The out-of-court restructuring process is a fascinating and ever-evolving discipline. Creative restructuring professionals have spent entire careers developing unique approaches to out-of-court restructuring that push the limits of applicable law. Recent decisions by lower courts temporarily...

The nonprofit sector is an important component of today’s society. Included within this sector are most of the nation’s premier hospitals and universities; orchestras; theater and opera companies; all religious congregations; family and children’s services, neighborhood development, antipoverty,...

The last several years have yielded some interesting, and not always pleasant, surprises for private equity sponsors and restructuring professionals looking to pursue out-of-court restructurings in the face of significant financial constraints. Challenges to asset transfers, debt exchanges, and...

Troubled companies often perceive bankruptcy as the only way to address their problems. However, savvy insolvency professionals know that alternatives, such as Uniform Commercial Code (UCC) Article 9 sales, assignments for the benefit of creditors (ABCs), compositions, and statutory dissolutions,...

A third-generation, $20 million meat processing company was struggling in mid-2012. It had virtually no liquidity and was overleveraged, cash-flow negative, and in default with its senior lender. By any stretch of the imagination, it looked like bankruptcy was inevitable. Yet the company didn’t...