Cravath partner Paul H. Zumbro served on the Advisory Board and as a speaker for the American Bankruptcy Institute’s 2018 New York City Bankruptcy Conference, which was held on May 24, 2018. Paul spoke on a panel entitled “Momentive Aftermath,” which covered cramdown and reinstatement issues since the Second Circuit’s Momentive decision, including a circuit split with the Third Circuit on make-whole premiums in bankruptcy. In addition to Paul, the panel included The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court, who authored the bankruptcy court decision for In re: Energy Future Holdings Corp., which was overturned by the Third Circuit, leading to the circuit split on the make-whole issue. The panel also covered how to determine the appropriate rate of interest under the cramdown provisions of chapter 11 following Momentive’s market-based approach.
Please click here to read the Firm’s client memo on the Momentive decision, co-authored by partners Paul H. Zumbro, George E. Zobitz, Omid H. Nasab and Andrew J. Pitts.