Regina Stango Kelbon, an insolvency and restructuring partner, discussed key considerations for lenders in debtor and possession financing orders. She highlighted the importance of understanding local rules, cap stack, and prepetition structures. Stangokelbon emphasized the need for clear stipulations, including lien priorities and avoidance actions. She explained the significance of DIP sizing, administrative solvency, and the role of financial consultants. The discussion covered innovative provisions like roll-ups, credit bidding, and the importance of waivers and releases. Stangokelbon also addressed milestones, carve-outs, and events of default, stressing the need for good faith findings in DIP orders.
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Regina Stango Kelbon is a partner at Blank Rome LLP in Wilmington, Del., and co-chairs the firm’s Business Department. She has more than 30 years of experience in complex out-of-court restructurings, workouts, chapter 11 reorganizations, debtor-in-possession financing, intercreditor relationships and lender-liability issues. Ms. Kelbon represents agents, institutional lenders, lender groups, private-equity sponsors, creditors’ committees, debtors, creditors, executory contract parties, equipment lessors, reorganization plan proponents and asset-purchasers. She is a Fellow in the American College of Bankruptcy and co-chair of the Education Committee for the Third Circuit College, where she serves as the national chair of the Education Committee for all circuits. In addition, she serves as a mediator for the U.S. Bankruptcy Court for the Eastern District of Pennsylvania and frequently lectures and moderates panels on bankruptcy issues for the ABA, the Delaware Inn of Courts, ABI, the Pennsylvania Bankruptcy Institute and TMA. Chambers USA has consistently ranked Ms. Kelbon as a leader in the field of bankruptcy and restructuring law in both Delaware and Pennsylvania. She also was recently named “Lawyer of the Year” in Bankruptcy and Creditor/Debtor Rights/Insolvency and Reorganization Law in Philadelphia by The Best Lawyers in America, and as an “Influencer in Law” for Bankruptcy Law by The Philadelphia Inquirer. Ms. Kelbon received her B.A. summa cum laude from St. Joseph’s University and her J.D. magna cum laude from Temple University Beasley School of Law.
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