Cravath partner Paul H. Zumbro served on the Advisory Board and as a speaker for the American Bankruptcy Institute’s 2019 New York City Bankruptcy Conference, which was held on May 22, 2019. Paul spoke on a panel entitled “Recent Confirmation Developments,” which covered a variety of plan confirmation issues, including the Momentive case and whether the cramdown interest rate for replacement debt obligations issued under a plan of reorganization should be determined on a formula‑based or a market‑based approach. In addition to Paul, the panel included the Hon. Robert D. Drain (Bankruptcy S.D.N.Y.), who presided over the Momentive case and recently issued his order on remand from the Second Circuit in which he applied a “process efficient” interest rate to the replacement notes issued under the Momentive plan.