Having spent the past 18 years at SB360 Capital Partners (formerly SB Capital Group), I can say with certainty that the turnaround industry has evolved. What surprises me most is how we have been forced to change our own industry, even though at times it didn’t seem broken. But if you think about...
I’m honored to have been selected as chair of the Editorial Advisory Board starting in 2019. Together with our new CEO, Scott Stuart, and Editor Eddy McNeil, we’re planning some innovative changes to the JCR that should provide a lot value to our membership and continue to position us as the...
As we reflect on the 10th anniversary of the bankruptcy filing of Lehman Brothers Inc., it’s not difficult to notice that the restructuring industry has changed dramatically over the past decade. Bankruptcy filings are down. Chapter 11 cases that are filed are of shorter duration, and sales under...
The middle market is in the midst of a 10-year M&A bull market characterized by increasingly high transaction multiples, rising leverage levels, and rapid growth in credit assets under management (AUM) from non-bank lenders. Despite the present optimism, it is not difficult to imagine how an...
A troubled company often reflexively perceives a bankruptcy filing as the prototype solution to its financial distress. Bankruptcy is an important and powerful tool to address insolvency—providing for an automatic stay, the sale of assets free and clear, confirmation of a plan over the objection of...
Last year more than 20 national retail chains filed for bankruptcy protection, continuing a trend that many observers attribute to the rise of e-commerce and the unprecedented growth of Amazon. While the impact of those forces certainly cannot be denied, the history of retail is also one marked by...
Six out of every 10 businesses are experiencing the same or higher levels of losses to online fraud compared with a year ago, according to “The 2018 Global Fraud and Identity Report” from Experian. Fraud was cited as a growing concern by 72 percent of businesses that participated in the study...
Despite the strong stock market performance and the low interest rate environment, financial distress, as measured by the number of Chapter 11 bankruptcy filings, is gradually increasing in both general Chapter 11 and real estate. The exception to this “gradual” increase is in healthcare, which has...
The positive economic climate seen around much of the world is a mixed blessing for restructuring and turnaround professionals. We continue to see signs of growth from investment in infrastructure and energy, consumer spending, job creation, and asset value appreciation, all without the inflation...
Distressed investing has been strong since the collapse of the financial markets in 2008, but as the economy has continued to expand, it has become increasingly opportunistic. It appears that the U.S. economy, which is heading into its ninth year of expansion, will continue to expand, with low...
