Restructurings

Extracting Value From a Distressed Enterprise

By: Weil, Gotshal & Manges, LLP

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Product code: 9694
ISBN: 1855646935
687 pages
Format: Pb
Published by: Euromoney Books, 2000, 2nd edition

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Description of Restructurings

Remarkable political and economic changes throughout the world during the last few years combined with technological advances in the electronic, transportation and communication industries have forever changed the face of commerce. Closed societies are opening and capital is moving globally as never before. major enterprises do business and receive credit in the international marketplace every day.

These changes have brought with them an increase in global economic problems and a concomitant increase in business failures that transcend national boundaries. Frequently, the creditors of a troubled business include a variety of banks and insurance companies from around the world.

Or an insolvent company may seek protection of the bankruptcy laws of one country which triggers ancillary and conflicting filings in courts in other countries. Further, the market for financial and other assets of financially troubled companies, as well as the trading of interests in and claims of such companies, spans the globe. Modern financial planning has also made it possible for corporations to create a welter of differing ownership interests, ranging from pure common stock, to various types of preferred, participating and non-participating issues.

Debt instruments now have countless possibilities with different rights. Secured and unsecured distinctions sometimes have no obvious meaning. Moreover, holders despite their different legal rights can agree among themselves to priorities and interclass rights.

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Restructurings - Chapter headings

PART I: Out-of-court restructurings
1. An out-of-court restructuring or a chapter 11 case: When & how to choose
2. Restructuring debt: Dealing with senior lenders
3. Restructuring junior debt: Dealing with junk bonds and exit consents

PART II: Chapter 11 proceedings
4. Chapter 11 of the Bankruptcy Code: A summary
Appendix: Special provisions relating to chapter 11 airline cases
5. The pre-packaged chapter 11 plan: advantages and limitations
6. Financing a chapter 11 case: Debtor-in-possession financing
7. The role of creditor and equity committees and professionals
8. Preferential and fraudulent transfers
9. Buying assets of a chapter 11 debtor
10. Acquisitions of financially troubled companies
11. Applications of United States bankruptcy laws to transnational insolvencies

PART III: Special considerations
12. Duties of directors of financially troubled companies
13. Tax consideration
14. United States securities law implications of corporate restructuring
15. Trading in debt securities: Applicability of insider trading prohibitions
16. Environmental consideration
17. Employee benefit considerations
18. Real estate considerations
19. Lender liability considerations
20. An analysis of the legislative proposals to amend the Bankruptcy Code

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Restructurings