Did you miss any of the 27th Annual Distressed Investing Conference? You can watch recordings of each panel discussion on the Beard Group YouTube channel. This year's videos are embedded below. Supplemental materials for each panel can be found on the agenda page.
Year in Review and New Opportunities
Steve Gidumal provides his thought-provoking analysis to review the year in distressed investing and forecasts what to expect in the coming year.
Retail Investing and Restructuring in Tumultuous Times
Retail as we know it has changed dramatically over the last five years. And that was pre-pandemic! With technological disruption and an unclear end to COVID-19, to restructure and see a return on an investment in any retailer is a challenge to say the least. But that is not to say it cannot be done. From Sears, to Neiman Marcus, JCPenney and Tailored Brands, there are many examples of successful restructurings to provide relief for overburdened balance sheets. A panel of experts from the investment and advisory community have come together to shed light on retail distress and successful strategies for investing in, and restructuring, retailers in this ever changing marketplace.
Subchapter V and Opportunities in the Pandemic
This panel will discuss both the policy imperatives and the legislative history of the Small Business Reorganization Act of 2019 (the “SBRA”), as amended by the CARES Act, and how the SBRA relates to other provisions in the Bankruptcy Code. The panel will also discuss the elements and core provisions of the SBRA and what has happened to date with the implementation of the SBRA and, as well, how the COVID-19 pandemic has affected the practical application and implementation of this new section of the Code. Further, the panel will briefly discuss what investment opportunities may have been created in small to mid-size businesses by the passage of this act.
Harvey R. Miller Annual Award
Beard Group will present the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to Lisa Donahue, Managing Director and Joint Global Head of Turnaround & Restructuring at AlixPartners. This year's winner will be interviewed by Tim Coleman, Global Chairman of the Restructuring and Special Situations Group at PJT Partners.
Bringing Certainty to Distressed Deal Outcomes
Challenging times can present opportunities for those professionals looking in the right places with the right valuation and risk controls in place. In this session, our speakers will examine how businesses can leverage insurance capital to secure distressed transactions and unlock funds. This session will include an overview of the distressed M&A market and the use of representations & warranties/warranties & indemnities insurance to enhance asset values that no longer need to be purchased on an “as is, where is” basis. We will also look at how contingent liabilities for pending litigation, tax obligations, or other contingencies transferred to insurers to eliminate or reduce reserves and otherwise shore up balance sheets. Further, we will demonstrate how insurance instruments can help you through the life cycle of an insolvency proceeding, including providing certainty for the impact of a potential revocation right of an insolvency administrator in the case of a pre-insolvency transaction, securing a “prepack” solution in the case of a business sale within a self-administration in the insolvency procedure, and how synthetic warranties agreed with the insurer can minimize deductions for risks in comparison to an “as is, where is” transaction.
Volatility in the Oilpatch: Where Did All the Value Go?
In this cycle again, massive asset valuations are being suffered on oil & gas reserves. The write downs far exceed price reductions. How can something worth so much, so recently, suddenly become worth so little? Our panel of experts explain the valuation swings, along with recent successful plans for operating profitably in the current environment.
There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion.
Underwriters and Covenants in the Pandemic
For the last decade, the prevailing wisdom was that a historic bull-run had precipitated a shift in the high yield credit markets towards financings on increasingly borrower-friendly terms. At the outset of the COVID-19 pandemic, many market observers speculated that the ensuing economic dislocation might spell an end to this era of “cov-lite” lending. This panel will explore whether and to what extent this has come to pass with respect to new deals executed in the wake of the pandemic, as well as discuss the consequences that a decade of cov-lite underwriting has had on today’s workouts and restructurings.
How to Effectuate Distressed Hospital Sales Where Prior Efforts have Failed
By utilizing lessons learned from leading the Verity Health successful sales processes through Chapter 11 bankruptcy, Dentons, Cain Brothers, BRG, and Milbank will outline a path to competing sale transactions that ensure the future operations of the hospitals even in the most distressed circumstances. Best practices include extending the liquidity runway by utilizing quick hit performance improvement and treasury discipline; leading an efficient bankruptcy process to unlock value; and leading a marketing process targeted to a focused group of buyers.
Award Ceremony - Turnarounds & Workouts' 2020 Outstanding Young Restructuring Lawyers
Honoring the 2020 Outstanding Young Restructuring Lawyers, as named by 'Turnarounds & Workouts'. The master of ceremonies is Stephanie Wickouski, Partner at Bryan Cave Leighton Paisner. The Outstanding Young Restructuring Lawyers include:
Darren Azman, MCDERMOTT WILL & EMERY
Jonathan Canfield, STROOCK & STROOCK & LAVAN LLP
Daniel I. Forman, WILLKIE FARR & GALLAGHER LLP
Greg Fox, GOODWIN PROCTER LLP
Joseph O. Larkin, SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
Angela Libby, DAVIS POLK & WARDWELL LLP
Michele C. Maman, CADWALADER, WICKERSHAM & TAFT LLP
Jennifer Marines, MORRISON & FOERSTER LLP
Gabriel A. Morgan, WEIL, GOTSHAL & MANGES LLP
Rachael Ringer, KRAMER LEVIN NAFTALIS & FRANKEL
Eric K. Stodola, MILBANK LLP
Erica S. Weisgerber, DEBEVOISE & PLIMPTON LLP
Read about this year's honorees.