International Corporate Debt Workouts (LAW-884-001)
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This is an experiential course and a simulation of cross-border corporate restructuring. The simulation involves the restructuring, or "workout," of a corporation in financial distress. Students will work in teams throughout the semester, as bankers, lawyers, and corporate directors. Our work will include conducting due diligence, recommending a legal strategy, coordinating the creditor group, establishing negotiation strategies for our client, structuring the transaction documents, and closing the deal. The objectives of this simulation are: (1) acquire an overview of regulatory, market, legal and entity-based risk analysis that is foundational to a cross-border restructuring; (2) develop a deep understanding of a team-based, multicultural approach to negotiating multi-step transactions with multi-jurisdictional issues; (3) develop an understanding of the role of a legal team within a cross-border financial transaction; (4) develop experience in complex negotiations that involve rapidly changing power dynamics; and (5) develop experience with outcome-based negotiations within a constrained environment. The exponential growth of international trade in financial services and cross-border lending in recent decades has brought the need to restructure some of that debt. These restructurings are amongst the fastest-growing components of cross-border financial transactions. The course grading criteria are below (there are no exams): • 5 papers. 3 pages/paper. 10 points/paper (50 total points) • Simulation/Negotiation Participation: 5 sessions. (30 total points) • 5 simulations journals. 1 page/journal. 2 points/paper (10 total points) • Class Participation (10 total points)
Textbooks and Other Materials
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First Class Readings
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