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Recent Developments in Distressed Debt, Restructurings and Workouts 2019

 
Author(s): Alice Belisle Eaton, Joseph Samet
Practice Area: Bankruptcy & Restructuring
Published: Feb 2019
ISBN: 9781402433009
PLI Item #: 251262
CHB Spine #: A1016

A partner in the Bankruptcy & Corporate Reorganization Department, Alice advises creditor and debtor clients in corporate reorganizations and bankruptcies, with a focus on postpetition financings, exit financings and related transactions. Her recent company-side matters include advising Expro Holdings, Performance Sports Group and Foresight Energy LP, and recent creditor-side experience includes advising stakeholders in Exide Technologies and an informal committee of certain holders of secured and unsecured notes of Chassix Inc. and Chassix Holdings, Inc.

Chambers USA recognizes Alice for her “rare combination of bankruptcy and financing experience” in dealing with distressed companies in major chapter 11 cases and The Legal 500 writes that Alice’s “ease in grasping complex structures make her the perfect lawyer to attack difficult restructuring issues.” She is also recognized by The Best Lawyers in America for her work in Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law. Alice was selected by Law360 to its list of Rising Stars for 2011, recognizing her as a legal talent under the age of 40, notably in connection with the successful bankruptcies of AbitibiBowater and CIT Group Inc.

Alice’s matters are routinely recognized by industry publications and associations. The M&A Advisor recently selected the restructuring of BPS US Holdings and its debtor affiliates (the Performance Sports Group restructuring) as its “Restructuring of the Year ($500M-$1B)” in its 10th Annual International M&A Awards. The Turnaround Management Association has honored Alice in two awards; 2018 “Transaction of the Year: Large Company” for her work on Performance Sports Group’s chapter 11 case, as well as 2016 “Turnaround of the Year: Mega Company” for her work on behalf of Chassix Holdings Inc. debtholders. The Financial Times has recognized Alice’s work on a number of restructurings in its annual report on “U.S. Innovative Lawyers,” including “Highly Commending” her work on behalf of the Ad Hoc Committee of Dynegy Bondholders (2012) and CIT Group bondholders (2010), and “Commending” her work on the successful restructuring of AbitibiBowater (2011).

Alice received her J.D. from New York University School of Law and graduated summa cum laude from Bowdoin College.


Joseph Samet has been a partner and member of Baker McKenzie's Global Recovery, Restructuring and Bankruptcy Group, residing in the New York office. He retired from the firm in 2015, and still teaches and writes in the R & B fields. He is available for mediating, expert witness, officer/director, and other work. Since 1975, Mr. Samet has been immersed in national and international restructurings, chapter 11 reorganizations, distressed sales of assets, SIPC and bankruptcy practice, representing all parties in interest. This includes chapter 15 cases. He counsels parties in interest and transactional lawyers on potential creditors’ rights/bankruptcy implications of deals, sales, investments and litigation settlements they are considering. His experience includes structured finance, corporate governance, pre- and post-bankruptcy litigation, negotiations and mediation. He counseled on insurance, monolines and bank liquidations, and advises corporate boards. He analyzes executory contract issues, including licenses for businesses in the e-commerce economy, and gave written opinions and analysis in transactions. His practice has involved diverse businesses, including in manufacturing, financial services, retail, service, airlines, energy, healthcare, real estate, e-commerce, sports and telecommunications. He prosecuted and defended preference, fraudulent conveyance, equitable subordination and substantive consolidation actions, officer/director liability and Ponzi scheme issues.  He counsels professional firms and their principals on risk management, “unfinished business” and clawback type issues. Mr. Samet has prepared expert reports and testified as an expert witness in jury trials and in an international arbitration.  He is on the SDNY bankruptcy court mediation panel and took extensive meditation training courses in 1994, and in 2015 through the ABI.

Mr. Samet is the principal co-author of the two-volume annotated Herzog’s Bankruptcy Forms and Practice published by Thomson Reuters. He has been a contributing author of Collier on Bankruptcy 15th Edition, and the Collier Bankruptcy Practice Guide treatises, having written and updated for many years three chapters on voluntary and involuntary bankruptcies totaling about 400 printed pages. He has written or co-authored published articles and outlines including on Arbitration and Intellectual Property in Bankruptcy; Breakup Fees and Topping Agreements in Sales of Assets; Multinational Insolvencies; Duties of Officers and Directors and Liability Issues; Unfinished Business; Mediation; Partners and Partnerships; The Basics of Chapter 11 and Chapter 15; and Research Tools.  Since 1981, he has chaired or lectured at over 250 CLE and Industry programs in the U.S. and internationally on pre-bankruptcy restructuring and bankruptcy-related issues, including programs of the National Bankruptcy Judges’ Conference, the Practising Law Institute, The American Bankruptcy Institute, the Commercial Law League, the Turnaround Management Association, and INSOL. He is chair of the annual PLI programs “Current Developments in Bankruptcy and Reorganizations” 2009-2018, and “Recent Developments in Distressed Debt, Restructurings and Workouts” 2008-2018. Mr. Samet was an Associate Conferee of the National Bankruptcy Conference and a member of its Bankruptcy Code Review project which was submitted to the United States Congress in 1994.  He has been an Adjunct Professor at Brooklyn Law School, and served on bankruptcy committees of national and local bar associations. Mr. Samet has been regularly selected by Super Lawyers as one of the Leading Insolvency and Restructuring Lawyers, the Best Lawyers in America, in Banking and Finance Law, and Who’s Who in America. He received the 2004 Burton Award for Legal Writing at the Library of Congress as co-author of the article entitled “When Worlds Collide: Intellectual Property and Arbitration Rights in Bankruptcy Cases.”  Mr. Samet is a member of the American Bankruptcy Institute, the ABA, the NYS Bar Association, TMA, the NYC Bar Association and CPR relating to mediation. He has served as a member of boards of directors of the American Bankruptcy Institute, the CLLA Fund for Public Education and the NY Chapter of the TMA, and is a member of the Steering Committee of the Zaretsky Roundtable at Brooklyn Law School.