Webinar Replay — She knows structure: an all-women panel on SPVs and Chapter 11

9fin Team24 Mar 2026 | US | 2 minute read

She Knows Structure: An All-Women Panel on SPVs and Chapter 11

In this webinar, our panel examined the foundational question: are bankruptcy remote entities truly remote? Despite their design, recent cases have exposed real vulnerabilities in the mechanisms meant to keep SPVs insulated from a parent's insolvency — including challenges to independent directors, separateness covenants, non-petition clauses, and the authority to file for bankruptcy. When those protections fail, the fallout can be severe.

The panel used the First Brands and FAT Brands cases as cautionary tales of what happens when separateness is disregarded — and what remedies are available once the damage is done. The conversation also tackled a live tension in SPV structures that hold pledged receivables: debtors seeking to treat post-petition receivables as unencumbered cash, while SPV lenders argue the receivables were transferred prepetition and remain beyond the estate's reach.

Speakers:

Theresa Foudy, Partner, Morrison & Foerster
Rachel Strickland, Partner, Ropes & Gray
Nicole L. Greenblatt, Partner, Kirkland & Ellis
Skye Tian Gao, Partner, Glenn Agre Bergman & Fuentes
Robin Spigel, Partner, Willkie Farr & Gallagher
Cat Corey, Distressed Legal Analyst, 9fin (Moderator)

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