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The Scope of Indemnification in DIP Financing Agreements
In filing for bankruptcy, one of the most important decisions a debtor makes is with regard to debtor-in-possession (“DIP”) financing. Typically, a debtor negotiates with its pre-petition lender who then finances the Chapter 11 case. In return, the lender is granted certain protections from the debtor ranging from superpriority administrative expenses to adequate protection replacement liens to indemnification of the lender under certain circumstances.
The typical DIP financing indemnification provision applies only to the post-petition financing agreement. However, some lenders have insisted upon indemnification for pre-petition acts as well. This article examines the typical DIP financing indemnification provision and the less frequently seen pre-petition indemnification provision, and examines the effect of pre-petition indemnifications on the bankruptcy estate.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.