Addressing a foreign insolvency in the U.S. Overview of Chapter 15 Bankruptcy Chapter 15 v. Chapter 11 UNCITRAL Model Law Adoption Type of relief sought Extraterritoriality and avoidance powers Public policy implications Approved guidelines for court communications

1. Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Hon. Louise D. Adler, U.S. Bankruptcy Court (S.D. Cal.); San Diego
• Victor A. Vilaplana, Of Counsel, Business Reorganization, Foley & Lardner LLP
• Kimberly A. Posin, Partner, Restructuring, Insolvency & Workouts, Latham & Watkins LLP
• Steven T. Kargman, Founder and President, Kargman Associates
© Copyright 2017 Expert Webcast – All Rights Reserved
MULTI-JURISDICTIONAL BANKRUPTCIES –
CHAPTER 15
December 19, 2017

2. 1
Expert Webcast is a sophisticated source of expertise for the
professional and the business communities locally, nationally and
cross-border.
Producing the industry’s leading webcast panels covering corporate,
M&A, restructuring and finance topics, Expert Webcast features
foremost experts in law accounting and finance, and addresses timely
and relevant issues faced by general counsel, C-level executives,
boards of directors, business owners and their advisors, as well as
institutional investors.
We welcome you to join our upcoming video webcasts or visit our on-
demand library to access recorded programs: www.expertwebcast.com.

3. 2
MODERATOR: Alexander B. Kasdan, Senior Managing Director,
DelMorgan & Co., brings more than twenty-five years of senior-level Wall
Street advice to middle market companies, entrepreneurs and institutional
investors. He has extensive experience in investment banking, corporate law
and restructuring at world’s leading firms, including Credit Suisse First Boston,
O’Sullivan Graev & Karabell LLP (now O'Melveny & Myers LLP), Battle
Fowler LLP (now Paul Hastings LLP) and Schlumberger Ltd., and as a
founding partner of Convergence Capital Partners. Alex has worked on more
than 100 domestic and cross-border transactions in North America, Europe and
Africa.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General
Counsel of Schlumberger Limited, to assist boards, management and owners
with corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtable
discussions attracting business leaders and leading professionals from around
the world.
Alex graduated magna cum laude from Middlebury College with a B.A. degree
in Economics and Italian and was elected to Phi Beta Kappa during his junior
year. In addition, he holds a J.D. degree from Columbia University Law School
and has studied at the University of Florence in Italy.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 310 980 1718 mobile
+1 310 935 3826 office
ak@delmorganco.com
www.delmorganco.com

4. 3
Panelist: Hon. Louise DeCarl Adler is a judge of the United States
Bankruptcy Court for the Southern District of California, having been
appointed in 1984. In January 2001, she completed a five-year term as Chief
Judge. She served as the first female President of the National Conference of
Bankruptcy Judges (1994-95). She was a member of the Board of Directors of
the American Bankruptcy Institute. She is a fellow in the American College of
Bankruptcy and a member of the International Insolvency Institute (III).
Among the notable cases handled by Judge Adler have been the Chapter 11
Reorganizations of the Roman Catholic Diocese for San Diego and Imperial
Counties; Maruko, Inc., the first coordinated international reorganization with
Chapter 11 cases filed in both the United States and Japan; Thrifty Oil Co.; Leap
Wireless International (a national cell phone company and its 65 related
companies) and the successful reorganization of the San Diego Symphony.
Judge Adler was a member of the Working Group on Institutional Capacity for
the 2000 World Bank Insolvency Initiative and a member of the World Bank
Working Group on the Treatment of the Insolvency of Natural Persons. She is a
co-author of “International Insolvency” (Federal Judicial Center, 2001) a
reference book for bankruptcy judges; a contributing author to S. L. Bufford,
“United States International Insolvency Law 2008-2009” (Oxford University
Press, 2009) and the author of “Managing the Chapter 15 Cross-Border
Insolvency Case: A Pocket Guide for Judges”, (Federal Judicial Center, 2011;
rev’d. 2014).
Chamber 2
Weinberger Courthouse
325 West F Street
San Diego, CA 92101
(619) 557-5661
louise_adler@casb.uscourts.gov

5. 4
Panelist: Victor A. Vilaplana is of counsel and a business reorganization attorney
with Foley & Lardner LLP. He focuses his practice on the handling of insolvency
matters, particularly complicated business bankruptcies and international transactions.
His experience includes representing businesses in multiple fields, from medical
device companies to agricultural producers in Chapter 11 cases. Mr. Vilaplana is a
member of the firm’s Bankruptcy & Business Reorganizations, International, and Latin
America Practices and Automotive Industry Team.
Prior to joining Foley, Mr. Vilaplana was a shareholder of Seltzer Caplan McMahon
Vitek and a managing partner of the San Diego office of Sheppard, Mullin, Richter &
Hampton.
He is a frequent lecturer for the California Continuing Education of the Bar, Practicing
Law Institute, Law Education Institute, and National Institute of Trial Advocacy on the
topics of insolvency, uniform commercial code, and various U.S./Mexico related
issues, such as real estate ownership, commercial law, equipment leasing and
debtor/creditor relations. He is also an ALI-ABA lecturer on practice under the
Bankruptcy Abuse Prevention and Consumer Protection Act.
Mr. Vilaplana has authored articles on the administration of multi-national
bankruptcies and prepackage Chapter 11 plans of reorganization. He is co-editor
of Advanced Chapter 11 Bankruptcy Practice for the American Law Institute.
Mr. Vilaplana is a graduate of Stanford University (J.D., 1973), George Washington
University (M.A., with highest honors, 1970) and San Diego State University (B.A.,
with honors, 1968).
P 858.847.6759
3579 Valley Centre Drive
Suite 300
San Diego, CA 92130
vavilaplana@foley.com
www.foley.com

6. 5
Panelist: Kimberly A. Posin is a partner in the Los
Angeles office of Latham & Watkins LLP and is a
member of the Finance Department and the
Restructuring, Insolvency & Workouts Practice.
Ms. Posin specializes in representing corporate debtors and
secured lenders in all aspects of bankruptcy proceedings, but
she has also represented unsecured creditors’ committees and
equity holders.
Ms. Posin previously served a two-year term on the firm's
Associates Committee and is presently co-managing the
firm's bankruptcy training program and serving on the firm’s
Pro Bono Committee.
Ms. Posin holds a JD from University of California,
Berkeley, School of Law (Boalt Hall) and a BS from
University of Southern California.
355 South Grand Avenue
Los Angeles CA 90071
+1.213.891.7322
kim.posin@lw.com
www.lw.com

7. 6
Panelist: Steven T. Kargman is the Founder and President of Kargman Associates,
a New York City - based strategic advisory firm that specializes in providing strategic
advice to clients involved in complex and challenging international restructuring ,
cross-border insolvency , distressed debt and non-performing loan situations, with a
special focus on the emerging markets. Mr. Kargman is a leading expert on international
debt restructurings and international insolvency, and he served formerly as Lead
Attorney with the Export-Import Bank of the United States, the official export credit
agency of the US government, and as General Counsel of the New York State Financial
Control Board, the chief financial oversight agency for New York City.
He has worked on numerous high-profile and complex restructuring transactions in the
emerging markets, including among others the $13.9 billion Asia Pulp & Paper
restructuring, the $1.85 billion AHMSA steel company restructuring in Mexico, and
large project finance restructurings in Asia and Latin America. In his restructuring
activities, h e has played a leadership role on creditor Steering Committees and export
credit agency working groups. He has also advised international financial institutions
and national governments in emerging markets and developing countries on a wide
range of financial and commercial matters.
He has published numerous articles in leading professional journals and is frequently
invited to lecture at prestigious forums around the world, including programs in Africa,
Asia, Europe, Latin America, and North America. A former Henry Luce Scholar in
Singapore , he received his J D from Yale Law School, where he was an editor of The
Yale Law Journal, chairman of the Yale Association of Law, and chairman of Yale
Legislative Services, and he received his BA with Honors and Phi Beta Kappa from
Swarthmore College
Tel: +1 212 286 1500
skargman@kargmanassociates.com
www.kargmanassociates.com

8. 7
MAJOR TOPICS:
• Addressing a foreign insolvency in the U.S.
• Overview of Chapter 15 Bankruptcy
• Chapter 15 v. Chapter 11
• UNCITRAL Model Law Adoption
• Type of relief sought
• Extraterritoriality and avoidance powers
• Public policy implications
• Approved guidelines for court communications
• Analogous filings in foreign countries
• Issues in the emerging markets

9. 8
Chapter 15
150
Bankruptcy Filings (all Chapters)
805,580
2016 Chapter 15 Filings
as percentage of total filings
Monday, March 27, 2017

10. 9
0
50
100
150
2008 2009 2010 2011 2012 2013 2014 2015 2016
150
747072
121
105
95
140
48
Bankruptcy Cases Filed Under Chapter 15
in FiscalYears 2008-2016
Monday, March 27, 2017

11. 10
Chapter 15 Filings
by Location 2008 -2016
1
11
11
15
3
7
7
11
1
269 (Delaware)
20
25
2
1
Guam 1
2
9
1
1
1
3
1
1
1
4
1
7
5
1
13
13
15 (NYE)
266
(NYS)
4
6
7
3
4
1
1
12
1 3
2
1
17
1625
1
4
5
26
9
Monday, March 27, 2017

12. 11
12-Month Periods
Ending September 30
15a 15m 15n Total
2008 - 48 - 48
2009 - 138 2 140
2010 - 94 1 95
2011 - 105 - 105
2012 - 121 - 121
2013 - 71 1 72
2014 - 60 10 70
2015 - 72 2 74
2016 37 111 2 150
Total 37 820 18 875
15a = Chapter 15 foreign main proceeding, or in the
alterna?ve, foreign nonmain proceeding
15m = Chapter 15 foreign main proceeding
15n = Chapter 15 foreign nonmain proceeding
Bankruptcy Cases Filed Under Chapter 15
in FiscalYears 2008-2016
Monday, March 27, 2017

13. 12
2%
94%
4%
Chapter 15 foreign main proceeding, or in the alternative, foreign nonmain proceeding (15a)
Chapter 15 foreign main proceeding (15m)
Chapter 15 foreign nonmain proceeding (15n)
Chapter 15 Filings
% by Type 2008-2016
Monday, March 27, 2017