This course focuses on problems faced by financially distressed businesses in the context of the bankruptcy process. The course will consider Chapter 7 liquidations as well as Chapter 11 reorganizations, but particular emphasis is placed on restructuring and reorganizing under Chapter 11. Topics include: the filing of a business bankruptcy case; administration of the case and appointment of professionals; use, sale, or lease of property of the estate, including cash collateral; claims of the estate and against the estate; debtor-in-possession (DIP) financing; the role of the DIP versus the trustee; formation and role of the creditors' committee; plan formulation and claims impairment; vote solicitation and the plan confirmation process; and the use of reorganization plans as instruments of orderly and/or strategic liquidations.
