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Wed, June 04, 2025

7:30AM–8:30AM

Breakfast

8:45AM–5:15PM

Bankruptcy Taxation

Location: Salons E-F

Join us for an insightful all-day program that explores key restructuring tax issues - from liability management strategies to the latest technical considerations. The seven program sessions include: Hot Topics in Restructuring Tax; Corporate Tax Considerations in Bankruptcy; The Intricacies of State & Property Tax Claims; Making Bankruptcy Taxes Great Again with Hon. Mark Wallace; Liquidating Trusts; and a new Expert Edition of Rapid Fire Q&A.  Whether you're working on distressed deals or sharpening your overall expertise, this program will help you navigate today’s market with greater confidence.

LEARNING OBJECTIVES

The learnings objectives of these sessions are to provide practitioners with an update on traditional tax issues in distress and restructuring as well as background on recent developments in tax law and regulations as they pertain to bankruptcy practice.

Field of Study: Taxes - Technical

Panel:
Concurrent

Financial Advisors' Toolbox

Location: Salon A-B

This year's Financial Advisors' Toolbox continues AIRA's annual offering of practical sessions for the intermediate accounting and finance practitioner.  Six sessions are included in the program which will encompass an all-day case study.  The sessions include:

- Pre-Bankruptcy Planning & Strategy
- First Day Hearings & Initial Case Management
- Second Day Matters & Early Case Management
- Plan Development & Disclosure
- Confirmation Process & Post-Confirmation Implementation
- Current Trends and Developments in Bankruptcy Practice

LEARNING OBJECTIVES

The learning objective for the 2025 Financial Advisors’ Toolbox Session is to provide further education for the intermediate practitioner about the intersection of accounting, finance, bankruptcy law, and practice through a comprehensive case study.

Field of Study: Accounting - Technical

Panel:
10:00AM–10:10AM

Refreshment Break

12:00PM–1:30PM

Luncheon

Location: Salons C-D

Sponsored by:
3:30PM–3:50PM

Refreshment Break

Sponsored by:
6:30PM–8:00PM

Opening Reception

Location: Sunset Lawn

Sponsored by:
Wine Sponsored by:

Thu, June 05, 2025

7:30AM–8:15AM

Breakfast

Location: Riviera Lawn

Sponsored by:
8:45AM–10:00AM

Keynote Presentation - The Economic Impact of the War

Location: Salons C-D

This session will explore the economic realities of the ongoing illegal war in Europe, including its impact on sovereign debt, investment environment, sanctions, and frozen sovereign assets.

LEARNING OBJECTIVES

The learning objectives of the session are to provide insights and increase the knowledge of the participants in regards to the interconnection of international and domestic policy strategies, economic resilience, and restructuring opportunities in conflict-affected regions.

Field of Study: Specialized Knowledge - Technical

Panel:
Sponsored by:
10:00AM–10:20AM

Refreshment Break

Sponsored by:
10:20AM–11:30AM

Year In Review – Hot Topics and Trends in Insolvency and Restructurings

Location: Salons C-D

The Year In Review panel addresses trends in formal bankruptcy filings under various chapters of the bankruptcy code and out of court restructurings, the use of 363 sales v sales in chapter 11 plans, and subchapter V. Also addressed is the Securities Investor Protection Act and Securities Investor Protection Corporations, and bankruptcy alternatives including assignments for the benefit of creditors, receiverships, etc.

LEARNING OBJECTIVES

The learning objective of this session is to provide participants with a comprehensive update on the discussed insolvency and restructuring issues including recent changes and trends.

Field of Study: Specialized Knowledge - Technical

Panel:
11:35AM–12:45PM

Going Viral-For Better or Worse While in Distress

Location: Salons C-D

We all generally recognize the changing dynamics between traditional means of communication, and where we live in 2025. Compared to “how we used to do it,” modern communication is ever-changing in how we consume and are influenced by news… and by brand interactions and company messaging. How do companies and brands leverage media to their advantage when they experience distress?

LEARNING OBJECTIVES

The learning objectives of this panel are to provide attendees with an understanding of (i) broad-view of issues and considerations faced when developing a strategic communications plan, (ii) alignment of stakeholders and proactive messaging, (iii) turning potential disadvantages into advantages while in distress with a particular view into social media’s role in the current state of communication.

Field of Study: Specialized Knowledge - Technical

Panel:
12:45PM–1:15PM

Luncheon

Location: Salons C-D

Sponsored by:
1:15PM–2:00PM

Awards Ceremony, Presented by AlixPartners, LLP

Location: Salons C-D

Annual Presentation of the AlixPartners CIRA Awards recognizing the three highest scoring CIRA candidates in 2024

Recognition of CIRA and CDBV candidates completing certification in 24-25

Presentation of the Emanuel M. Katten Founders Award to Keith J. Shapiro, Esq.

Introduction of the 2025 Class of AIRA Distinquished Fellows

Sponsored by:
2:15PM–3:15PM

Are You Living Your Best Life? (Part II)

Location: Salons C-D

Geared towards the young professional and those in mid-career, this gathering will be an interactive discussion about careers, professionalism, growth, balance, focus, and the meaning of a life spent working in the distressed business and bankruptcy environment. Jack and David will share stories and advice and will address your concerns and questions.

LEARNING OBJECTIVES

Jack and David, reprising this well-received session, will focus on providing participants with practical tools for balancing the often difficult tasks of family, personal time, and career as the learning objectives of this session.

Field of Study: Specialized Knowledge - Technical

Panel:
5:30PM–6:30PM

Cocktail Reception

Location: Riviera Lawn

Sponsored by:
7:00PM–10:00PM

Dine Arounds

Sponsored by:

Fri, June 06, 2025

7:30AM–8:15AM

Breakfast

Location: Riviera Lawn

Sponsored by:
8:30AM–9:45AM

Arc of the Bankruptcy Process: Part One - Pre-Filing and First Day Motions

Location: Salon ABC

The pre-Chapter 11 filing work sets the stage for the Chapter 11 case. The Arc of the Bankruptcy Process: Part One will discuss the legal and financial considerations of filing chapter 11.  Among other things, we will explore how to keep the focus of the bankruptcy filing objectives in mind, acknowledging the human element, communication, and consensus building among key stakeholders (inclusive of the Board of Directors) to successfully prepare for and navigate the planned filing, and gain an understanding of how to drive intended outcomes through exit strategies.  We will also discuss what “first day” orders to seek for the debtor to meet its objectives, while giving the debtor immediate administrative authority to operate while it transitions into chapter 11.  Typical first day orders include allowing the debtor to maintain and continue customary business practices, authorizing the debtor to obtain debtor in possession financing on an interim basis, paying pre-petition wages, employment and retention of professionals, and permitting the debtor to use a secured creditor’s cash collateral.

LEARNING OBJECTIVES

The learning objectives of this session include refining the participants’ knowledge of the latest in “first day” requirements and how to best assist the company and its personnel in meeting the information needs critical to the successful launch of a bankruptcy case.

 

Field of Study: Accounting - Technical

Panel:
Concurrent

Getting Rolled & Primed – Recent Developments in DIP Financing

Location: Marea 2

This panel will discuss recent developments and issues concerning debtor-in-possession financing, including contested and litigated issues central to middle-market and “mega” cases.

LEARNING OBJECTIVES

The learning objectives of this session are to provide participants with an update on developments in transactions involving roll-ups, priming disputes, and issues related to insider releases.  Participants will also learn about current best practices related to the DIP marketing process.

Field of Study: Accounting - Technical

Panel:
9:50AM–10:50AM

Navigating the Role of Unsecured Creditors' Committees: Insights, Tips, and Anecdotes

Location: Salon ABC

During this fireside chat-style session, our panelists will address: the role of a Creditors’ Committee; why serve?; defining and achieving goals of a Committee; tools that a Committee can use to leverage a better result for unsecured creditors; governance; obtaining and sharing information; retention of professionals; Committee role in negotiating Chapter 11 Plan and possible control over post-confirmation administration; and war stories, good and bad.

LEARNING OBJECTIVES

The learning objectives of this session are to increase participants’ knowledge of the motivation creditors have to serve, how committees operate, and how to best serve the interests and objectives of a committee as a financial professional.

Field of Study: Specialized Knowledge - Technical

Panel:
Concurrent

Arc of the Bankruptcy Process: Part Two – Confirmation

Location: Marea 2

This panel will address the legal and financial considerations in preparing, supporting, and ultimately confirming (or defeating confirmation) of a Chapter 11 plan. The learning objectives of this panel are to provide attendees with (i) insight regarding common issues faced by plan proponents and parties objecting to confirmation of a plan, (ii) tips and tools to hone the evidentiary presentation in a contested (or uncontested) confirmation hearing, and (iii) a more fulsome understanding of the relevant evidentiary burdens in the confirmation context and how to ensure such burdens are met. The panel is honored to be assisted by the Honorable Madeleine C. Wanslee who will provide insight into the Bankruptcy Court’s perspective on these issues.

LEARNING OBJECTIVES

The learning objectives of this session include addressing practical considerations, legal pitfalls, and key issues in the post confirmation process and increasing participants knowledge of some of the tax issues that can arise during and after bankruptcy.

Field of Study: Accounting - Technical

Panel:
10:50AM–11:15AM

Refreshment Break & Mimosa Bar

Location: Riviera Foyer

Sponsored by:
11:15AM–12:15PM

Arc of the Bankruptcy Process: Part Three – What happens next? Post confirmation.

Location: Salon ABC

Completing our Arc of the Bankruptcy journey, this 3rd panel will address what happens after a bankruptcy plan is confirmed and the important steps to follow to ensure the plan becomes effective and is successfully implemented.  Among other areas the panel will discuss the difference between a plan of reorganization and a plan of liquidation and whether there is a need for a liquidating trust or litigation trust to implement the terms of the plan.

LEARNING OBJECTIVES

The learning objectives of this session include addressing practical considerations, legal pitfalls, and key issues in the post confirmation process and increasing participants knowledge of some of the tax issues that can arise during and after bankruptcy.

Field of Study: Accounting - Technical

Panel:
Concurrent

No Lack of Creativity: Major Fraud and Ponzi Schemes

Location: Marea 2

Utilizing some of the largest and craziest recent major fraud and Ponzi schemes as both instructive and entertaining backdrop, this session will delve into a full range of current legal, law enforcement, financial advisory and timely judicial issues that practitioners need to be aware of when serving as a professional in these fascinating cases.  Attendees will gain valuable knowledge to apply to their practices on the unique complexities of serving on the different sides and roles in a fraud and Ponzi scheme cases including forensic investigations and proving the fraud or a Ponzi finding.

LEARNING OBJECTIVES

In the context of a bankruptcy case, learning objectives for this session include providing participants with strategies in sequencing case priorities and getting to a confirmed Plan; post-confirmation trusts; investigating and litigating fraudulent transfers and sizing up and pursuing causes of action against third parties; and, understanding the priorities of and working with law enforcement agencies in these messy cases.

Field of Study: Accounting - Technical

Panel:
12:15PM–12:45PM

Luncheon

Location: Salons DEF

Sponsored by:
12:45PM–1:45PM

Judges Roundtable

Location: Salons DEF

Don't miss this annual roundtable (and one of the most popular sessions!) Our panel of bankruptcy judges informally answers and discusses practitioners’ questions of dos and don’ts, best practices, their outlook for bankruptcy cases, and other topics that may be of interest to the group.  This session does not qualify for CLE.

LEARNING OBJECTIVES

The learning objectives of this session are to provide participants with greater insight on the issues the judges find most pressing and obtain a better understanding on the operations of the court and how to operate more effectively as a professional before the court.

Field of Study: Specialized Knowledge - Technical

Panel:
Sponsored by:
1:45PM–2:45PM

LaSalle and Everything After: Perspectives on New Value in Chapter 11

Location: Salon ABC

Bank of America Nat. Trust and Sav. Assn. v. 203 North LaSalle Street Partnership (“LaSalle”) is a landmark United States Supreme Court decision from 1999 discussing the requirements for approval of a “new value” plan under chapter 11 of the Bankruptcy Code.  LaSalle holds that a market test is an appropriate way to establish the quantum of an adequate new value contribution for purposes of a chapter 11 cramdown.  While this precedent has been around for more than 25 years now, it is rarely implemented in the manner contemplated by the Supreme Court.  The panel will discuss the LaSalle standard, challenges, and best practices with implementation.

LEARNING OBJECTIVES

The learning objectives of this session are to provide participants with an understanding of how LaSalle is typically implemented and the context of the Supreme Court’s findings, and increase participants knowledge of best practices with implementation.

  

Field of Study: Accounting - Technical

Panel:
Concurrent

Beyond Banks: Private Credit’s Emergence as a Pillar of Modern Finance & its Role in the Next Distressed Cycle

Location: Marea 2

In this session, our panel will discuss how the growing $2 trillion asset class of so-called “private credit” has shaped recent changes in the lending landscape and how the next distressed cycle could be impacted by this dramatic shift.

LEARNING OBJECTIVES

At the conclusion of this session, participants will have a greater understanding of the components of the private credit asset class, where the funding in this class originates, and what benefits and issues this source of lending presents in turnarounds and restructurings.

Field of Study: Accounting - Technical

Panel:
2:50PM–3:50PM

Put the Brakes On or Pedal to the Metal, Automotive Related Restructurings

Location: Salon ABC

The automotive industry is facing significant change. Utilizing case studies the panel will discuss best practices for navigating automotive related restructurings and insolvencies.  Discussion topics include: current automotive trends; affordability challenges; new/emerging bankruptcies or significant insolvencies of OEMs/Tier1-2; new administration-EV credit termination; ICE v EV; dealership v. direct model; new OEMs/EVs competition; AI and technology changes; oil prices, and more.

LEARNING OBJECTIVES

The learning objectives of this session are to increase participants knowledge of the many factors creating both uncertainty and opportunity for this critical manufacturing segment of the U.S. and world economies.

Field of Study: Accounting - Technical

Panel:
Concurrent

Avoidance Actions' Estate Value and Use Confirming and Effectuating a Plan

Location: Marea 2

Chapter 5 avoidance actions may be the source of significant value to a bankrupt estate. This session will exam how plan proponents may use avoidance actions to confirm and effectuate a plan. The panel will address topics including ways to utilize avoidance actions to gain the support of an impaired class of creditors, including the UCC and other constituencies and what issues may cause parties to resist efforts to pursue potential actions.

LEARNING OBJECTIVES

At the conclusion of this session, participants will have a greater understanding of commonly negotiated carve outs and release issues, issues dealing with insiders, and the pros and cons of waiving or preserving avoidance actions in a Chapter 11 Plan.

Field of Study: Accounting - Technical

Panel:
3:50PM–4:15PM

Refreshment Break & Margarita Bar

Sponsored by:
7:00PM–10:00PM

Offsite Dinner Event (optional)

Sponsored by:

Sat, June 07, 2025

7:30AM–8:15AM

Breakfast

Location: Riviera Foyer

Sponsored by:
8:30AM–9:45AM

Navigating Uncertainty – Liability Management and Liquidity Solutions

Location: Salon ABC

In an increasingly volatile economic environment, companies across industries are facing pressure to proactively manage liabilities and secure liquidity. This panel will explore liability management transactions and liquidity solutions available to stressed and distressed companies, with a focus on the financial, legal, and tax implications. 

LEARNING OBJECTIVES

Whether dealing with looming maturities, covenant pressure, or market dislocation, the learning objectives of this conversation are to provide practical insights into an evolving playbook for navigating the uncertainties related to distressed debt management.

Field of Study: Accounting - Technical

Panel:
9:45AM–10:00AM

Refreshment Break

10:00AM–11:15AM

Remote or In-person, Professional Responsibility is Here to Stay: A Look at Developments in Ethics in the Legal and Accounting Industries

Location: Salon ABC

Utilizing case studies and discussion, this panel will explore developments in professionals’ addressing their ethical responsibilities in various work dynamics scenarios.

LEARNING OBJECTIVES

The panel’s learning objectives are to increase participants’ knowledge of their professional responsibility in the areas of communication, competence, confidentiality, and recordkeeping.

Field of Study: Regulatory Ethics - Technical

Panel: