Debtwire Restructuring Forum Miami 2022
The must-attend event for the US restructuring community!
JW Marriott Miami, Brickell, Miami, Florida
01
Dec
Panel: Creditor-on-creditor tension - Dropdowns, uptiers, and what might be next?
In recent years, liability management transactions involving priming, uptiering and financing through an unrestricted subsidiary have led to misaligned goals between investors. This panel will review the current themes in lender-on-lender violence reviewing recent cases both in-court and out-of-court, as well as addressing the following questions:
- Will a downturn and higher numbers of default cases lead to a reduction in creditor-on-creditor tension?
- What are the most common maneuverers used by creditors to materially disadvantage other lenders? Uptier exchanges or covenant-stripping?
- How can lenders add provisions to proactively protect against uptiering?
- How do lender-on-lender violence strategies impact valuations, particularly in litigated cases?
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SpeakersMatt Rahmani Executive Director PERELLA WEINBERG PARTNERS
Philip Brown Co-Portfolio Manager, Credit PSAM
Daniel Kamensky Board Member Creditor Rights Coalition
Ryan Preston Dahl Partner Ropes & Gray
Leonard Klingbaum Partner ROPES & GRAY
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- Mr. Rahmani is an Executive Director in Perella Weinberg Partners’ Advisory business. He focuses on advising companies, creditor groups, and investors on corporate restructurings, financings, M&A and other transactions.
- During his tenure at Perella Weinberg Partners, Mr. Rahmani has advised a wide range of companies and boards, including Concordia International, Del Monte, EB Holdings, Halcon Resources, iHeartMedia, Oasis Petroleum, and Vantage Drilling. Mr. Rahmani also has experience representing creditor groups, unsecured creditor committees, and investors both in-court and out-of-court, including on transactions involving Celsius Networks, Diamond Offshore, Hexion, Ocean Rig, Peabody, Pyxus, Salt Creek Midstream, Savers, Travel Leaders Group, and VER Technologies.
- Prior to joining Perella Weinberg Partners, Mr. Rahmani was at CIT Group from 2012 to 2016 where he invested in middle-market private debt and syndicated loans in the TMT and Gaming sectors. He began his career at Deloitte, participating in a rotation program through the strategy consulting and financial advisory groups.
- Mr. Rahmani received a Bachelor’s of Science, with a double major in Accounting and Finance from Yeshiva University. Mr. Rahmani currently holds the Chartered Financial Analyst (CFA) designation and was previously a CPA in NY
Mr. Brown is a Partner and Portfolio Manager at P. Schoenfeld Asset Management LP where he focuses on investments in stressed and distressed credit across a broad range of industries. Prior to joining PSAM in 2009, he was a Vice President at Sun Capital Partners an operationally focused private equity firm and was a Partner at Buckeye Capital Partners LP responsible for investments in credit and merger arbitrage. He began his career at Wasserstein Perella & Co. in its industrials group. Mr. Brown received a B.A. in Economics and History from Georgetown University. Mr. Brown is on the Board of Directors of Genon Holdings and previously served on the Boards of Linn Energy and Riviera Resources.
Mr. Kamensky is a Member of the Advisory Board of the Creditor Rights Coalition, a nonprofit association established to serve as the collective and leading voice representing all stakeholders with an interest in protecting creditor rights. Mr. Kamensky is the former managing partner of an SEC-registered investment advisory firm that was recognized as a leading manager by Absolute Return Magazine for two consecutive years.
Prior to founding his firm, Mr. Kamensky was a Partner at Paulson & Co. Inc., and held various senior positions at Barclays Capital and Lehman Brothers in their Distressed & Special Situations Groups. Mr. Kamensky started his career as an attorney at Simpson Thacher & Bartlett.
He formerly served as Chairman of the Bankruptcy & Creditor Rights Group of the Managed Funds Association and as Co-Chair of the Trade Practices Committee of the Loan Sales & Trading Association. He also served as an advisory board member of the American Bankruptcy Institute Commission to Study Reform of Chapter 11 and has written and lectured extensively on bankruptcy and restructuring topics.
Ryan Preston Dahl is co-chair of the business restructuring practice group at Ropes & Gray, with extensive experience representing publicly- and privately-held debtors, investors, and financial sponsors in special situations, out-of-court restructurings and distressed acquisitions, and in-court chapter 11 processes through prepackaged, prearranged, and traditional restructurings. His practice also includes a broad range of transactional and litigation matters across a number of industries including automotive, technology, retail, media, gaming, manufacturing, professional services and financial services. Ryan is a leading commentator on corporate governance, special situations, and restructuring topics, having been interviewed and quoted in leading publications such the Wall Street Journal, the New York Times, and the Financial Times.
Ryan has been named among Lawdragon’s 500 Leading Global Restructuring & Insolvency Lawyers in 2020 and Turnarounds & Workouts’ “Outstanding Young Restructuring Lawyer” for 2018, as well as receiving the Rising Star award from Euromoney Legal Media Group and the Law360 40 Under 40 award, also in 2018. Ryan was previously recognized by the National Conference of Bankruptcy Judges for participation in its Next Generation Program at the NCBJ's 2017 annual conference.
Ryan also regularly speaks on a variety of restructuring, executive compensation, corporate governance, and ethics-related topics at institutions and organizations including the University of Michigan Law School, the University of Chicago Law School, the Insolvency Institute of Canada, and the International Bar Association. He is a member of the Turnaround Management Association and the International Bar Association.
Leonard Klingbaum is co-head of Ropes & Gray’s global capital solutions and private credit group and actively participates in the firm’s finance group. Leonard’s practice focuses on event driven and opportunistic financing transactions, as well as special situations, workouts, restructurings and insolvency matters. He routinely represents participants in all aspects of the capital solutions' arena, including distressed investing, strategic lending, loan-to-own, and restructuring matters. He has represented lenders (credit funds) and borrowers in direct lending, high yield, and mezzanine transactions, from the lower middle market to large cap transactions. He also acts on behalf of public and private corporate clients as general finance counsel.
Leonard has been recognized by The Legal 500 (United States), where clients recognize him as “diligent and hardworking" and "adept at locating problems and finding solutions.” Additionally, IFLR 1000 ranks him as “highly regarded,” and he has been recognized by the Turnaround Management Association with a Transaction of the Year award. Leonard also has been ranked by Chambers USA as one of America's Leading Lawyers for Business (2021-2023).