Enforceability of Intercreditor Agreements in Bankruptcy: Maximizing Recovery for First and Second Lienholders
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will guide commercial finance counsel in drafting intercreditor agreements and those seeking to enforce or resist intercreditor agreements during bankruptcy proceedings. The panel will discuss ways that first lien and second lien lenders can best protect their economic interests in the event of bankruptcy.
Outline
- Recent case law on the enforceability of intercreditor agreements in bankruptcy proceedings
- Cases holding that an intercreditor agreement cannot waive a second lien lender's fundamental bankruptcy rights
- Cases holding that an intercreditor agreement may waive statutory bankruptcy rights if enforceable as a matter of applicable state law
- Best practices when drafting and negotiating intercreditor agreements to protect lender interests, including discussion of forms of intercreditor agreements currently being used in the market
Benefits
The panel will review these and other relevant issues:
- What are the lessons for lenders' counsel from recent bankruptcy case law regarding intercreditor agreements?
- Which intercreditor provisions require special attention as to enforceability in bankruptcy?
- How can senior lien and subordinate lien lenders best protect their interests in bankruptcy?
Faculty
Christopher M. Dressel
Counsel
Skadden, Arps, Slate, Meagher & Flom
Mr. Dressel represents companies and their stakeholders in a range of distressed transactions and situations, including... | Read More
Mr. Dressel represents companies and their stakeholders in a range of distressed transactions and situations, including Chapter 11 reorganizations, out-of-court debt restructurings and recapitalizations, Section 363 and other distressed M&A transactions, and DIP financings, among others. His practice spans a variety of industries.
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Brad B. Erens
Partner
Jones Day
Mr. Erens has counseled clients for more than 30 years in some of the most complex and cutting-edge chapter 11... | Read More
Mr. Erens has counseled clients for more than 30 years in some of the most complex and cutting-edge chapter 11 cases filed in the country. His practice is focused on corporate restructuring, workout, and bankruptcy matters. Mr. Erens has substantial experience in representing companies, bank groups, other secured and unsecured creditors, committees, asset purchasers, and other interested parties in a wide variety of restructuring matters. He oversees the firm's Business Restructuring & Reorganization team in the Chicago office and is been an adjunct professor at the DePaul University College of Law where he teaches corporate reorganizations.
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