Gain an understanding of in depth issues surrounding common types of restructuring including current and advance refundings.
Many participants in the municipal marketplace are not aware of all the tools that are available to them to restructure municipal debt, whether in stable or distressed financial situations. Lack of knowledge about municipal debt restructuring options could lead to additional costs for the municipality, reduced return for debt holders and potential negative effects on the municipal debt market generally. Not all situations are created equal. For instance, a healthy municipality may wish to restructure its debt using current refundings or advance refundings to take advantage of lower interest rates or less restrictive borrowing terms and conditions. In other situations, a municipality may be distressed and both the municipality and the holders of its debt may pursue strategies to restructure the municipality's outstanding debt as a means of avoiding a much worse outcome down the road. If the House of Representatives' version of the Tax Cuts and Jobs Bill becomes law, a healthy municipality may no longer have the benefit of using tax-exempt advance refundings to restructure its debt. This topic will help those in the municipal marketplace identify the various techniques available for restructuring municipal debt to achieve lower borrowing costs and other benefits that will be preserved, and other techniques that will be expanded or created as alternatives to tax-exempt advance refundings, if the Tax Cuts and Jobs Bill becomes law. Additionally, you will learn about the municipal debt restructuring methods available to municipalities and debt holders in distressed situations.
Agenda
Faculty
Laura E. Appleby
Chapman and Cutler LLP
- Partner in Chapman and Cutler LLP's Bankruptcy and Restructuring Group
- Represents financial institutions, bondholders, hedge funds, and other creditors in complex bankruptcy proceedings, out-of-court restructurings, and distressed transactions involving not-for-profit entities as well as municipalities
- Provides advice in connection with potential bankruptcy implications in municipal bond offerings
- Regularly counsels clients with respect to issues surrounding municipal distress and insolvency, including relating to cities, states and U.S. territories, as well as health care and other special municipal districts; her experience includes the representation of creditors in high-profile Chapter 9 matters
- Presents on various bankruptcy topics, including with respect to municipal restructuring; co-wrote the book Municipalities in Distress? How States and Investors Deal with Local Government Financial Emergencies, for which the second edition was released in 2016
- Prior to attending law school, she was a legislative assistant to a U.S. Senator, and advised on issues including agriculture policy and energy policy
- J.D. degree, University of Michigan Law School; B.S. degree, University of Illinois at Urbana-Champaign
Latrice M. Phillips
Chapman and Cutler LLP
- Partner in Chapman and Cutler LLP's National Public and Health & Education Finance Department
- Has acted as bond counsel, underwriter's counsel, borrower's counsel, disclosure counsel, and issuer's counsel in connection with variable rate and fixed rate general obligation, refunding, and revenue publicly offered and privately placed public activity and municipal bond issues
- Has advised clients regarding post-issuance compliance with both tax-related statutes and regulations and bond document financial covenants
- Recent work includes a $988 million revenue bond issue for the benefit of a multi-state system of hospitals and clinics as disclosure counsel and borrower's counsel, a $95 million revenue bond issue for the benefit of a multisite senior living organization as bond counsel, and two revenue bond issues for the benefit of a health system as underwriter's counsel in the amounts of $124 million and $110 million
- Member of Women in Public Finance, the Municipal Forum of New York, the Association of Black Women Attorneys, the Northeast Women in Public Finance, and serves on the Board of Directors of the Chicago Summer Business Institute
- Prior to joining Chapman in 2014, she practiced in the health care group at Jones Day
- J.D. degree, DePaul University; B.S. degree in finance, DePaul University
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