News & Events

LONDON, October 25, 2010 – A recent roundtable of U.S. corporate restructuring experts presented by Financier Worldwide Magazine offered analysis of trends and developments within the Chapter 11 environment, including at-risk industries and the projected ‘wall of debt’ scheduled to mature between 2012 and 2015; emerging corporate restructuring practices and strategies involving rights offerings and credit bidding; and issues within Chapter 15 and cross-border restructurings.

Moderated by James H.M. Sprayregen of Kirkland & Ellis, the Financier Worldwide U.S. Bankruptcy Roundtable featured eight panelists providing a variety of viewpoints on the issues presented. Panelists included Jonathan A. Carson of Kurtzman Carson Consultants; Barry A. Chatz of Arnstein & Lehr LLP; Neal L. Wolf of Butler Rubin Saltarelli & Boyd LLP; Aaron L. Hammer of Freeborn & Peters LLP; William Q. Derrough of Moelis & Company; Ken Ziman of Skadden, Arps, Slate, Meagher & Flom LLP; Adam Strochak of Weil, Gotshal & Manges LLP; and Richard H. Golubow of Winthrop Couchot Professional Corporation.

Among other topics, the panel addressed the challenges distressed companies have encountered within the Chapter 11 process in recent years due to decreased liquidity in the market, and the growing prevalence of Section 363 sales and liquidations. Panelists also analyzed emerging Chapter 11 strategies that corporate debtors and their stakeholders employ to enhance recoveries and refinance debt, as well as the forecast for future Chapter 11 activity.

“Corporate bankruptcy will continue to serve as a strategic approach to help companies resolve balance sheet and operational issues,” commented KCC’s Jonathan Carson. “The approaching ‘wall of debt’ combined with higher taxes, financial reform, and potentially higher interest rates, contribute to an outlook for sustained corporate restructuring activity in years to come.”

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