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Vol 24 No 8 Aug/Sept 2019

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The Art of the Ad Hoc

Edited by: Howard Morris, James M vande Graff Sonya Peck

ISBN13: 9781912377305
Published: July 2017
Publisher: Global Restructuring Review
Country of Publication: UK
Format: Hardback
Price: £150.00



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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.

Subjects:
Insolvency Law
Contents:
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