Daniel Kokini, a senior managing director at FTI Consulting, discussed the best interest test in bankruptcy, governed by Section 1129(a)(7) of the U.S. Bankruptcy Code. He detailed his career in investment banking and restructuring, focusing on food and agriculture. The test ensures creditors receive at least what they would in a liquidation. Kokini explained the liquidation analysis process, including asset recovery rates and costs, using California Pizza Kitchen (CPK) as a case study. CPK's restructuring involved $110 million in debt financing and $19 million in exit financing, with creditors receiving varying recovery percentages. The liquidation analysis estimated $26 million to $47 million in gross proceeds, with net distributable proceeds of $18.5 million to $40 million.
Daniel M. Kokini is a senior managing director with FTI Consulting, Inc. in New York and specializes in restructuring. He has experience in mergers and acquisitions, leveraged finance, and equity and debt capital markets. Mr. Kokini has served as an advisor in many aspects of strategic, financial and operational restructuring on behalf of companies, creditors and shareholders, advising clients across a diverse range of industries that include consumer products, retail, restaurants, media, health care, manufacturing, real estate, gaming and transportation. He joined FTI Consulting with its acquisition of CDG Group in 2017. Prior to joining CDG Group, he had held positions in investment banking with Bank of America Merrill Lynch and Bear Stearns & Co. Inc. Mr. Kokini previously held FINRA Series 79 and 63 licenses. He serves on the board of directors of California Pizza Kitchen, where he chairs its Audit Committee, and he is an ABI member. Mr. Kokini received his B.S. cum laude in finance with a concentration in financial accounting from the Pennsylvania State University, where he was awarded the prestigious Ralph H. Wherry Smeal Student Service Award.
Read more
40+ expert-led courses on demand
CLE credit available
New courses added monthly