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Chapter 11 Corporate Bankruptcy Reorganizations: Leases and Executory Contracts


Level: Advanced
Runtime: 88 minutes
Recorded Date: April 19, 2023
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Agenda

Topics discussed will include:
  • What is an executory contract? An unexpired lease?
  • Assumption/assignment of executory contracts? Unexpired leases?
  • Treatment of contracts and leases in Section 363 sale process?
  • Treatment of unique contracts, including non-assumable or non-assignable contracts, franchise agreements, partnership and LLC agreements and certain intellectual property licenses
  • Loans and other debt financing
  • Special interest and unique issues for executory contracts

For NY - Difficulty Level: Experienced attorneys only (non-transitional)

Description

A Chapter 11 bankruptcy involves numerous complex issues. One of the most complex elements of a chapter 11 bankruptcy can be the treatment of executory contracts and unexpired leases. The application of bankruptcy laws to the terms of a contract or lease can significantly alter the rights and obligations of all parties to the agreement. A thorough understanding of how bankruptcy laws intersect with contracts and leases is critical for companies considering a chapter 11 restructuring, parties to an agreement with a financially distressed counterparty, and purchasers of bankrupt businesses, among many others.

Join an exceptional panel of key thought leaders and practitioners assembled by The Knowledge Group as they provide a comprehensive discussion of the intersection of leases and contracts with chapter 11 corporate bankruptcy law. The panel will discuss fundamental issues associated with contracts and leases in chapter 11 bankruptcies, as well as advanced concepts and cutting-edge developments in bankruptcy law.


Provided By

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Panelists

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Andrew R. Remming

Partner
Morris, Nichols, Arsht & Tunnell LLP

Andrew is experienced in a wide array of corporate restructurings and bankruptcies. As both lead and co-counsel, Andrew has represented clients in many of Delaware’s most significant chapter 11 bankruptcy cases over the last decade.

Andrew has experience representing clients in a range of industries, including, oil and gas, pharmaceutical, casino gaming, retail, automotive, media, commercial real estate, e-commerce, alternative energy, mining, professional sports and airline, among others.

He represents debtors, ad hoc groups, DIP lenders, creditors, asset purchasers and other parties in prepackaged and traditional bankruptcies, financings and section 363 sales. He is recognized for his work in the restructuring field by industry publications including Chambers USA, IFLR1000, and Delaware Super Lawyers.

Andrew is a former judicial law clerk to the Honorable Christopher S. Sontchi of the US Bankruptcy Court for the District of Delaware.

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Richard H. Golubow

Founder & Managing Partner
WInthrop Golubow Hollander, LLP

Richard H. Golubow is a founder and managing partner of Winthrop Golubow Hollander, LLP. Richard devotes his practice to and has extensive experience in the areas of Chapter 11 reorganizations, complex bankruptcy litigation, liquidations, out-of-court workouts, acquisitions and sales of distressed assets, Uniform Commercial Code Article 9 foreclosure sales, general assignments for the benefit of creditors, and receiverships. Richard has also been consulted and retained as a bankruptcy, insolvency and financial restructuring expert, and formally designated as a bankruptcy law expert on several occasions.

Richard understands that the law is a means to accomplish his clients’ business and personal objectives, not an end in itself. He listens to his clients and takes the time to learn about and understand his clients’ business as well as their needs to effectively provide customized, innovative, responsive and cost-effective legal solutions. For example, Richard places great emphasis on proactively counseling clients to identify and manage cash flow and insolvency risks posed by customers, vendors, landlords, and other counterparties to all types of contracts including purchase and sales agreements, real and personal property leases, franchise and intellectual property licenses, loan agreements, guaranties and employment contracts.

Richard has a diverse client base that includes representation of debtors, creditors, creditor committees, bankruptcy trustees, assignees for the benefit of creditors, receivers and asset purchasers in a wide range of industries, including retail, consulting, manufacturing, distribution, importing, construction, entertainment, education, religious and other non-profit institutions, fitness, financial services, healthcare, hospitality, real estate, automotive, agriculture, golf and country club, biotech, transportation, telecommunications and internet businesses, and multi-level marketing.

Richard has been frequently honored and recognized for his work in the financial restructuring field as the recipient of bankruptcy or financial restructuring attorney of the year awards by several leading national and international financial publications and organizations. The awards collectively recognize success and excellence, expertise, service, achievement and innovation as chosen by industry peers. For example, Richard was awarded the 2017 Professional Services (B-to-B) “Deal of the Year” award for an out-of-court restructuring of a company, that resulted in the company’s reduction of its senior secured debt by 75% and overhead costs by approximately 50% through elimination and consolidation of management, operations and administrative positions, while saving the jobs of approximately 200 employees.

Richard served as judicial law clerk to the Honorable John J. Wilson, United States Bankruptcy Judge, Central District of California, Santa Ana Division. Born and raised in Brooklyn, New York, Mr. Golubow is a graduate of the State University of New York at Albany, Albany, New York (B.S., Cum Laude, 1985) and Southwestern Law School, Los Angeles, California (J.D., 1992).

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Samuel R. Maizel

Partner
Dentons LLP

Samuel R. Maizel is a partner in Dentons US LLP in Los Angeles and focuses his practice on restructuring, insolvency and bankruptcy in and out of court in all industries, and he leads the firm’s health care industry restructuring efforts nationwide. He has served as lead bankruptcy counsel to health care debtors and creditors’ committees, including in the recently completed chapter 11 bankruptcy cases of Verity Health System of California Inc., and 15 related companies, the second-largest hospital bankruptcy in American history.

Before joining Dentons, Mr. Maizel was a partner at a national bankruptcy boutique firm (1997-2015) and represented the federal government nationwide as a trial attorney in the U.S. Department of Justice’s Commercial Litigation Branch (1991-96). He has also served in U.S. Army’s The Judge Advocate General’s Corps (1985-91), including service in Operation Desert Shield/Desert Storm, for which he was awarded the Bronze Star Medal, as well as an Infantry Officer in the U.S. Army (1977-85).

Mr. Maizel has lectured extensively, is widely published, and been interviewed on television and radio on topics related to the health care industry and bankruptcy. He is a Fellow of the American College of Bankruptcy, is ranked in Chambers USA in both Bankruptcy and Health Care, and has regularly been named a “Super Lawyer.”

Mr. Maizel received his B.S. in 1977 from the U.S. Military Academy at West Point, his M.A. from Georgetown University in government in 1983 and his J.D. in 1985 from George Washington University School of Law, where he won the Jacob Burns Prize for excellence in appellate advocacy and served as president of the Moot Court Board.


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