There are many similarities between the sale of assets through a bankruptcy sale in the United States under Section 363 of the U.S. Bankruptcy Code and the sale of assets under Canada’s Companies’ Creditors Arrangement Act or Bankruptcy and Insolvency Act. Although the two countries’ legislation is...

Scott Stuart began losing his fear of failure at an unlikely time: in the middle of a streak of courtroom wins as a young lawyer in 1989 at the Finkel Goldstein law firm in New York. An older attorney who noticed his success pulled him aside and told him not to keep count, warning that there will...

S ean Clancy is a manager in the Forensic Services Division of Marcum LLP. He provides litigation services in the areas of bankruptcy and reorganization, fraud and misappropriation, computer forensics, and partner and shareholder disputes, specializing in asset tracing and recovery. He also...

Alabama Timothy George Holland, Holland Turnaround & Restructuring Consulting LLC Arizona Shannon Gallop, First Western Trust Bank Eric Lee, Keegan, Linscott & Kenon P.C. Joseph Yockey, Leading Edge Manufacturing LLC Atlanta Richard Baxter, FTI Consulting William J. Boehman, Yamaha Motor...

As turnaround professionals, we deal with crisis or near crisis situations almost every day. The world of turnaround is not for the weak. The pace can be unrelenting and the stakes extremely high: businesses can shut down, equity holders can lose their capital, creditors can be left unpaid, entire...

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...

While it is impossible to predict the exact timing, a downturn is inevitably coming after such a long period of economic expansion. The stretch of time following the last recession in 2008 has featured low interest rates that make debt loads more manageable for middle market businesses. The past...

Many non-bank direct lenders and others are asking, “Are we ever going to have a recession?” The obvious answer to that question is yes, but no one knows when. Risk appears to be extremely underpriced. Leverage lending multiples and advance rates on asset-based transactions are at all-time highs...

This article addresses certain financing topics from the perspective of a non-bank cash flow lender in the lower middle market segment, referencing companies with EBITDA of less than $30 million. The article explores some key issues for cash flow lenders in today’s late-cycle environment. The...

In the past, when companies in distress turned to restructuring professionals, those professionals often had a one-size-fits-all solution: Chapter 11 bankruptcy. However, as the cost and complexity of Chapter 11 have increased, so has the risk that filing a company for an unplanned Chapter 11 could...