Dechert Distressed Investing Forum

2022 Agenda

12:00 p.m. – 1:00 p.m. Registration

1:00 p.m. – 1:10 p.m. Welcome Remarks

• Allan Brilliant, Partner, Dechert LLP

1:10 p.m. – 2:00 p.m. A Conversation with Jonathan Lavine, Co-Managing Partner, Bain Capital

• Adam Plainer, Partner, Dechert LLP (moderator)

2:00 p.m. – 2:10 p.m. Networking Break

2:10 p.m. – 2:55 p.m. Session One Panels

Creditor or Prey: A Discussion of Intercreditor Treatment in Restructuring Transactions
Disparate treatment among holders of indebtedness governed by the same agreement is becoming increasingly common. In this panel, speakers will discuss recent liability management transactions and restructuring disputes arising out of arrangements that improve the position of certain creditors to the detriment of others. The conversation will focus on how these transactions are effectuated, potential challenges to these transactions, as well as different ways creditors can protect themselves.

• Douglas Mannal, Partner, Dechert LLP (moderator)
• Joe Goldschmid, Managing Director, Oak Hill Advisors
• Gavin Kagan, Managing Director, Houlihan Lokey
• Conor Ryan, Portfolio Manager, Millennium Management
• Stephen Zide, Partner, Dechert LLP
  

Enter the Dragon: Recent Updates from Asia
This panel will cover key issues in the Asia high yield bond market, recent legislative changes of interest to investors and useful restructuring tools available in default scenarios in Asia and their recent use as well as a look at recent macro trends affecting the Asia markets.

• Dan Margulies, Partner, Dechert LLP (moderator)
  
• Aneesh Partap, Portfolio Manager - EMEA & Asia, Argentem Creek Partners
• Robert Rauch, Managing Director, Miller Buckfire & Co.
• Judge Christopher Sontchi, International Judge of the Singapore International Commercial Court and former Chief Judge of the United States Bankruptcy Court for the District of Delaware

2:55 p.m. – 3:05 p.m. Networking Break

3:05 p.m. – 3:55 p.m. Fireside Chat with Vince Buccola, Associate Professor of Legal Studies and Business Ethics, The Wharton School

• Allan Brilliant, Partner, Dechert LLP (moderator)
• Eric Brunstad, Partner, Dechert LLP (moderator)

3:55 p.m. – 4:05 p.m. Networking Break

4:05 p.m. – 4:50 p.m. Session Two Panels

Mass Tort and Bankruptcy, Texas Two Step and Third-Party Releases
The importation of mass torts cases into the bankruptcy courts has been all the rage in recent years. PG&E, Purdue Pharma, Mallinckrodt, Boy Scouts of America, Georgia Pacific, Johnson & Johnson and Aearo/3M dominated the news. The emerging use of the Texas Two Step technique and the controversy surrounding the use of Third-Party Releases add to the complexity of these cases. Our panel, consisting of bankruptcy counsel, mass torts lawyers and academia, will break it all down.

• Shmuel Vasser, Partner, Dechert LLP (moderator)
• Sheila Birnbaum, Partner, Dechert LLP
• Edward Janger, David M Barse Professor, Brooklyn Law School
• Don Migliori, Member Attorney, Motley Rice
• Tim Raab, Senior Managing Director, Ankura

Trends in Sovereign Debt Restructurings
In the context of a global economic slowdown, higher inflationary environments, a strong U.S. dollar and high commodity prices, sovereign finances are under pressure, and sovereign defaults are picking up pace around the world in all corners of the globe. However, the profile of investors in sovereign securities has changed since the last financial crisis, which will present new challenges and market opportunities as sovereigns seek to reprofile and restructure their domestic and international debt stock. This panel will discuss the current environment for sovereign restructurings, what lessons can be learned from the last round and the outlook for the sovereign bond market.

• Patrick Lyons, Partner, Dechert LLP (moderator)
• Reza Baqir, Senior Fellow, Kennedy School of Government at Harvard University, Former Governor of the State Bank of Pakistan and Former Senior Official with the International Monetary Fund
• Rebecca Braeu, Head of Emerging Markets, Nationwide Investments
• Peter Briggs, Managing Director, Alvarez & Marsal
• AJ Mediratta, Managing Partner, President, Greylock Capital Management, LLC

4:50 p.m. – 5:00 p.m. Networking Break

5:00 p.m. – 5:45 p.m. Session Three Panels

Cross-Border Skirmishes in Multi-National Restructurings
With different laws governing insolvency and restructuring processes in different jurisdictions, multi-national companies and their capital providers are forced to deal with the risks of competing laws and priorities. In this session a panel of leading principals and advisors from around the world will discuss the competing interests and drivers of using national and cross border proceedings to solve complex muti-national restructurings, including the key considerations that drive decision-making regarding choice of law and forum, the pros and cons of different insolvency regimes, and how courts around the world address disputes.  The session will cover:
o Why companies with COMI outside the U.S. file Chapter 11 in the United States
o Whether the UNCITRAL model law is working in U.S. Chapter 15 cases and similar statutes in different countries
o How the Gibbs Rule is influencing restructurings with a U.K. component
o How parties and Courts address COMI disputes, including a review of the Credito Real competing involuntary Chapter 11 and Mexican concurso proceedings

• Allan Brilliant, Partner, Dechert LLP (moderator)
• Dan Gropper, Managing Partner and Chief Investment Officer, Carronade Capital Management, LP
• Marcelo Messer, Managing Director, Restructuring & Debt Advisory, Rothschild & Co.
• Joshua Weisser, Managing Director, Contrarian Capital Management
• Alex Williamson, Head of EM Distressed Debt Trading, Deutsche Bank

PE Heading into 2023: Watching for Pitfalls and Hunting for Opportunity
While private equity activity levels have declined in comparison to last year’s record highs, there is no doubt that private equity remains an active and vibrant alternative asset class. Flush with dry powder, PE firms are navigating macroeconomic and geopolitical headwinds to create new and unique investment opportunities. In this panel, private equity investment professionals will provide perspectives on a range of topics, such as: changes in valuations, outlooks for the remainder of 2022 and 2023, optimizing portfolio companies in a time of market uncertainty, unique investment strategies, and an overall discussion of the financing markets.

• Ken Young, Partner, Dechert LLP (moderator)
• Brian Gerson, Co-President, FS KKR Capital Corp and Head of Private Credit, FS Investments
• Max Justicz, Managing Director, Head of Financial Sponsors, Americas, Global Banking, UBS Investment Bank
• Kay Morley, Partner, Dechert LLP
• Kelley Morrell, Senior Managing Director, The Blackstone Group
• Justin Steil, Managing Director, MiddleGround Capital

5:45 p.m. – 7:00 p.m. Networking Reception

For questions regarding this event, please reach out to todd.carpenter@dechert.com