The Chief Restructuring Officer (CRO): From Restructuring to Stakeholder Management, They Can Do It All

An Introduction to the Distressed Company’s Superman: The Chief Restructuring Officer The role of a Chief Restructuring Officer (“CRO”) is approximately four decades old. While still a somewhat new role in the 1990s, CROs are now ubiquitous in the restructuring community. Todd Zywicki, a George Mason law professor who specializes in bankruptcy law, traces the origin of the CRO to the Bankruptcy Reform Act of 1978 (the “1978 Act”). The 1978 Act created “a unified reorganization chapter [chapter 11] that is fundamentally grounded in the presumption that pre-bankruptcy management will […]