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LIVE WEB - Merger & Acquisition Series - When Distress Happens: Recapitalizations, Reorganizations, and Bankruptcies

Presented by the ISBA Business & Securities Law Section
Co-Sponsored by Commercial Banking, Collections, and Bankruptcy Section Council


Live Webcast
Thursday, November 4, 2021
8:55 a.m. – 12:15 p.m.

3.0 hours MCLE credit

Gain a better understanding of the practice issues that can arise when representing a distressed business, while also expanding your knowledge and familiarity of in-court and out-of-court options to restructure or accomplish a change of control transaction or asset sale. Business lawyers, commercial banking attorneys, and corporate law counsel with intermediate to advanced levels of practice experience who attend this online seminar will learn:
  • How to navigate the demands of the distressed company’s board, directors, committees, and advisors;
  • How bankruptcy can help with the reorganization, sale, and liquidation of a distressed business;
  • How to recapitalize a distressed company;
  • The pros and cons of selling a company before or after a legal restructuring;
  • The interplay between a company’s operation and restructuring in out-of-court and bankruptcy transactions; and
  • Much more!

Program Coordinator:
Candice L. Kline, Saul Ewing Arnstein & Lehr LLP, Chicago

Program Moderator:
Julia Jensen Smolka, DiMonte & Lizak LLC, Park Ridge

8:55 – 9:00 a.m. Welcome and Introductions
Julia Jensen Smolka, DiMonte & Lizak LLC, Park Ridge


9:00 – 9:30 a.m. The Board, Distress, and You: Good Decisions in Bad Times
A distressed company facing financial challenges or a dispute with a partner, customer, or supplier, must consider matters of board governance, independent director or board committees, professional advisors, insurance, and legal options to manage the business through turbulent times. Managing creditor interests complicates the situation further, especially during insolvency. Learn how to navigate these demands and help you client make good decisions during bad times with this informative opening session.
Mark A. Carter, Hinshaw & Culbertson LLP, Chicago

9:30 – 10:00 a.m. What Now? Strategic Uses of Bankruptcy
In distressed situations that compel a sale or liquidation, bankruptcy is a useful tool. The new Subchapter V Chapter 11 option for small businesses is only a year old and still in development, but holds promise for reorganizing small businesses. Bankruptcy is also a proven vehicle for asset sales. This presentation provides an overview of strategies in Chapter 7 and 11 practice for reorganizations, sales, and liquidations.
Sumner A. Bourne, Rafool & Bourne, P.C., Peoria

10:00 – 10:15 a.m. Break

10:15 – 10:45 a.m. A Capital Idea: Recapitalizing a Distressed Company
Distressed companies experience a scarcity of capital and have difficulty raising new capital through investors and lenders. Likewise, existing equity and debt providers may stop funding the operation, while litigation and judgments may eliminate additional options. New investors may require a new board and profitability expectations, while new debt can be expensive and strain working capital. Returning a company to health requires skill, planning, and experienced advisors. This segment discusses how to decide the right capital solution for a distressed situation; how this analysis (and subsequent events) may help determine whether a legal restructuring is needed and, if so, what type; and the pros and cons of selling a company pre- or post-legal restructuring.
Tom Goldblatt, Ravinia Capital, Chicago

10:45 – 11:30 a.m. What Else? A Comprehensive View to Restructuring
The balance sheet is just one part of the restructuring process. What about disclosures and responding to diligence requests throughout the merger and acquisition process? Are there insider transactions or financial reporting that require close review? What about employees, operations, contracts, leases, customer programs, intellectual property, financial accounting and taxes, public relations, and everything else that comprises the corporate endeavor? This presentation answers these questions and more, while also discussing the interplay between many aspects of a company’s operation and restructuring in out-of-court and bankruptcy transactions.
Candice L. Kline, Saul Ewing Arnstein & Lehr LLP, Chicago

11:30 a.m. – 12:00 p.m. Case Studies
The program closes with an in-depth look at restructuring a business in the real world, including the special issues for attorneys in an out-of-court transaction and for a recent small business bankruptcy case. The merits and risks of both approaches are also discussed.
Sumner A. Bourne, Rafool & Bourne, P.C., Peoria
Mark A. Carter, Hinshaw & Culbertson LLP, Chicago
Tom Goldblatt, Ravinia Capital, Chicago
Candice L. Kline, Saul Ewing Arnstein & Lehr LLP, Chicago

12:00 – 12:15 p.m. Open Discussion: Q&A


For best practices, before attending the program using ISBA's Zoom platform, please visit our Technical Support page.

Program Information

  • Please Note: MCLE credit is available to registrants only on the day of this live event. All registrants will receive access to a recording of the event a few days after the program, but credit is NOT available for the recording.
  • If you cannot attend the live web event, a full refund is available, if you cancel your registration up to the start of the live web event on the program page in your “My CLE Account”.   
  • ISBA sponsoring section members get a $10 registration discount (which is automatically calculated in your cart when you log in to register).
  • Fees: