Restructuring a city, school district, county, or other public sector body presents unique challenges that turnaround professionals likely haven’t encountered in the private sector. While many of the same turnaround principles apply, the environment is different and thus the approach taken must...
In Canada, compromises and arrangements with creditors can be pursued under the Companies’ Creditors Arrangement Act (CCAA). To reorganize under the CCAA, the debtor must be an insolvent corporate entity, formed under Canadian or foreign law, with a total amount of claims against it or its...
The U.S. oil and gas industry has continued to suffer substantial distress this year, with oil prices falling below $35 per barrel. Since late 2014, the industry has grappled with both severely depressed oil prices and burdensome debt levels. Global oil prices began trending lower in summer 2014 as...
Buying bankruptcy trade claims can be attractive for distressed investors, while also providing an important and necessary potential source of liquidity to a wide range of creditors. Buying unsecured debt or “claims” against companies that are in bankruptcy, however, is risky no matter how an...
Following high-profile decisions issued by the U.S. District Court for the Southern District of New York, the Trust Indenture Act of 1939 has been garnering significant attention in recent months. 1 In addition, amendments to the Trust Indenture Act were introduced that, if adopted, would have...
My first exposure to restructuring was as a boy growing up in a small town on the East Coast of Canada. My family had a number of businesses, but the cornerstone was a retail furniture chain located on an island in the Atlantic. The island was a 12-week delivery in a just-in-time inventory system...
Investing in distressed assets can be a highly profitable modus operandi. However, whether distressed investors realize value can be predicated on a variety of factors, including transaction price, assessment of operations and achievability of the business plan, management execution, capital...
Everyone knew that 2015 would be a daunting year for the North American energy sector, but it arguably surpassed even the worst of expectations and closed out the year at the nadir of a tumultuous and largely unanticipated downturn. Informed opinions largely agree that 2016 holds few prospects for...
Alabama Heather Lee, Burr & Forman LLP Cathleen C. Moore, Bradley Arant Boult Cummings LLP Samuel Carlton Pierce, Baker Donelson Bearman Caldwell & Berkowitz PC Arizona David Matthews Austria Christian Grininger, Raiffeisen Landesbank OÖ AG California - Northern David Sherman, White Oak...
After showing dramatic declines for the past four years, the Polsinelli|TrBK Chapter 11 Distress Research Index increased for three out of four quarters in 2015 and is at its highest point since June 2014. The index has been showing distress stabilizing at prerecession levels and now suggests that...
