Clearing the Last Hurdle in Chapter 11 – Evolving Confirmation Issues That May Trip the Unwary (OnDemand)
Originally held on Tuesday, June 22, 2021 | 12:30 pm - 2:00 pm
Program Fee:
$79 for Members | $149 for Nonmembers
Members who are Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2020-2022), In-House/Corporate Counsel, Judges, and attorneys who practice within the Government, Academic or Not-for-Profit sectors attend this program for free.
CLE Credit:
New York: 1.5 Professional Practice
New Jersey: 1.8 General
California: 1.5 General
Pennsylvania: 1.5 General
Connecticut: Available to Licensed Attorneys
This program provides transitional/non-transitional credit to all attorneys
Description:
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.
Click Here to View Program Agenda & Faculty
Program Co-Chairs:
Sheryl P. Giugliano, Ruskin Moscou Faltischek, P.C.
Kenneth M. Lewis, Whiteford, Taylor & Preston LLP
Sponsoring Committee:
Bankruptcy & Corporate Reorganization, Ana Maria Alfonso, Chair