The Art of the Ad Hoc

Pages: 144

ISBN: 978-1-912377-30-5



  • £150.00

“It is not an overstatement to declare that ad hoc committees now rule the restructuring world. Learning about the inner workings of these informal and opaque committees is essential to a better understanding of the global restructuring market.” James M Peck, Introduction

With changes in credit markets, traditional steering committees have fallen from favour in restructurings. Too slow and unwieldy. Enter the ad hoc committee. These self-formed groups of creditors take less time to set up, are more flexible, and can achieve otherwise impossible results for debtors, thanks to their ability to act unilaterally.

The Art of the Ad Hoc fills in the blanks. In plain English, it provides a comprehensive guide on how to work successfully with these committees and illuminates an activity that Judge Peck says is rightly described as “an art”.

The book draws on the collective wisdom and real-life experiences of 20 distinguished practitioners from 10 different firms to cover the topic from every angle and perspective – particularly those of committee member and debtor.

The guide is edited by three respected restructuring practitioners with extensive cross-border experience: Howard Morris, Judge James Peck and Sonya Van den Graaff.

The Art of the Ad Hoc is split into three parts: Part I explains an ad hoc committee’s formation and organisation; Part II, its activities and powers; and Part III, what trading committee members may undertake. There is an emphasis on the practical throughout.

Chapters

 

Introduction

James M Peck

 

PART I: FORMATION AND ORGANISATION OF AN AD HOC COMMITTEE IN A RESTRUCTURING

 

The Role and Purpose of an Ad Hoc Committee from the Debtor’s Perspective

Kon Asimacopoulos and Kai Zeng

Kirkland & Ellis

 

The Role and Purpose of an Ad Hoc Committee from the Perspective of Creditors

Yushan Ng and Helen Ward

Cadwalader, Wickersham & Taft LLP

 

Selection and Organisation of Members and the Process of Formation

Yen Sum and Lucy Cox

Sidley Austin LLP

 

Regulation and Structure of an Ad Hoc Committee

Natasha Harrison, Fiona Huntriss and Melissa Kelley

Boies Schiller Flexner (UK) LLP

 

PART II: ACTIVITIES AND THE POWER OF AN AD HOC COMMITTEE

 

Managing the Relationships Between Members

Christopher J Howard

Sullivan & Cromwell LLP

 

A Comparison of an Ad Hoc Committee and Official Committee Under Insolvency and Other Laws in England and the United States

Nick Angel, Peter Newman and Edward Rasp

Milbank, Tweed, Hadley & McCloy LLP

 

Advising an Ad Hoc Committee

Howard Morris and Sonya Van de Graaff

Morrison & Foerster

 

Contracting with an Ad Hoc Committee

Yen Sum and Lucy Cox

Sidley Austin LLP

 

Ad Hoc Committees, Trustees and Agent Banks: Relationship, Liabilities and

Indemnities

Ben Klinger and Sabina Khan

Brown Rudnick LLP

 

PART III: TRADING BY MEMBERS OF AN AD HOC COMMITTEE

 

The Loan Market Association Transparency Guidelines

Ross Miller

Simmons & Simmons

 

The Insider/Outsider Conundrum

Ross Miller and Mark Glengarry

Simmons & Simmons, Anchorage Capital Group LLC

 

Practical Considerations for Secondary Loan Trades

Ross Miller

Simmons & Simmons


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