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Click
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February 21st
Wharton Alumni & Student Cocktail
8:00-10:00pm
Location: Boathouse Row Bar (The Rittenhouse Hotel)
Attire: Business Casual
February 22nd (Conference Day)
Location: The Union
League
Attire: Business Formal
Registration & Breakfast
7:30-8:45am
Morning Keynote Speaker – Jamie
Sprayregen
9:00-10:00am
Concurrent Panels - Financial Restructuring : Calpine Case Study,
Major Issues Influencing Restructuring,
Strategies in the Current Evolving Market Place
10:15-11:30am
Lunch
11:45-12:45pm
Afternoon Keynote Speaker – Jeff
Aronson
1:00-2:00pm
Concurrent Panels - Legal Considerations,
Distressed Investing
2:15-3:30pm
Break
3:30-3:45pm
Panel - Operational Restructuring
4:00-5:15pm
Cocktails
5:15-7:00pm
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For information on our prior
year conference, please follow
this link:
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10:15-11:30pm
Topic: Calpine: Creating value through the efficient and creative resolution of issues in a complex capital structure
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The Financial Restructuring Panel, sponsored by Miller Buckfire, is being led by Sam Greene, a Managing Director of Miller Buckfire. Mr. Greene has been involved in all of the firm's recent assignments in the power industry including Calpine, Mirant, CMS, Centerpoint and TECO. Calpine is one of the largest independent power producers in the U.S., with 24,000 megawatts of natural gas-fired and geothermal assets. Through its chapter 11 case, Calpine restructured its operations and its balance sheet, undertaking numerous operational restructuring initiatives and asset sales and restructuring more than $17 billion of debt. Mr. Greene and the panel of restructuring experts will discuss the ground breaking financial and legal issues that Calpine faced, how the company successfully resolved them and why the Calpine case is a model for future large and complex restructurings.
Moderator:
Sam Greene (Managing Director, Miller Buckfire)
Panelists:
Lisa Donahue (Senior Vice President and Chief Financial Officer of Calpine Corp. and Managing Director and Co-Head of AlixPartners' Turnaround and Restructuring practice)
Greg Doody (Executive Vice President, General Counsel and Secretary of Calpine Corp.)
Marc Kieselstein (Partner, Kirkland & Ellis)
10:15-11:30am
Topic: Major Issues Influencing Restructuring Strategies in the Current Evolving Market Place
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A discussion of the spectrum of issues facing the markets
today and their impact on the ability to complete successful
restructurings, both in and out of court.
While high energy prices, a difficult housing market and
softening consumer sentiment has created a rich market for
turnaround advisors and investors, the tight financing markets
are creating an extremely challenging restructuring environment.
Factors on the table for discussion include, amongst others:
- The current credit crunch and its impact on the way companies and their advisors assess strategic options when considering a financial structuring;
- Impact of the current market in recent financings (availability of rescue loans, DIPs and exit financings, market MACs, etc.);
- Growing limits on the use of more exotic financing options (PIK toggle notes, covenant lite loans, etc.) and the implications of these instruments on future restructurings;
- Do the tight financing markets accompanied by growing rates of defaults have the potential to create an environment of increased failed restructurings/increased liquidations?
- The evolving role of the hedge funds as lenders of last resort and plan sponsors
Having mastery of bankruptcy law is advantageous in both distressed investing as well as restructuring situations. Our panelists discuss how legal techniques and strategies can give both restructuring companies and distressed investors an edge in achieving their respective goals.
Moderator:
Francis C. Morrissey (Counsel, Edwards Angell Palmer & Dodge LLP)
Panelists:
Brian Bloom (Counsel, W.R. Huff Asset Management)
David F. Heroy (Partner, Baker & McKenzie LLP)
Dennis J. Drebsky (Partner, Nixon Peabody LLP)
John K. Lyons (Partner, Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates)
2:15-3:30pm
Topic: Extracting value throughout the distress cycle
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As fears of recession loom and the number of corporate defaults increases weekly, it appears the long-awaited distressed cycle is upon us. Funds have raised record amounts of capital in anticipation of the opportunity and the coming years are expected to provide a myriad of situations to invest. This panel will discuss the many ways distressed investors can extract value through this cycle. Panelists will share their views on how to position themselves in the competitive environment, how an increase in sophisticated players will affect their decision-making and where they believe the most attractive opportunities will lie. The Panel will also consider the benefits/risks of hedge fund versus private equity investing, the use of the bankruptcy process as a tool and new opportunities in areas like structured products. Lastly, panelists will share their view on innovation and the future of distressed investing.
4:00-5:15pm
Topic: Legal, Financial and Corporate Perspectives on Operational Turnarounds
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The Operational Turnaround Panel, sponsored by Alvarez & Marsal, is being led by David Coles, a Managing Director with the firm. David Coles and his expert group of panelists will explore the critical components of a successful turnaround, drawing conclusions from real life cases.
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