Corporate Reorganization (1012): This course examines reorganization of a company under Chapter 11 of the Bankruptcy Code. We will examine reorganization through several stages of a business turnaround and restructuring (such as an out-of-court workout, a Chapter 11 filing, selected Chapter 11 operating issues, and the Chapter 11 plan of reorganization). We will also consider a few controversial issues that test the boundaries of bankruptcy law. For example, should a debtor have virtually unfettered discretion to choose any district (or any judge) for its Chapter 11 case? To what extent does Chapter 11 provide an appropriate forum to resolve mass tort claims? Can a Chapter 11 plan provide for a non-consensual settlement and release of claims held by one third-party against another third-party? Along the way we will touch on topics that often arise in a reorganization setting such as valuation, leveraged buyouts, and distressed debt investing. We will also follow current developments in actual Chapter 11 cases, primarily through reports in the media. Elements used in grading: class participation and final exam.

Corporate Reorganization (1012): This course examines the reorganization of a financially distressed company under Chapter 11 of the Bankruptcy Code. We will examine reorganization through several stages of a business turnaround and restructuring (such as an out-of-court workout, a Chapter 11 filing, selected Chapter 11 operating issues, and the Chapter 11 plan of reorganization). We will also consider a few controversial issues that test the boundaries of bankruptcy law. For example, can an asset sale be structured as a disguised reorganization plan that dispenses with certain procedural and substantive Chapter 11 plan requirements? Can a Chapter 11 plan provide for a non-consensual release of a claim held by one third party against another third party? Along the way we will touch on issues that often arise in a reorganization setting such as valuation, leveraged buyouts, debt instruments, distressed debt investing, and third-party releases. We will also follow current developments in actual Chapter 11 cases, primarily through reports in the media. Elements used in grading: class participation and final exam.