Sheppard Mullin's Restructure This!

This episode is a replay of Episode 19 which originally aired on December 28, 2022, but includes updated restructuring news as of January 2024. Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we're joined by Kobus van der Zel, the owner of Ravinia Capital Performance Improvement, a financial advisory and investment firm in Chicago. In his conversation with host Justin Bernbrock, Kobus explains what his engineering background, military service in South Africa and the Myers-Briggs personality test has to do with financial turnarounds.   What We Discussed in This Episode: Looking back over your 20-year-plus turnaround career, what are some of the significant trends you've observed? What could those trends foreshadow for the future? At what point might events in the natural world, particularly the impacts of climate change, start driving "winters" in the economic cycle? How do trends in the context of credit cycles and special asset groups typically materialize for small family enterprises all the way up to sponsor-backed companies?   Could advisory, service-based firms in the restructuring industry better use social media and multimedia platforms to drive business development? What are some of the challenges and strategies that come into play when exiting a business?   About Kobus van der Zel With more than 28 years of experience in business improvement, Kobus van der Zel is passionate about helping overleveraged companies reverse the root causes of past underperformance, return to market-share growth, and achieve optimum business value in future sale transactions. As the owner of Ravinia Capital Performance Improvement, he works with business owners to realize higher valuations and effectuate successful turnarounds when they need it most. Over the last several years, Kobus has successfully guided numerous middle-market companies, including Swisher Hygiene, West Coast Commercial Printer, and Cycle Force, through the turnaround process. He is author of the 2011 book, The Forces of Progress, an exploration of the factors that fuel or hamper progress in modern companies.     About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.    Contact Information Kobus van der Zel  Justin Bernbrock   Resources https://www.rcpi-capital.com/   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Scott Stuart, CEO of Turnaround Management Association (commonly referred to as "TMA”), joins us to discuss the role of professional organizations in the restructuring space, including what distinguishes TMA from similar organizations, the importance of its diverse membership, and how restructuring has evolved over the last 30+ years.   What We Discussed In this Episode: What brought you to where you are today? What's your background in the restructuring industry? What is TMA? Why is it important? How does its unique structure distinguish TMA from similar organizations in the restructuring space? Why does it matter that TMA is agnostic and doesn't cater to a specific type of restructuring professional? What are some of the unique groups within TMA that members can join? Since becoming CEO, how has TMA promoted and enhanced the visibility of members with diverse backgrounds? How have awards programs paid off for TMA and its membership? Can you explain why such an impressive roster of partners have joined TMA's growing list of sponsors? What has been the net effect of the TMA's Hall of Fame? What's on the agenda for this year's annual conference in San Francisco? As a restructuring professional for over 30 years, what's your perspective on how the space has evolved?   About Scott Stuart Scott Stuart is CEO of TMA, a global nonprofit organization and professional community focused on turnaround management, corporate restructuring, and bankruptcy. Established in 1988, the organization boasts approximately 10,000 members, including turnaround practitioners, attorneys, accountants, advisors, liquidators, bankers, academics, government employees, and members of the judiciary, in 55 chapters spread across 20 countries and 4 continents. Scott has held volunteer leadership roles at TMA for nearly 20 years. Prior to becoming TMA's CEO in 2018, he gained 30 years of experience in a variety of diverse roles in the corporate restructuring space. As an attorney, Scott has held positions at private law firms, in-house corporate legal departments, and the Department of Justice's United States Trustee Program. Scott has also served as a corporate executive, including Executive Director at Donlin, Recano & Company, Inc. In addition, Scott co-founded Esquify, Inc., a legal tech startup in the document review space.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas. Prior to private practice, Justin served with distinction as an Aviation Warfare Systems Operator in Patrol Squadron FIVE and as a Weapons Tactics Instructor in Patrol and Reconnaissance Wing ELEVEN. During his nearly 10 years of active duty in the United States Navy, he was awarded the Navy Commendation Medal twice, including once for meritorious service during combat operations in Iraq. Justin also received the Global War on Terrorism Medal for his service in Kandahar, Afghanistan.   Contact Information Scott Stuart Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Natalie Jaresko from EY-Parthenon joins us to discuss her impressive background and storied career. She also breaks down some of the nuts and bolts of restructuring, lessons she learned in her role in Ukraine and Puerto Rico, and how governments can best serve themselves.   What We Discussed in This Episode: What is the difference between restructuring a sovereign or municipal bankruptcy? What role does the IMF play in certain bankruptcies and what limitations are enforced? What has been Natalie's experience as Ukraine's Minister of Finance and how it has impacted the situation today? What lessons can be learned from the largest municipal restructuring in Puerto Rico? What is China's growing role in providing access to capital? What does the future look like for Ukraine? How can governments stop the repetition of borrowing and what can they do to help their communities instead?   About Natalie Jaresko Natalie Jaresko is a leader in EY-Parthenon's Turnaround and Restructuring Strategy practice, overseeing sovereign advisory efforts and complex public sector turnarounds. Natalie is a proven executive with a distinguished 30-year career leading large-scale government transformations that restructure debt and marshal limited resources to prioritize essential services and strengthen budgetary practices, financial reporting and transparency. As Executive Director of Puerto Rico's Financial Oversight and Management Board from 2017 to 2023, Natalie oversaw critical reforms and the largest debt restructuring in US municipal bond market history. Further, as Ukraine's Minister of Finance from 2014-2016, Natalie successfully restructured Ukraine's sovereign debt and negotiated its wide-ranging IMF program.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas. Prior to private practice, Justin served with distinction as an Aviation Warfare Systems Operator in Patrol Squadron FIVE and as a Weapons Tactics Instructor in Patrol and Reconnaissance Wing ELEVEN. During his nearly 10 years of active duty in the United States Navy, he was awarded the Navy Commendation Medal twice, including once for meritorious service during combat operations in Iraq.  Justin also received the Global War on Terrorism Medal for his service in Kandahar, Afghanistan.   Contact Information: Natalie Jaresko   Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

This episode is a replay of Episode 2 which originally aired on January 19, 2022.   In this episode, we speak with James (“Jamie”) H. M. Sprayregen, partner at Kirkland & Ellis LLP and founder of the firm's powerhouse bankruptcy restructuring practice.  Few know the story of how Jamie built the practice from humble beginnings starting in 1990. In a frank interview, Jamie describes the vision he had three decades ago, the challenges he encountered along the way, and the banner chapter 11 cases—Zenith Electronics, United Airlines—that he believes helped to shape the then-emerging brand of this premier practice. Jamie is partner in the Chicago and New York offices of Kirkland & Ellis. Under Jamie's leadership, the Restructuring Group has represented debtors and creditors in some of the most complex Chapter 11 filings in recent history, including Energy Future Holdings Corp., Seadrill Limited, Caesars Entertainment Operating Co. Inc, Toys “R” Us, Inc., Trans World Airlines, Inc., and Conseco, Inc.  In October 2013, Jamie was inducted into the Turnaround Management Association (TMA) Turnaround, Restructuring, and Distressed Investing Industry Hall of Fame‎. From 2013 to 2015, Jamie was appointed to serve a two year term as the President of INSOL International, the world's leading international insolvency association.  Jamie is a Fellow in the American College of Bankruptcy. What We Discussed in This Episode: The circuitous, and serendipitous, route by which Jamie arrived as a junior associate at Kirkland in 1990 The transactional deal that Jamie believes put Kirkland's restructuring practice “on the map” That business plan that Jamie, while a senior associate, wrote that envisioned creating “the best bankruptcy practice in the world”  How the various economic downturns during Jamie's tenure—including the 1989 real estate crash, the 1997-1998 Asian financial crisis, the 2000 dot com crash, the Global Financial Crisis, of 2007-2008 the COVID-19 recession—changed the practice of bankruptcy law   Contact Information: James H.R. Sprayregen Justin Bernbrock   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Paul Figliozzi and Michael Gil of Marsh join us to discuss the critical issue of director and officer risk, particularly in the context of an unstable economy and financially distressed companies.   What We Discussed in This Episode: How has the recent uptick in restructuring activity and the banking crisis impacted the D&O market in terms of the claims you're seeing and with respect to premiums? Assuming the banking panic is unlikely to abate anytime soon, what advice would you offer companies in the financial sector and elsewhere? Are you seeing more clients request a review of their D&O programs? What concerns or issues are typically revealed in these reviews? How often are D&O claims asserted in the context of a Chapter 11 filing actually successful? Now that we're on the trailing edge of the SPAC trend, do you perceive any unique risks to directors and officers, especially related to de-SPACing? What common mistakes or misconceptions do you see in the SPAC market? Have you seen any instances where ESG forms the basis of a D&O claim? About Michael Gil Michael Gil is the co-leader of the Turnaround and Restructuring Practice and a senior client advisor in Marsh's Financial and Professional (FINPRO) Practice.  FINPRO's Turnaround and Restructuring practice provides solutions through a team of technical experts that help clients navigate all aspects of insurance placements in the context of turnaround, restructurings, bankruptcy and emergence.  In this role, he is responsible for the management of select client accounts. Those responsibilities include overseeing client service teams in formulating the strategy, structure, coverage analysis, and placement of financial lines insurance programs including directors and officers liability, employment practices liability insurance, professional liability (errors & omissions), fiduciary liability and fidelity (commercial crime).  He also has significant experience in advising clients on the insurance implications of M&A activity and initial public offerings. His clients range from large public organizations to private companies. Michael's strengths include high responsiveness, attention to detail, and creativity in formulating insurance solutions, together with an ability to provide significant insights on policy wording and coverages from legal and claims perspectives. Michael has strong professional relationships with underwriters in the marketplace that drive best in class coverage terms and program pricing for his clients.    About Paul Figliozzi Paul Figliozzi is a Managing Director of Marsh Inc., in the Financial and Professional Services (FINPRO) division and a member of the FINPRO Executive Leadership Team. Paul oversees FINPRO's Private Equity and M&A (PEMA) practice and co-leads both the Turnaround & Restructuring Group (T&RG) and the Special Purpose Acquisition Company (SPAC) Practice.  FINPRO PEMA consists of two brokerage teams with fifteen colleagues and is focused on the risk transfer needs of PE firms as well as their portfolio companies. Given the broad reach of PE funds, the portfolio company clients stretch across private and public markets. The team brings an industry focus with concentration in the Retail, Life Science, Energy, Communications, Media and Technology sectors. The T&RG advises clients throughout the life cycle of a financial restructuring. The SPAC Practice is dedicated to the FINPRO insurance needs of SPACs, SPAC sponsors and SPAC targets. Prior to his current role, Paul led the FINPRO Risk Management group for the New York Metro region. FINPRO's New York Risk Management group is dedicated to the needs of publicly traded companies relative to management liability insurance, Cyber liability and other financial lines coverages.  Paul and his team members advise clients on all aspects of management liability insurance, including counseling them with respect to D&O insurance in connection with securities and derivative litigation, government investigations, initial public offerings, spin-offs, mergers, acquisitions and bankruptcies. Paul also advises clients on how to maximize insurance recoveries in claim situations and assists with coverage disputes and client litigation with insurers.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas. Prior to private practice, Justin served with distinction as an Aviation Warfare Systems Operator in Patrol Squadron FIVE and as a Weapons Tactics Instructor in Patrol and Reconnaissance Wing ELEVEN. During his nearly 10 years of active duty in the United States Navy, he was awarded the Navy Commendation Medal twice, including once for meritorious service during combat operations in Iraq.  Justin also received the Global War on Terrorism Medal for his service in Kandahar, Afghanistan.   Contact Information: Michael Gil Paul Figliozzi Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we delve into real estate development with Emily Gottlieb of AW Properties Global, including discussing commercial-to-residential conversions, redeveloping vacant land, and more.   What We Discussed in This Episode: What got you interested in restructuring? What is your precise role at AW Properties? What does your day-to-day look like? What correlations can you draw between your current role and your former life as a bankruptcy attorney? What are your primary sources of business development or business origination? How is the auction component offered by AW properties unique and different? What are you seeing in the commercial real estate market? Will we see more commercial-to-residential conversions? Why is it so difficult to redevelop vacant land? What can you tell us about a recent Sub 5 case you were involved in? What insights would you offer a bankruptcy attorney looking to transition out of traditional law practice?   About Emily S. Gottlieb Emily S. Gottlieb has more than 18 years of experience in the restructuring industry. She began her career as a real estate attorney working on large commercial transactions at Faegre Drinker Biddle & Reath and transitioned into a bankruptcy practice. Emily continued her restructuring work at DLA Piper, representing debtors, creditors, committees, financial institutions, Trustees and receivers in all aspects of Chapter 11 and Chapter 7 proceedings, workouts and litigation. For over a decade, Emily worked for a prominent national bankruptcy and class action administration company as a business development executive and head of Midwest operations, where she managed the Chicago office. Prior to joining AW Properties, she was on the senior leadership team of a major not-for-profit organization in Chicago. Emily is active in the turnaround community as a member of TMA and IWIRC and previously served on the board of IWIRC Chicago. In addition to being an attorney, she is also a licensed real estate broker and a member of the Chicago Association of Realtors (CAR) and the National Association of Realtors (NAR).   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.   Contact Information:  Emily S. Gottlieb   Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we welcome Ashley Barriere, partner at Keller Postman LLC, to discuss the 3M Combat Arms Earplug multidistrict litigation and the subsequent Chapter 11 bankruptcy filing by 3M subsidiary Aearo Technologies from the perspective of the plaintiffs she represents: military veterans seeking recovery for injuries related to the earplugs.   What We Discussed in This Episode: The 3M Combat Arms Earplug multidistrict litigation (MDL) and what makes it unique The jurisdictional tension between the multidistrict litigation overseen by an Article III judge versus the Aero Technologies bankruptcy overseen by an Article I judge 3M's attempt to use the government contractor defense in the MDL  The critical difference between multidistrict litigation and a class action proceeding The reaction by plaintiff's attorneys and the judge overseeing the MDL on the day that Aero Technologies filed for Chapter 11 The reasoning behind the bankruptcy court denial of the debtors' motion to extend the automatic stay to non-debtors, including parent company 3M The implications of the U.S. Appeals Court for the Third Circuit's decision on January 30, 2023 to dismiss the bankruptcy case for Johnson & Johnson's subsidiary, LTL, as having been filed in bad faith   About Ashley Barriere As a partner at Keller Postman, Ashley Barriere focuses on product-liability matters, leveraging her experience at an AmLaw25 law firm and knowledge of the intricacies of multidistrict litigation to anticipate opponents' arguments, crafting powerful legal strategies and briefs on behalf of her clients.   Ashley has been appointed to serve on the Plaintiffs' Executive Committee In the Acetaminophen—ASD-ADHD Products Liability Litigation, where she will lead the Law and Briefing Subcommittee. She is also a member of the court-appointed Plaintiffs' Steering Committee in the Onglyza and Kombiglyze XR MDL, where she chairs the Law and Briefing Subcommittee. Ashley also represents clients and briefs critical legal issues in the 3M Combat Arms Earplug MDL and the Paragard IUD MDL.    Ashley served as a law clerk for Judge Eldon E. Fallon at the U.S. District Court for the Eastern District of Louisiana. Judge Fallon's work overseeing large multidistrict litigation matters inspired Ashley to join the plaintiffs' bar. About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.   Contact Information Ashley Barriere   Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.    

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we're joined by Kobus van der Zel, the owner of Ravinia Capital Performance Improvement, a financial advisory and investment firm in Chicago. In his conversation with host Justin Bernbrock, Kobus explains what his engineering background, military service in South Africa and the Myers-Briggs personality test has to do with financial turnarounds.   What We Discussed in This Episode:   Looking back over your 20-year-plus turnaround career, what are some of the significant trends you've observed? What could those trends foreshadow for the future? At what point might events in the natural world, particularly the impacts of climate change, start driving "winters" in the economic cycle? How do trends in the context of credit cycles and special asset groups typically materialize for small family enterprises all the way up to sponsor-backed companies?   Could advisory, service-based firms in the restructuring industry better use social media and multimedia platforms to drive business development? What are some of the challenges and strategies that come into play when exiting a business?   About Kobus van der Zel With more than 28 years of experience in business improvement, Kobus van der Zel is passionate about helping overleveraged companies reverse the root causes of past underperformance, return to market-share growth, and achieve optimum business value in future sale transactions. As the owner of Ravinia Capital Performance Improvement, he works with business owners to realize higher valuations and effectuate successful turnarounds when they need it most. Over the last several years, Kobus has successfully guided numerous middle-market companies, including Swisher Hygiene, West Coast Commercial Printer, and Cycle Force, through the turnaround process. He is author of the 2011 book, The Forces of Progress, an exploration of the factors that fuel or hamper progress in modern companies.     About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.    Contact Information   Kobus van der Zel    Justin Bernbrock   Resources   https://www.rcpi-capital.com/     Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

This episode is a replay of Episode 13 which originally aired on September 7, 2022.   Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency, and distressed investing. In this week's episode, we're joined by Cullen Drescher Speckhart, Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office, and Rachel Ehrlich Albanese, Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office, to discuss the ever-present challenge of recruiting, retaining and advancing women lawyers and professionals in the restructuring industry.   What We Discussed in this Episode:   Men account for a majority of the lawyers and other professionals in the restructuring industry. What explains this lack of parity? Is having women in leadership positions important to encouraging other women to aspire to those heights? As head of your respective firm's restructuring groups, what are your observations regarding women's experiences in law today? Do you spend time, energy and effort helping men in your group understand the contributions women attorneys and professionals can make?  Can you tell us a bit about your personal development and how you each came to be the woman you are today? What has had the most significant impact on your success in the restructuring industry? What should law firm leaders focus on as they work to improve gender parity going forward? Rachel Ehrlich Albanese Rachel is Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office. She has nearly 20 years of experience representing secured and unsecured creditors, debtors, equity holders, purchasers of distressed assets, and other parties in interest in a wide range of restructuring matters, including cases under chapter 11 of the U.S. Bankruptcy Code, out-of-court workouts, and cross-border insolvency proceedings.    Rachel has been involved in Puerto Rico's current restructuring efforts since their earliest days when she participated in dozens of meetings with U.S. Congress members and staff to develop the law that ultimately became PROMESA. She has subsequently been instrumental in many of DLA Piper's PROMESA-related matters.   About Cullen Drescher Speckhart Cullen is Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office. She is a top advocate in corporate restructuring and financial litigation, with a diverse practice spanning a range of industries, including healthcare, life sciences, technology, energy, and retail.    In addition to her deep experience in complex insolvency litigation, Cullen has led some of the largest and most significant restructuring engagements in a multitude of jurisdictions, including serving as lead restructuring counsel to official creditor constituencies in Mallinckrodt and LTL Management (Johnson & Johnson), Le Tote, and 24 Hour Fitness.   Contact Information   Cullen Drescher Speckhart   Rachel Ehrlich Albanese   Resources   "Rachel Albanese Speaks On Independent Directors" Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, FTI Consulting Senior Managing Director Heath Gray joins host Justin Bernbrock to discuss current trends in the tech world. Their enlightening conversation touches on a wide range of topics, including Covid's long-term effects on the industry, the future of crypto and how the state of the economy might impact social media companies.   What We Discussed In This Episode: What's behind the massive layoffs at major tech companies? COVID really underlined the importance of technology, both for remote work versus in-person positions. What were some of the struggles that plagued the tech market vs. other types of businesses? The majority of us live our lives on social media. But  current economic conditions, especially inflation, have begun placing a great deal of  pressure on social platforms. Beyond cost savings actions, what other steps can these platforms take to protect themselves?  Crypto continues to dominate the news on a regular basis, and we've started seeing lawsuits that raise a range of novel issues, including many that are  being resolved in real-time. Have we reached a point where the government needs to decide whether this industry should be regulated differently?  How could the rise of social media companies and the emergence of more tech-based tech-based impact technology? What sort of pressure will current economic conditions bring to bear on subscriber services?   About Heath Gray   Heath Gray is a senior managing director at FTI Consultancy, where he specializes in advising public and private companies on large-scale transformations, turnarounds and transactions. Mr. Gray regularly serves in interim executive roles and as a senior advisor to management teams, boards of directors, special committees and private equity investors. He has extensive experience with complex international M&A and restructuring matters, crisis management and corporate governance.   About Justin Bernbrock   Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.    Contact Information   Heath Gray   Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Sheppard Mullin partner and former Illinois Assistant Attorney General Bill Kane joins host Justin Bernbrock to discuss current trends in Special Purpose Acquisition Company (“SPACs”) deals, including how a cooling economy creates the potential for more SPAC-related litigation and how an uptick in such litigation could ultimately result in more restructuring activity.   What We Discussed In This Episode:   What's behind the recent surge in the popularity of SPACs? What are some common issues you're seeing emerge in regards to SPAC litigation? How could the overall cooling of financial markets impact disputes over SPAC investments? Which SPAC-related claims are most likely to succeed and which are not? Going forward, what do you see for restructuring professionals concerning SPACs?   About Bill Kane As a partner in Sheppard Mullin's Chicago litigation group, Bill Kane's national litigation practice focuses on complex commercial litigation and advice across industry sectors in corporate governance, director and officer issues, shareholder rights, media/entertainment and regulatory issues. He has more than 30 years of experience representing clients before trial and appellate courts, administrative agencies, private mediations and arbitrations. Bill previously served as an Assistant Attorney General in the Illinois Attorney General's office where he represented the legislative, executive, and judicial branches of state government.    He actively represents clients in contract disputes, business tort claims, antitrust, and consumer protection issues. Bill further has experience in Special Purpose Acquisition Company or SPAC litigation. In addition to his experience in SPAC-related litigation, Bill also represents clients in contract disputes, business tort claims, antitrust and consumer protection issues. His practice includes representing private equity investors, along with directors and officers in partnership and shareholder litigation.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.    Contact Information Bill Kane   Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.  It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. This week, Susan E. Lester, Global ESG Senior Counsel on the Marketing/IP legal team at McDonald's Corporation, joins us to discuss ESG – environmental, social and governance – in the post-pandemic economy, including the factors driving companies to embrace ESG and sustainability and the legal risk associated with ESG messaging.   Susan is also a mother of two and, as such, became a vocal advocate for working parents, particularly mothers, whose struggles came into clear focus during the pandemic. She graciously agreed to share her experience on this critical topic as well.   What We Discussed in This Episode:   As McDonald's' Global ESG Senior Counsel, what is your role? Why do you think ESG topics have gained such immense traction in the past two years? What are the legal risks that companies face in ESG messaging? DEI, or diversity, equity and inclusion, is a part of the “S” in ESG. How has the pandemic impacted the inclusion of women in the workforce? What can corporations do to support working parents, specifically working moms?   About Susan E. Lester   Susan E. Lester graduated magna cum laude of the University of Illinois College of Law in 2012.   Prior to joining McDonald's' Corporation, Susan worked at Kirkland & Ellis LLP in the IP Litigation group. She was with McDonald's Corporation for nearly seven years when she transitioned to her current role as Global ESG Counsel with their Marketing/IP team.  Susan coordinates legal support for business teams carrying out or reporting McDonald's' various ESG initiatives.   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.   It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, Professor Robert Lawless of the University of Illinois College of Law joins us to discuss the intersection of bankruptcy and arbitration, including the enforceability of arbitration agreements in bankruptcy and the frameworks bankruptcy courts should use to determine when such an agreement is enforceable.   What We Discussed in This Episode What is the tension between the Federal Arbitration Act and the Bankruptcy Code? What framework should the courts use to determine when an arbitration agreement is enforceable in bankruptcy? Are there any actions that frequently arise in the bankruptcy context that should or should not be subject to arbitration? Is there value in arbitration in bankruptcy where there is no pre-dispute agreement in place? When should courts take that approach?   About Professor Robert M. Lawless Professor Lawless is the Max L. Rowe Professor of Law and co-director of the Program on Law, Behavior and Social Science at the University of Illinois College of Law. He specializes in bankruptcy, consumer finance and business law.   Professor Lawless also co-authored the ninth edition of Secured Transactions: A Systems Approach, a leading textbook on secured transactions, as well as Empirical Methods in Law, a textbook on empirical methodologies. He administers and contributes to the blog Credit Slips, participates in the Consumer Bankruptcy Project, and serves as an associate editor for the Law & Society Review. Professor Lawless has testified before Congress, and his work has been featured in major media outlets such as C-SPAN, CNN, CNBC, NPR, The New York Times, the Wall Street Journal, Last Week Tonight with John Oliver, ABC News and the Financial Times.   Contact Information Professor Robert M. Lawless   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify.   It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency, and distressed investing. In this week's episode, we're joined by Cullen Drescher Speckhart, Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office, and Rachel Ehrlich Albanese, Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office, to discuss the ever-present challenge of recruiting, retaining and advancing women lawyers and professionals in the restructuring industry.   What We Discussed in this Episode:   Men account for a majority of the lawyers and other professionals in the restructuring industry. What explains this lack of parity? Is having women in leadership positions important to encouraging other women to aspire to those heights? As head of your respective firm's restructuring groups, what are your observations regarding women's experiences in law today? Do you spend time, energy and effort helping men in your group understand the contributions women attorneys and professionals can make?  Can you tell us a bit about your personal development and how you each came to be the woman you are today? What has had the most significant impact on your success in the restructuring industry? What should law firm leaders focus on as they work to improve gender parity going forward? About Rachel Ehrlich Albanese Rachel is Chair of DLA Piper's U.S. Restructuring practice and a partner in the firm's New York office. She has nearly 20 years of experience representing secured and unsecured creditors, debtors, equity holders, purchasers of distressed assets, and other parties in interest in a wide range of restructuring matters, including cases under chapter 11 of the U.S. Bankruptcy Code, out-of-court workouts, and cross-border insolvency proceedings.    Rachel has been involved in Puerto Rico's current restructuring efforts since their earliest days when she participated in dozens of meetings with U.S. Congress members and staff to develop the law that ultimately became PROMESA. She has subsequently been instrumental in many of DLA Piper's PROMESA-related matters.   About Cullen Drescher Speckhart Cullen is Chair of Cooley's business restructuring & reorganization practice and partner in charge of its Washington, DC office. She is a top advocate in corporate restructuring and financial litigation, with a diverse practice spanning a range of industries, including healthcare, life sciences, technology, energy, and retail.    In addition to her deep experience in complex insolvency litigation, Cullen has led some of the largest and most significant restructuring engagements in a multitude of jurisdictions, including serving as lead restructuring counsel to official creditor constituencies in Mallinckrodt and LTL Management (Johnson & Johnson), Le Tote, and 24 Hour Fitness.   Contact Information   Cullen Drescher Speckhart   Rachel Ehrlich Albanese   Resources   "Rachel Albanese Speaks On Independent Directors"

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in chapter 11 bankruptcy, commercial insolvency, and distressed investing. In this week's episode, Matthew Dundon, Principal of Dundon Advisors, LLC, joins us to discuss current topics related to unsecured creditors' committees. In doing so, Matt shares some of his most memorable experiences serving as an advisor and investor in the restructuring industry. Matt founded Dundon Advisers, LLC in 2016. He and his team manage complex credit and credit-linked assets for institutional clients, provide restructuring advice to creditors, debtors, financiers, and distressed asset purchasers, and act as broker and counterparty advisors in non-securities credit originations and secondary transactions. Matt has been a global credit, litigation, and distressed investment leader for over 13 years. Prior to founding Dundon Advisors, he served as research head at Miller Tabak Roberts Securities (2006-2010) and portfolio manager at Pine River Capital and Advent Capital (2010-2016). From 1998-2006, he held roles as a corporate finance lawyer and analyst 1998-2006.  Matt attended the University of California at Berkeley as an undergraduate before earning his law degree at the University of Chicago.   What We Discuss In this Episode: How Matt got to where he is today; What the office of the U.S. Trustee looks for when appointing committee members; The role an unsecured creditors' committee should play in a chapter 11 case; The merits of the the Subchapter 5 process; and Advice for professionals seeking to advise unsecured creditors' committees.   Contact Information: Matthew Dundon  

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency, and distressed investing. For this episode, Ben Finestone of Quinn Emanuel, David Dunn from Province, and Cesar Bello of Corbin Capital join us to discuss the litigation risks to private equity sponsors in Chapter 11 bankruptcy, including potential fraudulent transfer and breach of fiduciary duty claims, what triggers prepetition investigation into a sponsor's conduct, and the role that litigation finance can play in reaching a fair settlement.   Ben Finestone Ben Finestone is a Partner with Quinn Emanual, a litigation firm with offices in 11 different countries on four continents. As a Partner in the firm's New York City Office, his areas of practice include Bankruptcy & Restructuring and Lender Liability & Other Banking Financial Institution Litigation.   David Dunn David Dunn is a Principle at Province, a nationally-recognized financial advisory firm focusing on growth opportunities, restructurings, and fiduciary-related services. As a Principle, he serves  in executive officer roles, as advisor to or member of boards of directors, in ad hoc and official creditors' committees, and as a Litigation/Liquidating Trustee, Plan Administrator, or Examiner.    Cesar Bello Cesar is a Partner for Research and Portfolio Management with Corbin Capital Partners, an independent alternative asset management firm offering multi-strategy hedge fund and opportunistic credit investing to clients throughout the United States.  He works mainly on the firm's private investment program, leading the litigation finance effort, while also focusing on private credit secondaries, structured credit transactions, manager seeding, and workouts.    What We Discussed in This Episode:   What are the litigation risks when a restructuring situation involves the distressed portfolio company of a private equity sponsor? Why has there been such a focus on the pre-petition conduct of sponsors? Does a pre-petition investigation into a sponsor's conduct always make sense? How do various causes of action, such as fraudulent transfer and fiduciary duty claims, typically play out after a Chapter 11 filing? Given the difficulty of proving fraudulent transfer claims, why do they remain significant targets for firms that provide litigation finance? Are breaches of fiduciary duties that give rise to liability fairly prevalent?  Or are these claims more often a scare tactic employed by creditors' committees? In light of the potential for breaches of fiduciary duty claims, should an individual board member of a distressed entity consider retaining separate counsel? How should a lawyer prepare a director or officer who will potentially testify in bankruptcy court? Are there specific ethical issues from the perspective of litigation finance? Could litigation finance be leveraged for debtor-in-possession financing?   Contact Information: Ben Finestone David Dunn Cesar Bello This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

This episode of Restructure THIS! features a panel discussion held live April 29th at the American Bankruptcy Institute's Annual Spring Meeting in Washington, D.C.  Guests Matthew Guill of Configure Partners, Maja Zerjal Fink of Arnold & Porter and Jeffery Dutson of King & Spalding discuss the challenges that secured creditors now face in bankruptcy asset sales, including imperfect information and potential caps to credit bidding post-Fisker. They also explore ways that a secured lender can maximize optionality in a sale process, the procedural or regulatory pitfalls that secured lenders may face post-filing, and how to placate other parties in the capital stack (e.g., an unsecured creditors' committee) that oppose a proposed asset sale.    Matthew Guill As a Director with Configure Partners, Matt has advised companies, lenders, sponsors, and governments on an array of complex financing and restructuring issues, M&A activity, and general strategic advisory assignments. Matt came to Configure Partners from Greenhill & Co.'s Financing Advisory and Restructuring practice, where he most recently served as a Principal.   Maja Zerjal Fink As a Partner at Arnold & Porter in New York City, Maja presents clients in distressed situations, corporate reorganizations, distressed investment litigation, and insolvency proceedings in the United States and across the globe. She has represented clients in numerous high-profile restructurings and some of the nation's largest reorganization, including restructuring Puerto Rico's outstanding debt load of more than $74 billion.    Jeffery Dutson  As a Partner in King & Spalding's Leveraged Finance and Restructuring Group, Jeff represents banks and other investors in connection with their most complex financings, restructurings, and bankruptcy matters. He also frequently represents corporate debtors in Chapter 11 bankruptcy cases throughout the country, as well as buyers and sellers in distressed M&A transactions.    What We Discussed in This Episode:   What strategies can be employed when a client isn't willing to be flexible? What risks are inherent when a client is willing to be flexible? What hurdles need to be overcome when advising a secured lender group? Are any overriding themes applicable no matter where the lender sits? What are some pre-petition debt-acquisition themes related to opportunity? How are clients typically advised when a sales process is on the horizon? When is it time to push for a sale? If it's apparent that Chapter 11 will be necessary, is it wise to begin the filing process first? Or does it make more sense to commence the sales process pre-petition? What strategies might a lender employ in a consensual vs. non-consensual sales situation? Is representation & warranty insurance necessary? What is credit bidding? How can a credit bid be leveraged, either as a strategy or a defense? Can there be a fair process that permits a committee to test liens while at the same time promoting the sale of a going concern? What are the pros and cons of a stand-alone sale vs. a planned sale? What are some considerations for lender groups that will own an asset on the back-end? Is collusion really that big of an issue? Contact Information:   Matthew Guill    Maja Zerjal Fink   Jeffrey Dutson This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency, and distressed investing. For this episode, Ralph Brubaker, the James H.M. Sprayregen Professor of Law at the University of Illinois College of Law, joins us to discuss the use of non-consensual third-party releases in bankruptcy proceedings. Professor Brubaker holds four degrees from the University of Illinois, including his J.D. summa cum laude and an M.B.A. He was on the faculty of  Emory University School of Law in Atlanta, Georgia, from 1995 until 2004, when he returned to his alma mater. Professor Brubaker served as Interim Dean of the College of Law from 2008-09 after serving  as Associate Dean of Student Affairs the previous two years. Considered one of the leading bankruptcy scholars of his generation, Professor Brubaker is the Editor-in-Chief and a contributing author for West's Bankruptcy Law Letter. He is also co-author of a bankruptcy casebook and  has written dozens of journal articles and essays. In his most recent article, "Mandatory Aggregation of Mass Tort Litigation in Bankruptcy,” published last month in the Yale Law Journal Forum, Professor Brubaker addressed the inequities of non-consensual third-party releases used in bankruptcy proceedings and argued for their prohibition. What We Discussed in This Episode: What are non-consensual third-party releases as they relate to bankruptcy proceedings?  Why are these types of releases controversial? Should these types of releases be prohibited rather than reformed? Are there third-party releases that should be permitted in Chapter 11 plans? Why aren't claimant opt-out mechanisms a sufficient indicator of consent? Is there a critical mass of consent that could bind a non-consenting minority? Does the population of claimants subject to non-consensual third-party releases matter?  Could prohibiting these releases impair the efficient resolution of the bankruptcy and reorganization process?   Resources Mentioned: Mandatory Aggregation of Mass Tort Litigation in Bankruptcy   Contact Information: Professor Ralph Brubaker This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, we're joined by Stacey Rosenberg, partner in the Finance & Bankruptcy Group in Sheppard Mullin's Los Angeles office. We discuss the rise of direct lending and private finance, current trends in middle-market loans, predictions for whether the overall volume will drive restructuring activity in the near future and the role of private debt financing in the motion picture and entertainment industry.    Stacey joined Sheppard Mullin a little over a year ago, and has been representing lenders, borrowers and equity sponsors in a variety of debt finance transactions for more than 25 years. While her practice in recent years has primarily focused on private lending, Stacey's expertise and experience includes senior secured credit facilities, leveraged buyouts, workouts and out-of-court restructurings, exit financings and secured bond transactions.   Her in-depth experience and transactional knowledge, combined with a unique focus in the entertainment industry, allows Stacey to provide clients with highly specialized advice in connection with credit facilities, film securitizations, motion picture co-production and distribution arrangements and sale transactions.    What We Discussed in This Episode: What are some of the most interesting trends we are seeing in middle-market and direct lending? What are the advantages and disadvantages of covenant-lite loans from both the lender and borrower perspectives? Has intense competition among private lenders created a "race to the bottom" as they include fewer and fewer restrictions in loan agreements? Considering the huge growth in leveraged lending recently, what has been the impact on default rates? How will the shift away from LIBOR impact leveraged lending and restructuring? Why has there been such a significant increase in private credit transactions? How will rising interest rates impact middle-market companies' access to loans? Will the significant M&A activity in the middle market space over the last 18 months result in restructuring activity? How do private financing deals work in the motion picture and entertainment industry? How has the transition to streaming platforms altered the financing picture in the film industry?   Contact Information: Stacey Rosenberg   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs

The appointment of an independent director to the board of a distressed company has become a common strategy in the chapter 11 playbook. What is the role—and value—of an independent director in an in-court restructuring? Oftentimes appointed by parties in interest, are they in fact independent? Today we discuss this topic and related issues with John Dubel, CEO of Dubel & Associates, LLC, who has served as an independent director for numerous large scale companies in financial distress.  John has over 35 years of experience in the restructuring space and has worked on many chapter 11 cases, advising both debtors and creditors. His independent director roles in recent chapter 11s include, but are not limited to, Alpha Media Holdings LLC, Purdue Pharma Inc, Highland Capital Management, LP, and WMC Mortgage, LLC. John has also served as CEO and Chief Restructuring Officer of SunEdison, Inc. and as CFO of WorldCom, Inc.  What We Discussed in This Episode: The decisions that chief restructuring officers and independent directors typically make when appointed to financially struggling companies The driver for the need of independent directors in modern restructurings Whether the recent criticisms of independent directors in chapter 11s is warranted Whether the filing of retention applications for the independent director or soliciting creditors' input on who is appointed would address concerns re the independent director model in complex chapter 11 cases Contact Information:  John Dubel    This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs

The ways that companies connect with their stakeholders has dramatically changed with the rise of digital and social media and a challenge to the concept of shareholder primacy. We speak with Sydney Isaacs and Dan Scorpio of Abernathy MacGregor on how companies can effectively reach their customers, vendors and employees during times of uncertainty such as a corporate restructuring.   With over 17 years at Abernathy, Sydney advises companies on transactions, crises and other times of transition, including restructuring. Dan, who joined Abernathy in 2015, is the head of M&A and activism.    Abernathy MacGregor is a strategic communications advisory firm that provides communications, stakeholder engagement and advocacy expertise to management teams and boards during mergers, social media crises, and distress. Abernathy has advised companies in chapter 11, including, among others, Alpha Media, Valaris, Parker Drilling, Brookstone, J. Crew Group, and Philadelphia Energy Solutions, and has also advised the City of Detroit in its Chapter 9 filing.    What We Discussed in This Episode: What a communication team does behind the scenes when a company files chapter 11 Whether to engage, or dodge, the press in corporate restructuring situations The likelihood of an information leak, and its impact on a distressed company's value How a company's management should message the company's situation to employees Best practices in managing customer and vendor communications   Contact Information: Sydney Isaacs  Dan Scorpio

The restructuring industry has been greatly impacted by the uncertainty that the global pandemic has brought. What does this mean for the future of restructuring? Which sectors will have been most severely impacted? We speak with Gaurav Malhotra of Ernst & Young LLP, who is a member of the EY Global Restructuring team and US Restructuring Leader.  With more than 20 years of experience leading financial and operational restructuring assignments, Gaurav has advised leadership of enterprises ranging from Fortune 100 companies to middle market corporations. Gaurav has strategized turnaround plans in sectors including, among others, commercial airlines, and Tier 1 automotive suppliers, as well large scale local government restructurings, including the City of Detroit and Puerto Rico. What We Discussed in This Episode: How EY may be unique among the Big Four in the restructuring industry, and how that has affected EY's growth What the Global Financial Crisis of 2008 taught us as we address the economic impact of COVID-19 pandemic The next potential drivers of a restructuring cycle, and what's to come in 2022 How ESG issues, whether environmental, societal, or social in nature, may ultimately impact restructuring  Contact Information: Gaurav Malhotra 

In this special installment of ‘Restructure This!' sponsored by the American Bankruptcy Institute, we welcome Chief Judge David R. Jones and Judge Marvin Isgur from the United States Bankruptcy Court for the Southern District of Texas. The two esteemed jurists collectively have several decades of experience on the bench and have presided over some of the largest chapter 11 filings in recent memory, including Seadrill, J.C. Penney, iHeartMedia, and Ultra Petroleum. As part of today's conversation, the judges opine on venue reform, third party releases, one day “prepacks,” and the propriety of repeat independent directors in chapter 11.  What We Discussed in This Episode: The importance that the judges place on consumer debtor cases  The basis for the rise of large chapter 11 filings in the Southern District of Texas  Whether the current venue statute needs reform Policy concerns regarding third-party releases The circumstances in which expedited chapter 11 cases are appropriate The current independent director framework and whether legislative reform is necessary What separates great restructuring lawyers from others   Contact Information:   Chief Judge David R. Jones  Judge Marvin Isgur

Canada legalized recreational cannabis in 2018, but the legal cannabis market continues to struggle even three years later. Observers blame overregulation by both federal and provincial regimes, high taxation, and a thriving black market that continues to sell cannabis at much lower prices. What has this meant for cannabis bankruptcies in Canada, and what lessons can the U.S. learn?  We speak with Kathryn Esaw, partner in the Insolvency and Restructuring group at Osler, Hoskin & Harcourt LLP, and Susan Newell, partner in Osler's Health Industry and Cannabis groups.    Kathryn's practice focuses on proceedings under the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act throughout Canada. She has represented debtors, court officers, creditors, purchasers and lenders. Kathryn also has experience in restructurings under the Canada Business Corporations Act. Susan provides strategic advice to health industry stakeholders in connection with mergers and acquisitions, healthcare corporate restructurings and integrations, corporate governance matters, shareholders agreements, commercial agreements, outsourcing, clinical trial agreements and regulatory opinions in connection with federal and provincial health and cannabis statutes. Susan regularly advises cannabis license holders and other industry participants with navigating Canadian commercial operations within the cannabis regulatory environment, including licensing, supply agreements and promotional and advertising activities. What We Discussed in This Episode: What Canada's federal Cannabis Act governs and the objectives behind the legislation What aspects of recreational cannabis sales that the provincial laws govern   How the Canadian regime differs substantially from the US, where cannabis is still banned at the federal level but over a dozen states have legalized and regulated it The structural challenges that legal recreational cannabis market in Canada faces  How the COVID-19 pandemic impacted cannabis bankruptcies  Contact Information: Kathryn Esaw bio Susan Newell bio

We speak with James (“Jamie”) H. M. Sprayregen, partner at Kirkland & Ellis LLP and founder of the firm's powerhouse bankruptcy restructuring practice.  Few know the story of how Jamie built the practice from humble beginnings starting in 1990. In a frank interview, Jamie describes the vision he had three decades ago, the challenges he encountered along the way, and the banner chapter 11 cases—Zenith Electronics, United Airlines—that he believes helped to shape the then-emerging brand of this premier practice. Jamie is partner in the Chicago and New York offices of Kirkland & Ellis. Under Jamie's leadership, the Restructuring Group has represented debtors and creditors in some of the most complex Chapter 11 filings in recent history, including Energy Future Holdings Corp., Seadrill Limited, Caesars Entertainment Operating Co. Inc, Toys “R” Us, Inc., Trans World Airlines, Inc., and Conseco, Inc.  In October 2013, Jamie was inducted into the Turnaround Management Association (TMA) Turnaround, Restructuring, and Distressed Investing Industry Hall of Fame‎. From 2013 to 2015, Jamie was appointed to serve a two year term as the President of INSOL International, the world's leading international insolvency association.  Jamie is a Fellow in the American College of Bankruptcy. What We Discussed in This Episode: The circuitous, and serendipitous, route by which Jamie arrived as a junior associate at Kirkland in 1990 The transactional deal that Jamie believes put Kirkland's restructuring practice “on the map” That business plan that Jamie, while a senior associate, wrote that envisioned creating “the best bankruptcy practice in the world”  How the various economic downturns during Jamie's tenure—including the 1989 real estate crash, the 1997-1998 Asian financial crisis, the 2000 dot com crash, the Global Financial Crisis, of 2007-2008 the COVID-19 recession—changed the practice of bankruptcy law   Contact Information: James H.R. Sprayregen's bio

Inflation is here and seems far from “transitory.” Given this, where is the restructuring industry headed?  Which sectors are predicted to feel the pain next, and what are governments doing in response to inflationary prices? This episode discusses the impact of inflation on distress as seen from the perspective of a businessperson. It also explores the challenging role of the restructuring advisor—the person seated next to the C-suite managers at a time of stress and distress.   We speak with Mohsin Meghji, managing partner of M3 Partners, LP, a corporate advisory firm experienced in providing financial and operational restructuring. M3 has represented debtors, creditors and equity holders in some of the most complex and contentious restructurings and bankruptcies, including Sanchez Energy, Neiman Marcus, Barneys New York, and Seadrill Partners.   What We Discussed in This Episode: The unique challenges of being a chief restructuring advisor, or CRO, in today's economic environment How companies are weathering the impacts of the COVID-19 pandemic, and how economic policy is helping or hurting The increasing rate of inflation and the ability of companies to raise prices as they encounter increasing costs Contact Information: Mohsin Meghji bio