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Lowenstein Sandler LLP

Kenneth A. Rosen

Kenneth A. Rosen

Partner
Chair, Bankruptcy, Financial Reorganization & Creditors' Rights

Lowenstein Sandler LLP
New York, U.S.A.

tel: 973.597.2548
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Local Time: Thu. 22:50

Profile

With more than 35 years of proven experience, Ken is the first call for companies seeking a strategic plan for recovery from financial distress.

Ken advises on the full spectrum of restructuring solutions, including Chapter 11 reorganizations, out-of-court workouts, financial restructurings, and litigation. He works closely with debtors, creditors' committees, lenders, landlords, and others in such diverse industries as paper and printing, food, furniture, pharmaceuticals, health care, and real estate.

For each matter, Ken starts by developing a strategic direction based on a clear understanding of his client's needs. His goals are to preserve the business or business relationship, to minimize disruption, and to move quickly toward a workable solution. His success is reflected both in his long list of accolades—including top rankings from Chambers USA (2008-2018) and The Deal's "Bankruptcy Insider"—and the fact that the majority of his practice is referral-based. Clients laud Ken's practical approach and sensitivity to the needs of their business, as well as his strong track record of successful outcomes. Clients and peers alike recognize Ken as "definitely a standout."

In his spare time, Ken serves on several philanthropy and nonprofit boards primarily devoted to health care and education. He currently serves as Interim Chair of the Board of the New York City Opera. 

Bar Admissions

    New York
    New Jersey

Education

Columbia University (M.B.A. 1980)
Benjamin N. Cardozo School of Law (J.D. 1979)
Cornell University (B.S. 1975)
Areas of Practice
Professional Career

Significant Accomplishments

Speaking Engagements

Bruce Nathan and Ken Rosen will present "Mining for Hidden Assets and Liabilities: Unlocking a Financially Distressed Customer's Balance Sheet," along with William A. Brandt Jr., Development Specialists Inc. The program will identify potential assets and liabilities that do not appear on a balance sheet, finding hidden value in a balance sheet when the liabilities side of a balance sheet does not tell the whole story, and when hidden liabilities arise in a bankruptcy or liquidation. The program will also cover unlocking the value of unreported or undervalued intellectual property and below market leases and how other contracts could substantially increase recoveries for unsecured trade creditors in their customer's bankruptcy case. Bruce and Ken will be joined by Bruce Buechler in co-hosting a private dinner with ABC-Amega for invited attendees at the conference.

Ken Rosen, Bruce Nathan, and Jeffrey Prol will lead a discussion entitled "Spotting and Reacting to Warning Signs of Financially Distressed Customers: Dodging the Bankruptcy Bullet." The program is sponsored by NACM Connect and NACM Midwest.

Ken Rosen will present "Spotting and Reacting to the Warning Signs of a Financially Distressed Customer: Dodging the Bankruptcy Bullet." Sponsored by the National Association of Credit Management, this program will address the early warning signs hovering over a company at risk of a future bankruptcy filing and how a credit executive can dodge a huge loss by quickly identifying and reacting to these warning signs as they accumulate and point toward the inevitable customer bust.

Ken RosenBruce Nathan, and Mary Seymour will present "The Impact of Increased Private Equity and Hedge Fund Activity on Creditors' Rights in the Chemical Industry: The New Normal?" The program focuses on the increased use of prepackaged and pre-negotiated Chapter 11 plans and section 363 sales, loan to own and credit bidding issues, and the increased frequency of make-whole and prepayment penalty protections in favor of secured noteholders that have raised the risk of a de minimis or no recovery to trade creditors, and the resulting heightened importance of an unsecured creditors' committee to maximize trade creditor recoveries. The speakers will also discuss the unique warning signs of a distressed company controlled by private equity or a hedge fund and the disposition of preference claims in such cases.



Professional Associations

New Jersey State Bar Association
  • Chairman, Bankruptcy Law Section
  • Section on Creditor and Debtor Relations
New York State Bar Association
  • Corporation, Banking & Business Law Section
United Jewish Federation
  • Trustee
American Jewish Committee
  • Trustee
R.W.J Barnabas Health
  • Trustee
  • Audit Committee
  • Compliance Committee
  • Strategic Planning Committee
  • Hospice
Lincoln Center Business CouncilNew York City Opera
  • Interim Chair of the Board

Professional Activities and Experience

Accolades
  • New Jersey Super Lawyers (2005-2007, 2016-2018) - Ken Rosen

Articles

Brand Management and Retail Survival
Lowenstein Sandler LLP, October 2016

It’s been a tough couple years for retailers – many of whom are struggling through bankruptcies or turnaround efforts amid online competition and rapidly evolving consumer tastes. But at least one company is doing something that should catch the attention of other retailers: Abercrombie & Fitch, in August 2015, named a six-person brand leadership team as part of its turnaround efforts – and the company returned to growth early this year. This is refreshing...

Information Wish List to Evaluate a First-Day Asset Sale Motion
Lowenstein Sandler LLP, June 2016

[1]Chapter 11 has largely become the sale chapter of the Bankruptcy Code. If the case is not a quick sale case, then it probably is a debt-for-equity swap. A traditional chapter 11 reorganization is expensive and, because of its relatively low success rate, is viewed by many lenders as not worth it.The typical “first day” sale motion asserts that the debtor is hemorrhaging cash, that there are no options besides a quick sale and that delay will severely erode the estate...

When It’s Time to Hire a Chief Restructuring Officer
Lowenstein Sandler LLP, May 2016

Rising default rates mean companies are having to hire an expert they never hoped to need: a chief restructuring officer. For struggling companies, chief restructuring officers can bring enormous value. But companies need to be careful when bringing such a person on board. In, particular, crafting a chief restructuring officer’s engagement letter to avoid conflicts down the road — especially with chief financial officers — is paramount...

Additional Articles

Reorganizing Failing Businesses, Third Edition, is the culmination of more than two decades of work by dozens of experts in bankruptcy, insolvency, and myriad other areas of law that impact the restructuring of a troubled business. Revised and expanded, this valuable, two-volume, desk reference presents the totality of the restructuring process as it is practiced today, with detailed explanations of the laws, customs, and techniques that are central to restructurings. This comprehensive treatise covers in-depth treatment of chapter 11 reorganizations; out-of-court restructurings; specialized restructuring situations (such as prepackaged plans, transnational restructurings and cross-border insolvencies, mass tort cases, and airline cases); and the implications of related areas of law, including taxation, securities, environmental, intellectual property, labor and employment, lender liability, criminal, financial market, and competition law.

THE HEADLINE. The typical Chapter 11 debtor (the entity that is in bankruptcy) issues a press release shortly after commencing its bankruptcy case announcing to the world that the debtor has obtained “DIP” (debtor in possession) financing. The headline is a big number. The goal is to obtain new, post-bankruptcy trade credit from suppliers by convincing them that the Chapter 11 debtor now has liquidity sufficient to enable the debtor to pay its bills on time. Therefore, give the debtor more credit.


SO, WHAT’S LEFT? Assume that a debtor owes its bank $20,000,000 pre-bankruptcy. Also, assume that the bank has a “blanket” lien – a lien that covers all of the debtor’s assets. When I review a debtor’s financing, my first inquiry is whether or not there are any unencumbered assets from which I can be paid if the case becomes Chapter 7 liquidation or in case the bank forecloses on its collateral.

My first job was working for the United States Trustee (“UST”)  for the Southern District of New York. The UST program came about with the amendments to the Bankruptcy Code in 1979. Congress decided that administrative functions – such as appointing examiners, creditors’ committees and trustees – should be performed by an independent party rather than by the presiding Bankruptcy Judge. As a financial analyst and attorney for the UST, we oversaw cases where no one else would have done it, we assured compliance with the  Bankruptcy Code and with the Federal Rules of Bankruptcy Procedure and we made appointments that were in the best  interests of creditors as well as debtors. Congress was smart to implement the UST program.


Representing creditors’ committees in Chapter 11 cases is a big business. There can be a lot of fees earned by attorneys, financial advisors, investment bankers, appraisers, claims agents and disbursing agents representing a creditors’ committee. If creditors do not watch over the fees charged and, as a result there is less money to pay a dividend, the creditors only have themselves to blame.


WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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