Thursday, Mar 14 2024 05:00 PM - Thursday, Mar 14 2024 07:00 PM

150 East 42nd Street, New York, NY 10017 & Zoom | Wells Fargo Conference Center

Liability Management Transactions: The Saga Continues… | March 14, 2024

Date: March 14, 2024

Time: 5:00 p.m. to 7 p.m. EST | 6:00 p.m. EST Live Webinar Commencement

Location: Wells Fargo Conference Center, 150 East 42nd Street, New York, NY 10017 & Zoom

Panelists:

David W. Morse, Partner & Co-Chair, International Finance Practice Group | Otterbourg P.C. (New York, New York)

Valerie Mason, Partner | Otterbourg P.C. (New York, New York)

We first heard about “liability management exercises” by sponsor owned borrowers when we looked at J. Crew, PetSmart and Neiman Marcus—transactions that led to disputes and litigation among lenders and borrowers and among lenders themselves.

These are the transactions that borrowers, and particularly sponsors, use within the framework of the covenants in the credit agreements in order to reduce their risk to maximize their potential recovery in distressed circumstances while increasing the risks to the lenders—or at least some of the lenders—and attempting to avoid bankruptcy.  The case law continues to evolve as the litigations proceed—most recently last summer with some decisions out of the Bankruptcy Court in Houston in one of the “classic” uptiering cases—Serta.

We will look at the cases and then the covenants to see what lenders are doing to address the unexpected restructuring that may come their way. This will be a joint program with SFNet, sponsored by Otterbourg P.C. We look forward to engaging with you, both in person and virtually.

Price:

- FREE for ACFA Members & SFNet NY Chapter Members
- $50.00 per additional guest (the $50.00 fee goes toward price of annual membership for new members); fee is waived for any guest of an ACFA Member or SFNet NY Chapter Member in good standing.

Price Includes:

- Light hors d'oeuvres & refreshments
- In-Person panel attendance at Wells Fargo Conference Center OR virtual live webinar via Zoom (Zoom invitation will be received by any ACFA member in good standing the night before, no sign-up required)

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