LLM Business Reorganization and Bankruptcy Procedure

Through a lens examining the philosophy, principles, and policies underlying business reorganizations, this course will provide a practical look at the path a financially distressed enterprise can take, from filing to confirmation of a plan of reorganization under chapter 11, conversion to chapter 7, or dismissal. The following topics, among others, will be covered: good-faith filing and venue; retention and compensation of professionals; the extent of the court's equitable powers; use, sale, and lease of the debtor's property; successor liability; post-petition financing; the absolute priority rule; involuntary imposition of a reorganization upon creditors and shareholders; claims allowance; and the role of debtors, professionals, creditors, officers, directors, and trustees in the context of corporate restructuring. Grades will be basis on draft pleadings and mock arguments for hypothetical clients at each stage. (2 credits).