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      "kind": "paragraph",
      "text": "taken when Group Inc. was solvent and had not entered the preference period that precedes a bankruptcy filing.",
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      "text": "Format: Our “Bankruptcy Playbook” that we have prepared includes a sample emergency motion and first day motions substantially in the form they would be presented to the bankruptcy court.",
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      "text": "First-Day Issues: We have prepared an analysis of issues that are likely to be raised at the hearing on the first-day emergency relief motion and the best arguments in support of the motion. Issues that we have considered include, among others, possible assertions by creditors that they had insufficient opportunity to respond to the emergency motion, given that a creditors' committee is unlikely to have been appointed by this time. Because our preferred resolution strategy assumes that the parent company would seek to remain obligated on its guarantees, our analysis considers the legal basis upon which it would do so, the ability of the bankruptcy court to prevent third parties from interfering with the parent company or its subsidiaries in bankruptcy, and the interplay of public policy concerns (such as the need to preserve financial stability) with the bankruptcy court's decisions. Our analysis also considers the alternative request to transfer assets and certain credit enhancements to a trust-owned, newly-formed entity.",
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      "text": "Regulatory Implications: We have discussed our preferred resolution strategy with key regulatory authorities globally, and have worked with outside counsel to consider the steps we could take to provide key domestic and foreign authorities with the necessary assurances to avoid objection to the emergency motion.",
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      "text": "10 This is the hearing at which an entity in Chapter 11 proceedings seeks court approval of an order to stay all contracts under the ISDA Resolution Stay Protocols or a bilateral agreement, subject to the condition either that the claims are elevated to administrative priority status or that the contracts are transferred to a bankruptcy bridge company.",
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      "text": "2023 Resolution Plan",
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