they were rejected. The panel will examine the In re GOL decision and offer guidance for avoiding the pitfalls of overreaching when structuring and drafting lockup provisions.
Outline
- Provisions for debtors
- Provisions for creditors
- Problematic terms
- Solicitation vs. negotiation
- Giving plan supporters better treatment
- Milestones
- Fiduciary terms
- Drafting best practices
Benefits
The panel will review these and other key issues:
- What is the difference among a "restructuring support agreement" (or RSA), "plan support agreement" (or PSA), or "lockup agreement"?
- What are the key requirements in Section 1125 that affect enforceability of lockup agreements?
- What happens if the plan contemplated in lockup provisions becomes impossible?
- Can parties agree to oppose plans with certain undesirable provisions?
Faculty
Andrew V. Alfano
Counsel
Pillsbury Winthrop Shaw Pittman
Mr. Alfano represents creditors and debtors in complex insolvency matters, both domestically and internationally. His... | Read More
Mr. Alfano represents creditors and debtors in complex insolvency matters, both domestically and internationally. His practice spans a variety of industries, including aviation and pharmaceuticals.
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Rafael X. Zahralddin-Aravena
Partner
Lewis Brisbois
Mr. Zahralddin-Aravena is a member of the Corporate, Bankruptcy, Complex Business & Commercial... | Read More
Mr. Zahralddin-Aravena is a member of the Corporate, Bankruptcy, Complex Business & Commercial Litigation, Digital Asset, and Ukraine Conflict Response Practices. He is a skilled business lawyer and litigator with significant experience advising clients in corporate and commercial litigation, insolvency, distressed M&A, compliance, corporate law and entity formation, corporate governance, commercial transactions, cyber law, regulatory actions, and cross-border issues. He represents clients in all aspects of bankruptcy and restructuring. He has extensive experience in international commercial law issues, including cross-border insolvency, federal bankruptcy court matters, assignments for the benefit of creditors, and receiverships. His international law experience, particularly in international commercial transactions, brings a unique and nuanced approach to business issues inside and outside distressed situations.
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Jaime Leggett
Attorney
Bast Amron
Mr. Leggett practices in the areas of bankruptcy and complex commercial litigation. His experience includes... | Read More
Mr. Leggett practices in the areas of bankruptcy and complex commercial litigation. His experience includes investigating and prosecuting director and officer liability claims; representing trustees, creditors, equity holders, and debtors in bankruptcy proceedings; federal and state court commercial litigation; and trials in federal, bankruptcy, and state courts nationwide.
CloseEarly Discount (through 02/07/25)