Post-Brexit, how would creditors in the U.K. retrieve assets that had been transferred to Europe? How would creditors recover debts from European Union (EU) companies that are insolvent? This article looks at how the European Regulation on Insolvency Proceedings (EIR) and recognition of insolvency...
Some dreamed of it and others dreaded it, but nobody actually expected the Brexit referendum result. As such, politicians and business leaders seemed unprepared for the negotiations and practicalities of Britain’s exit from the European Union. Nassim Taleb wrote in “Black Swan” (part of his Incerto...
It should come as no surprise to turnaround professionals or even casual readers that the retail industry is in a state of transition. However, contrary to the popular refrain, this transition does not signal that brick-and-mortar retail is dead, nor is it in the midst of an apocalypse. The retail...
The U.S. retail industry is tattered and torn, and Chapter 11 continues to be an inevitable ending for many distressed retailers struggling in the post-Amazon world. Indeed, despite the recent uptick in the U.S. economy, retailer woes have continued unabated, with sales for many continuing to...
To minimize their financing costs, retail companies commonly provide ABL lenders and term loan lenders with senior liens over separate silos of collateral. Typically, the ABL lenders have priority liens over the company’s borrowing base assets—most commonly current assets, such as receivables and...
A majority of today’s large Chapter 11 cases are structured as quick Section 363 sales of all the debtor’s assets followed by confirmation of a plan of liquidation, dismissal of the case, or a conversion to a Chapter 7. The purchaser in the sale is often one of the debtor’s prepetition secured or...
It cannot really be debated that the Four Horsemen of the “retail apocalypse” have arrived and are comfortably hanging around the nation’s shopping districts. Dozens of retailers filed for bankruptcy in recent memory, including Bon-Ton, Claire’s, Gibson Brands, and Brookstone, with more on the...
For much of the 20th century, Henri Bendel was one of the most innovative retailers in the world. It was the first retailer to spot Upper Fifth Avenue’s potential for affluent foot traffic, the first to offer an annual sale, the first to offer in-store makeovers, and the first to have its own...
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...
My first 100 days as CEO of TMA have been storied. With each person I touch, each chapter I visit, and each initiative we roll out, I am reminded of the power of the Big Tent that is TMA. It is strong, and it is growing. I continue to be motivated and inspired by the dedication of our members, the...
