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About Tricia Schwallier

Tricia Schwallier

Tricia Schwallier is a restructuring associate in the Chicago office of Kirkland & Ellis LLP. Tricia’s practice focuses on all aspects of corporate restructuring, bankruptcy and insolvency.


Articles by Tricia Schwallier

Supplier! Can Your Unpaid Administrative Claim Be Setoff Against Your Preference Liability?

A sophisticated Supplier sells “meat products” (yum) to a struggling manufacturer (in this case, of food). The manufacturer files a petition to commence a chapter 11 case. The manufacturer (and now debtor-in-possession or Debtor) wants Supplier to continue to supply. Supplier recognizes that it received $13 million in payments in the 90 days before the bankruptcy […]


Optimizing Corporate Workouts With Independent Directors and Special Committees

The appointment of independent directors may benefit a financially distressed business throughout its restructuring process, including during a bankruptcy case. An independent director can be conceived of as having no direct or indirect connection to the business, including not being an employee, owner, or other insider of the business and not deriving any income from […]


Transparency Is Key: The Importance of Disclosure in Bankruptcy

Firms targeting fellow restructuring professionals’ disinterestedness to gain leverage Transparency and disclosure are pillars of the bankruptcy system. Companies going through chapter 11, as debtors, are required to publicly report information they would rather keep private. So are the professionals (lawyers, financial advisors, accountants, etc.) that are retained by court order and payed from the […]


Ponzi Scheme Lender May Be On The Hook, After All!

The Skinny The Sixth Circuit recently revived a trustee’s $17 million avoidance and claw-back suit against a lender, finding that the lender’s existing security interests could have been extinguished via novation. Impact: secured lenders entering into amended and restated loan documents should adopt definitive and irrefutable language demonstrating that the parties do NOT intend for the new […]


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