Shearman & Sterling lawyers Douglas Bartner and Susan Fennessey have written Financially Distressed Companies Answer Book 2013 for the Practising Law Institute (PLI). The new book provides a comprehensive treatment in a convenient Q&A format of issues faced by management, vendors, and creditors dealing with financially distressed companies.

Financially Distressed Companies Answer Book 2013 is a readable reference tool for laypersons and non-bankruptcy professionals with concise answers detailed enough to provide a working understanding of concepts covered. In addition, relevant statutory and case-law citations are provided to facilitate any desired further reading. Examples and practice tips help illustrate concepts and provide practical guidance.

The book has already been well received by practitioners involved with financially distressed companies.

"Doug Bartner and Susan Fennessey have provided both the individual who needs to learn about financially distressed companies and the experienced practitioner a rare gift," said David L. Resnick, President of Third Avenue Management LLC. "As someone who has spent almost 30 years involved with financially distressed companies, I wish this book was available when I started my career."

"The Answer Book is an excellent reference guide for professionals and non-professionals interested in how bankruptcies work," said Timothy Coleman, Senior Managing Director & Head of Restructuring & Reorganization of The Blackstone Group. "The sections are thorough and easy to follow. The notes and tips help turn the words into reality. Everyone should keep a copy of the book nearby."

Written in an easy Q&A format, Financially Distressed Companies Answer Book 2013 describes:

• The roles and fiduciary duties of directors and management in distressed situations
• Rights and limitations of creditors in dealing with companies in distress and in bankruptcy
• Concepts and considerations relating to out-of-court restructurings
• Cross-border reorganizations and issues in international restructurings
• Key concepts in U.S. bankruptcy cases, including differences between chapter 11 and chapter 7 bankruptcies, commencement of a chapter 11 case, financing in chapter 11, treatment of financial contracts (such as swaps and other derivative transactions), tax issues, asset sales and plans of reorganization or liquidation
• Special rules in bankruptcy for small businesses and single-asset real estate companies

Financially Distressed Companies Answer Book 2013 provides a comprehensive treatment of the rights and obligations in this area for non-bankruptcy practitioners, corporate general counsel and senior management, as well as professionals in commercial and investment banks, hedge funds, private equity funds and other institutions transacting business with or affected by companies in financial distress.

Bartner and Fennessey have a combined 46 years of experience in working with financially distressed companies. Bartner, a partner, regularly represents debtors and creditors and acquirors of assets in chapter 11 bankruptcies and out-of-court restructurings. He served as head of Shearman & Sterling's Bankruptcy & Reorganization practice for 10 years. Fennessey, a counsel, regularly represents debtors, financial institutions and other creditors in chapter 11 and cross-border bankruptcies and out-of-court restructurings, and lenders and borrowers in various distressed and non-distressed financings. She currently is on secondment from Shearman & Sterling to Essar's U.S. subsidiaries, where she is acting as their general counsel.

Click here to order the latest Financially Distressed Companies Answer Book