As our political, economic, technological, and social foundations are being disrupted in ways and at speeds never before imagined, we are continuously challenged in how we conduct both our personal and professional lives: how we interact and connect with one another, how we work and conduct...
The first half of 2017 has proven to be a very busy time for the turnaround industry. We’re pleased to bring you a tremendous issue of the JCR , focused on private equity, with thoughtful perspectives on key considerations throughout a portfolio company’s life cycle. There are interesting articles...
While the main focus of academic and professional investment research in the risky corporate credit market has typically been on the performance of high-yield bonds, including, importantly, the default and recovery rates of those bonds that default, there is very little similar work on defaulted...
Chapter 11 bankruptcy cases generally conclude in one of three ways: a plan, conversion to a liquidation under Chapter 7, or dismissal. Classically, dismissal restores the debtor to its financial condition as of the date it filed bankruptcy, but “for cause” Bankruptcy Courts can order a “structured...
The ground is shifting under private equity (PE) firms. Strong fundraising in vintage years combined with slower deal flow has led to PE firms holding onto more and more capital, with few true value-creating opportunities available in developed industries and markets. Combine those facts with...
Because of the typical three- to five-year holding period of private equity firms’ ownership in portfolio companies, PE firms are typically highly experienced in the acquisition and disposition of companies and the nuances of dealmaking. In the current environment, where access to capital is...
Target. Yahoo! PF Chang’s. Home Depot. Sony. These are but a handful of the headline-grabbing privacy and data breach incidents that have had direct negative business impacts on the affected companies. Organizations that ignore the reality of these incidents, as well as the growing body of...
Private equity firms routinely appoint directors to boards of their privately held portfolio companies and other investment vehicles, some of which will eventually face financial distress. Often, a person appointed to a board by a private equity firm has a relationship with the firm ( e.g. , they...
Portfolio companies sometimes fail. This obviously isn’t breaking news, as master funds routinely divest themselves of investments. Sometimes the investment never worked out, or the portfolio may have simply run the course of its natural shelf life. Whatever the impetus may be, it’s important to...
K arl R. Norton is a vice president with more than 15 years of banking experience with Comerica Bank in Grand Rapids, Michigan. He has served Comerica’s Special Assets Group in West Michigan for nearly 14 years, handling workout deals from the Middle Market, Small Business, and Private Banking...
