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Contested Issues in DIP Financing in the Uncertain World of Our New Normal
Tuesday, September 29, 2:00 p.m. - 3:00 p.m.
1.0 CLE credit / 1.2 CPE credits in Finance / 1.2 CEUs available
CLE has been accredited in Delaware and Pennsylvania. Additional jurisdictions pending.
Show me the money, but beware that it may come at a price. Learn about the problems and pitfalls that lenders, unsecured creditors, and other parties pose in the quest to finance a turnaround. Learn more about stub rent, reclamation and 503(b)(9) claims, roll ups, prepayment premiums, make-wholes on prepetition debt, and other issues that commonly arise in debtor-in-possession financing transactions.
Speakers:
Cheryl Carner, Crystal Financial (TMA New York City & TMA Northeast)
Scott Gautier, Robins Kaplan LLP (TMA Southern California)
Neil Gupta, SSG Capital Advisors, LLC (TMA Philadelphia/Wilmington)
Douglas Rosner, moderator, Goulston & Storrs PC (TMA Northeast)
Sandra Vrejan, Morgan, Lewis & Bockius LLP (TMA Northeast)
About the Speakers:
Cheryl Carner
Cheryl Carner is a results-driven professional with over 25 years of corporate finance experience. She is well versed in the debt capital markets and her expertise in structuring complex debt financings for middle marketing companies has provided her clients with solutions that generate immediate benefits in terms of providing incremental liquidity, growth capital, or reducing the cost of capital. Cheryl is currently a Senior Managing Director and Head of Originations at Crystal Financial a non-bank direct private credit provider with $600 million in AUM. In her role she is responsible for business development and marketing strategy and is a member of the firm’s investment committee.. Since joining in 2011, she has sourced, structured and underwritten over $600 million of debt financings. Prior to Crystal, Cheryl was a SVP at GE Franchise Finance focused on the financing needs of private equity backed companies in the restaurant industry. As a Managing Director at CapitalSource she led the Retail & Consumer specialty lending team. Her career began in the asset-based lending sector at Fleet Retail Finance. She received her MBA at the F. W. Olin Graduate School of Business at Babson College and her BBA at the University of Massachusetts at Amherst.
Scott Gautier
Scott Gautier is the chair of the Corporate Restructuring and Bankruptcy Group at Robins Kaplan LLP where he heads a national corporate restructuring practice representing corporate debtors, creditors, committees, equity holders and acquirers in distressed financial situations with the goal of creating and structuring transactions that maximize value for his clients. Mr. Gautier counsels clients on all facets of corporate insolvency and handles corporate assignments, bankruptcy cases, out-of-court restructuring matters, distressed mergers, acquisitions, and debtor-creditor issues in non-bankruptcy matters.
Neil Gupta
Neil Gupta is a Managing Director at SSG Capital Advisors. Neil works with investment banking clients on a wide range of special situations transactions, including mergers and acquisitions, divestitures, recapitalizations and private placements of both senior and subordinated debt and equity. His responsibilities include buyer and investor relationship management, strategic advisory and overall management of the deal process. Prior to joining SSG, he advised the U.S. Treasury on its investment in the Troubled Asset Relief Program (TARP) as a research analyst at Piedmont Investment Advisors. He also worked as a consulting actuary in the group benefits and health care practice at Watson Wyatt Worldwide.
Past client engagements include publicly traded, privately held, private equity sponsored and family owned businesses across a broad range of industries. Neil is a CFA Charterholder and holds a Certification in Distressed Business Valuation (CDBV). He is a member of the American Bankruptcy Institute, the Association for Corporate Growth and the Turnaround Management Association. He also serves on the Board of Directors of the Philadelphia Chapter of the TMA and the Board of Directors for the Consumer Bankruptcy Assistance Project.
Doug Rosner
Doug Rosner is a bankruptcy and restructuring attorney who represents clients throughout the country and internationally. He counsels corporate debtors, unsecured creditors and creditors’ committees, lenders, landlords, asset purchasers and trustees. Doug handles a wide range of bankruptcy matters including complex Chapter 11 reorganizations, Chapter 7 liquidations, workouts and related litigation and transactions.
Chambers USA recognizes Doug as “one of the superstars in the bankruptcy arena . . . who can ‘balance the legal and business aspects, marry them together and find easy, workable solutions.’" Additionally, Doug counsels lenders and borrowers in corporate and real estate financing transactions and out-of-court workouts, including asset-backed securitizations, inter-creditor agreements, factoring arrangements and asset-based loans.
Doug graduated cum laude from Brandeis University in 1988 and cum laude from Boston College Law School in 1991.
Sandra Vrejan
Sandra Vrejan represents borrowers and lenders in complex multinational finance transactions and financial restructurings. Her diverse client base includes financial institutions, specialty finance companies, investment funds, and public and private companies in many industries. She advises these clients in transactions involving multiple tiers of debt capitalization requiring complex intercreditor arrangements, syndicated leveraged transactions in asset-based and cash flow contexts, acquisition financings, and debtor-in-possession and exit financings. Sandra has also previously served as hiring partner for Morgan Lewis’s Boston office.
Contested Issues in DIP Financing in the Uncertain World of Our New Normal
Tuesday, September 29, 2:00 p.m. - 3:00 p.m.
1.0 CLE credit / 1.2 CPE credits in Finance / 1.2 CEUs available
CLE has been accredited in Delaware and Pennsylvania. Additional jurisdictions pending.
Show me the money, but beware that it may come at a price. Learn about the problems and pitfalls that lenders, unsecured creditors, and other parties pose in the quest to finance a turnaround. Learn more about stub rent, reclamation and 503(b)(9) claims, roll ups, prepayment premiums, make-wholes on prepetition debt, and other issues that commonly arise in debtor-in-possession financing transactions.
Speakers:
Cheryl Carner, Crystal Financial (TMA New York City & TMA Northeast)
Scott Gautier, Robins Kaplan LLP (TMA Southern California)
Neil Gupta, SSG Capital Advisors, LLC (TMA Philadelphia/Wilmington)
Douglas Rosner, moderator, Goulston & Storrs PC (TMA Northeast)
Sandra Vrejan, Morgan, Lewis & Bockius LLP (TMA Northeast)
TMA MEMBERS ONLY: find more resources about DIP financing on TMA Learning Link™.
About the Speakers:
Cheryl Carner
Cheryl Carner is a results-driven professional with over 25 years of corporate finance experience. She is well versed in the debt capital markets and her expertise in structuring complex debt financings for middle marketing companies has provided her clients with solutions that generate immediate benefits in terms of providing incremental liquidity, growth capital, or reducing the cost of capital. Cheryl is currently a Senior Managing Director and Head of Originations at Crystal Financial a non-bank direct private credit provider with $600 million in AUM. In her role she is responsible for business development and marketing strategy and is a member of the firm’s investment committee.. Since joining in 2011, she has sourced, structured and underwritten over $600 million of debt financings. Prior to Crystal, Cheryl was a SVP at GE Franchise Finance focused on the financing needs of private equity backed companies in the restaurant industry. As a Managing Director at CapitalSource she led the Retail & Consumer specialty lending team. Her career began in the asset-based lending sector at Fleet Retail Finance. She received her MBA at the F. W. Olin Graduate School of Business at Babson College and her BBA at the University of Massachusetts at Amherst.
Scott Gautier
Scott Gautier is the chair of the Corporate Restructuring and Bankruptcy Group at Robins Kaplan LLP where he heads a national corporate restructuring practice representing corporate debtors, creditors, committees, equity holders and acquirers in distressed financial situations with the goal of creating and structuring transactions that maximize value for his clients. Mr. Gautier counsels clients on all facets of corporate insolvency and handles corporate assignments, bankruptcy cases, out-of-court restructuring matters, distressed mergers, acquisitions, and debtor-creditor issues in non-bankruptcy matters.
Mr. Gautier has represented all constituents in corporate restructuring, but his current practice focuses primarily on counseling owners and fiduciaries for small and mid-size business concerns and serving as lead Committee counsel in corporate chapter 11 cases. He is highly sought after as a speaker and commentator with respect to corporate insolvency, restructuring and bankruptcy issues for professional and industry organizations. He currently serves as President of the Turnaround Management Association Southern California chapter and Secretary of the Financial Lawyers Conference and previously served two distinguished terms as a national director of the American Bankruptcy Institute.
Neil Gupta
Neil Gupta is a Managing Director at SSG Capital Advisors. Neil works with investment banking clients on a wide range of special situations transactions, including mergers and acquisitions, divestitures, recapitalizations and private placements of both senior and subordinated debt and equity. His responsibilities include buyer and investor relationship management, strategic advisory and overall management of the deal process. Prior to joining SSG, he advised the U.S. Treasury on its investment in the Troubled Asset Relief Program (TARP) as a research analyst at Piedmont Investment Advisors. He also worked as a consulting actuary in the group benefits and health care practice at Watson Wyatt Worldwide.
Past client engagements include publicly traded, privately held, private equity sponsored and family owned businesses across a broad range of industries. Neil is a CFA Charterholder and holds a Certification in Distressed Business Valuation (CDBV). He is a member of the American Bankruptcy Institute, the Association for Corporate Growth and the Turnaround Management Association. He also serves on the Board of Directors of the Philadelphia Chapter of the TMA and the Board of Directors for the Consumer Bankruptcy Assistance Project.
Doug Rosner
Doug Rosner is a bankruptcy and restructuring attorney who represents clients throughout the country and internationally. He counsels corporate debtors, unsecured creditors and creditors’ committees, lenders, landlords, asset purchasers and trustees. Doug handles a wide range of bankruptcy matters including complex Chapter 11 reorganizations, Chapter 7 liquidations, workouts and related litigation and transactions.
Chambers USA recognizes Doug as “one of the superstars in the bankruptcy arena . . . who can ‘balance the legal and business aspects, marry them together and find easy, workable solutions.’" Additionally, Doug counsels lenders and borrowers in corporate and real estate financing transactions and out-of-court workouts, including asset-backed securitizations, inter-creditor agreements, factoring arrangements and asset-based loans.
Doug graduated cum laude from Brandeis University in 1988 and cum laude from Boston College Law School in 1991.
Sandra Vrejan
Sandra Vrejan represents borrowers and lenders in complex multinational finance transactions and financial restructurings. Her diverse client base includes financial institutions, specialty finance companies, investment funds, and public and private companies in many industries. She advises these clients in transactions involving multiple tiers of debt capitalization requiring complex intercreditor arrangements, syndicated leveraged transactions in asset-based and cash flow contexts, acquisition financings, and debtor-in-possession and exit financings. Sandra has also previously served as hiring partner for Morgan Lewis’s Boston office.