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This is an in-depth learning opportunity for business owners, corporate directors and officers, private equity professionals, and others seeking to learn the ins and outs of dealing with a financially distressed company – whether running one, buying one, or trying to get paid by one. This webinar is a multi-media improvisational “play” with audience Q&A, designed to teach:
How companies and their directors and officers should conduct themselves when facing insolvency
Strategic options available to financially distressed companies (friendly foreclosure, assignments for the benefit of creditors, chapter 11, etc.)
How to spot opportunities to purchase financially distressed companies & the various strategies and mechanisms available to do so
How to structure a deal (Equity v. assets? Hard v. soft assets? Going concern v. pieces)
The vendors’ perspective
How the impact of COVID-19 plays into all of the above.
Act I – Looking in the Mirror
(Understanding the Company’s Current Position)
Scene 1 – What’s Your Problem?
Scene 2 – Your Problem Is Someone Else’s Opportunity.
Scene 3 – Your Problem Is Going to Be Lots Of Other Peoples’ Problems.
Scene 4 – Who Ya Gonna Call?
Act I – Key Lessons:
How to identify a distressed business’s problems
Tricks of the trade – quick fixes for the most common problems
The 13 Week Cash Flow
How vulture investors operate, how they can hurt, and how they can help
The differences between the need for an operational restructuring vs. financial restructuring
How to decide whether to fix it or flip it
How to manage communications with various creditor constituencies
How to locate, interview, and hire professionals who can help
Vocabulary lessons: debtor, debtor-in-possession, assignor, fraudulent transfer, preference, fiduciary duty, cash collateral, DIP financing, priorities, first day motions, reorganization, liquidation
Act II – Debating & Deciding
(Understanding the Company’s Options)
Scene 1 – Not Every Problem Is a Nail, Not Every Solution Is a Hammer.
Scene 2 – White Knights, Stalking Horses & Loan to Own Players.
Scene 3 – What Do You Want, What Do You Really Really Want?
Scene 4 – Pull the Trigger…Pull a Trigger.
Act II – Key Lessons:
The various legal regimes – how a business can reorganize or sell itself: Article 9 sales, assignments for the benefit of creditors, bankruptcy, chapter 7 vs. chapter 11, “regular” chapter 11 vs. subchapter V chapter 11
Key Drivers, for example: Personal guarantees, where the business is located, whether there is a secured lender with a lien on all assets, whether you think others will come and bid at an auction for your business
How to determine your goal and how to determine it is realistic
Why analysis paralysis can be fatal & how to avoid it
Act III – Door #11
(What Chapter 11 and its Alternatives Look Like – A Deep Dive)
Scene 1 – Chapter 11 Basics
Scene 2 – Comparing Chapter 11 to Its Alternatives
Scene 3 – Happy Endings
Scene 4 – Not So Happy Endings
Act III – Key Lessons:
How to file chapter 11
How to file a successful chapter 11 – a broad overview of what a chapter 11 case is
The biggest risks of chapter 11
Why subchapter V of chapter 11 can be a huge boon for owners of companies with less than $7.5 million (and maybe significantly more) of debt – due to COVID-19
How different facts about your company can make chapter 11 a better or worse option than its alternatives
Brian Boorstein, Granite Creek Capital Partners
Michael Brandess, Sugar Felsenthal Grais & Helsinger
Matthew Brash, Newpoint Advisors & Subchapter V Trustee
Christopher Cahill, L&G Law Group
Stephen Darr, Huron Consulting Group
Jonathan Friedland, Sugar Felsenthal Grais & Helsinger