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Prepackaged and Prenegotiated Chapter 11 Plans: Current Trends and Strategies

Prepackaged and Prenegotiated Plans, Plan Support Payments, Super Speed Prepacks, and More

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Wednesday, July 27, 2022

Recorded event now available

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This CLE course will analyze the benefits and risks of prenegotiating or prepackaging a chapter 11 plan, including the complexities that professionals face in negotiating and structuring them and current trends and decisions such as the emerging use of “super speed” prepacks and recent decisions regarding plan support agreements or “PSAs” that call for significant payments to be made to PSA parties and their professionals. Attendees will come away with useful strategies for representing debtors, creditors, and other constituents.

Description

Prenegotiating or prepackaging a plan before filing a bankruptcy petition can significantly reduce both the costs and risks associated with a traditional chapter 11 case. A prepack involves soliciting votes on a chapter 11 plan prior to filing the case. This not only requires debtors to carefully prepare and execute prepack strategies to avoid violating the Bankruptcy Code’s solicitation and confirmation requirements but it may also require considerable lead time.

Like pre-packs, prenegotiated plans reduce the cost and risks associated with the chapter 11 process by aligning key parties prior to the filing. They are a particularly useful tool when the debtor can obtain consensus among most, but not all, critical constituents. In this situation, debtors and their key constituents often enter into plan support or “lock up” agreements that are heavily negotiated and serve as the road map for the debtor’s ultimate plan.

Join us as our authoritative panel of restructuring attorneys delves into the benefits and risks surrounding prepackaged and prenegotiated plans and offers strategies for professionals who are using—or challenging—these arrangements. The panel will provide attendees with a brief overview of prepackaged and prenegotiated plans and their features and then focus on current trends and issues in today's environment, including the emerging use of “super speed” prepacks as well as recent trends and decisions regarding PSAs for prenegotiated plans that call for significant, and sometimes controversial, payments to be made to PSA parties and their professionals

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Outline

  1. Overview of prepackaged and prenegotiated bankruptcy plans
    1. When each is appropriate
    2. Jurisdiction and venue issues
    3. Differences between the plans
  2. Current issues that are heavily contested
    1. Super Speed Prepacks
    2. PSA Support Payments
  3. Strategies
    1. Debtor strategies
    2. Secured creditor strategies
    3. Unsecured creditor strategies

Benefits

The panel will review these and other key issues:

  • The benefits and risks associated with prepackaged and prenegotiated bankruptcy plans
  • The complexities involved in negotiating, structuring, or challenging prepackaged or prenegotiated plans and support agreements
  • Current trends such as the emergence of “super speed” prepacks
  • Recent decisions and issues, including recent decisions regarding plan support agreements (PSAs) and payments to PSA parties

Faculty

Durrer, Van
Van C. Durrer, II
Partner
Skadden Arps Slate Meagher & Flom

Mr. Durrer leads the Firm's corporate restructuring practice in the western United States and advises clients...  |  Read More

Kurth, Mette
Mette H. Kurth
Partner
Culhane Meadows Haughian & Walsh

Ms. Kurth focuses on all aspects of financial restructuring, distressed situations, and bankruptcy issues, and uses her...  |  Read More

Moss, Naomi
Naomi Moss
Partner
Akin Gump Strauss Hauer & Feld

Ms. Moss focuses on in- and out-of-court restructurings, with an emphasis on bondholder committees and creditors’...  |  Read More

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