According to statistics from Standard and Poors, between September 1 and November 16, 2012, arrangers launched $7.
7 billion of second lien loans, the largest three-month total since June to August 2007. Based on these figures, second-lien volume in 2012 stands at $14.9 billion (as of November 16th). That's the most since 2007, up from $6.8 billion in all of 2011 (source: Forbes, November 28, 2012). This OnDemand Webinar will examine the strengths and potential pitfalls of first lien/second lien intercreditor agreements in such a restructuring/bankruptcy framework. Specific attention will be paid to the interpretation and enforcement of debt caps, standstill and DIP financing provisions. The OnDemand Webinar will also analyze how certain courts have interpreted intercreditor provisions in the context of sales affected pursuant to Section 363 of the Bankruptcy Code. By the end of the program, you will have a clear understanding of current market terms for first lien/second lien intercreditor agreements and how courts are enforcing these provisions. Learning Objectives: •You will be able to describe standstill provisions. •You will be able to identify DIP financing and use of cash collateral. •You will be able to explain §363 and other asset sales. •You will be able to review fraudulent conveyance.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Market Overview
Intercreditor Provisions
- Debt Caps
- Standstill Provisions
- Loan to Own Provisions
- DIP Financing and Use of Cash Collateral
- §363 and Other Asset Sales
Other Bankruptcy Issues
- Fraudulent Conveyance
- Reorganization Securities
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 21, 2013.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Dana S. Armagno
Vedder Price P.C.
- Shareholder at Vedder Price P.C. and a member of the Finance and Transactions Group
- Counsels clients in a variety of corporate and finance matters
- Represents individuals, private equity firms, and corporate and noncorporate entities in structure, formation and capital investment matters
- Advises buyers and sellers in structuring, negotiating and documenting complex mergers; asset and stock purchases; and other fundamental corporate transactions
- Counsels lenders and borrowers in structuring, negotiating and documenting sophisticated commercial lending transactions involving secured and mezzanine debt
- Extensive experience representing secured and mezzanine lenders in structuring intercreditor relationships and drafting, and negotiating subordination and intercreditor agreements
- Member of the Corporate Law Committee and Noncorporate Entities Subcommittee of the Chicago Bar Association
- J.D. degree, DePaul University College of Law; B.S. degree in economics, cum laude, University of Illinois
- Can be contacted at 312-609-7543 or fax 312-609-5005
Douglas Lipke
Vedder Price P.C.
Douglas J. Lipke
- Co-chair of the Corporate Reorganization, Bankruptcy and Insolvency Group of Vedder Price P.C. in Chicago
- Concentrates on workout, bankruptcy and reorganization law
- Represents a full range of national and international clients, including secured lenders, debtors, trustees and creditors’ committees
- Tried a wide range of large, sophisticated matters that arise in bankruptcy cases
- Significant representation of financial institutions in structuring workouts and foreclosures in domestic and international equipment and aircraft leasing, and equipment financing transactions
- Involved in most airline insolvencies and bankruptcies, and has repossessed and foreclosed on aircraft throughout the world
- Ranked among the top bankruptcy attorneys in Illinois by Chambers USA: America’s Leading Lawyers for Business
- Served as an adjunct professor of bankruptcy law at Loyola University School of Law in Chicago, and is a frequent lecturer on reorganization, insolvency and bankruptcy issues to varied groups throughout the country
- Selected for inclusion in Illinois Super Lawyers
John McEnroe
Vedder Price P.C.
John T. McEnroe
- Shareholder at Vedder Price P.C.
- Concentrates on secured transactions, leveraged buyouts, mergers and acquisitions, bankruptcy, business reorganization and related areas of law
- Represents a variety of public and private companies in more than 70 acquisitions and divestitures
- Involved in structuring and negotiating acquisition documents, and in procuring, structuring and finalizing the requisite financing
- Named by Chambers USA as one of the top attorneys in Chicago for banking and finance
- Represented traditional banks, finance companies, hedge funds and other financial institutions in unsecured, asset-based, cash flow and project finance credit facilities
- Writer of numerous articles, most recently “Second Lien Term Loans in International Transactions” in Financier Worldwide Magazine
- Listed in the 2008 and 2009 editions of The Best Lawyers in America and the 2008 edition of Who’s Who Legal
- Selected for inclusion in Illinois Super Lawyers, 2008 and 2009 editions
- J.D. degree, Yale Law School; B.S. degree, University of Illinois
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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