The Art of the Ad Hoc

Author: Howard Morris; James M vande Graff Sonya Peck
Publisher: Global Restructuring Review
ISBN: 9781912377305
Published In: July 2017
Format: Hardback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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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.

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