LAW-2096 Bankruptcy Reorganizations
This advanced bankruptcy course focuses on Chapter 11 corporate reorganizations and presumes students have taken Bankruptcy Introduction. The course follows the life cycle of a hypothetical company in a Chapter 11 reorganization with a focus on the intersection of the Bankruptcy Code and its underlying policies and the practical reality of managing the companys business through all phases of a reorganization. Topics include the financial stress that may lead to the need for court-supervised restructuring, whether to file Chapter 11, consideration of the various players in a chapter 11 case (and respective motivations), retention of professionals, transition into bankruptcy, retention of management and employees, management of a debtor in chapter 11, payment of critical trade vendors, use of cash collateral and/or debtor-in-possession financing, procedures governing the auction and sale of business units, assumption and assignment of executory contracts and leases, the role of the official committee of unsecured creditors, negotiating and confirming a plan of reorganization, and post-confirmation issues. Students will be assigned roles and will have a chance to negotiate documents typical in a bankruptcy case. There will be a visit to the Bankruptcy Court to attend actual hearings in pending cases and there may be guest lectures by lawyers and other participants in the bankruptcy process. Readings will consist of the developing hypothetical, cases, articles (both academic and practice oriented), as well as pleadings, briefs and orders from real world Chapter 11 cases. The grade is based on class participation and a final examination or a major paper.