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Sean Feener

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Sean focuses his practice on advising debtors, secured and unsecured creditors, investors, and other parties-in-interest in all aspects of complex corporate restructurings. With experience gained from working in the New York offices of major law firms, Sean represents clients in a wide range of restructuring matters, including Chapter 11 cases, out-of-court strategic transactions, and distressed acquisitions.

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Understanding the differences between receivership and bankruptcy is crucial for businesses facing financial distress. A receivership involves the appointment of an independent third party by a court to manage and preserve a business’s assets, primarily to maximize the value of the secured lender’s collateral. In contrast, bankruptcy generally benefits the borrower who has become insolvent and is governed by the Bankruptcy Code, allowing existing management to maintain control and potentially discharge debts.

For companies in financial distress, retaining key employees during a Chapter 11 restructuring can be crucial for success. Key Employee Retention Plans (KERPs) and Key Employee Incentive Plans (KEIPs) are tools used to incentivize employees to stay and perform. KERPs are typically designed for non-insider employees and offer bonuses tied to restructuring milestones, while KEIPs target senior management with performance-based bonuses. Both plans aim to mitigate the uncertainty and disruption of working at a company in bankruptcy.