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Ordinary Course Professionals

A Primer on the Chief Restructuring Officer (CRO)

A Brief History of 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 […]

Corporate Restructuring 2017: Why Some Attorneys See Rising Rates, but Most Don’t

THE CORPORATE RESTRUCTURING profession has become, much like the broader economy, increasingly a world of few “haves” and many “have nots.” This is not by accident, and it is not going away. Those who see and accept the industry for what it is—and pivot accordingly—will continue to be winners. Those who possess a limited repertoire […]

Keen-Summit Capital Partners Wins Turnaround Management Association’s 2016 Transaction of the Year Award

Selling the Aziz Convenience Store Chain at Bankruptcy Auction for $41.6 Million Harold J. Bordwin and Matt Bordwin, Principals and Co-Managing Directors of Keen-Summit Capital Partners LLC, have received the 2016 Transaction of the Year Award for a Mid-Size Company Transaction by the Turnaround Management Association (TMA).  The TMA and the American Bankruptcy Association are the […]

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 […]

Demystifying Administrative Expenses in Bankruptcy

Bankruptcy professionals, other business professionals, and trade vendors would be reluctant to provide services or otherwise extend credit on an unsecured basis to an insolvent entity like a bankruptcy debtor unless their claims to payment were somehow ensured.  In addressing this predicament, Congress provided that holders of unsecured claims that arise from certain transactions that […]

The Duties of a Chief Restructuring Officer: What Does He or She Do?

Editor’s Note: For a great discussion of options available to struggling businesses, we recommend Help! My Small Business Is In Trouble, a webinar by Financial Poise. When a company is distressed, incumbent management may see the need for restructuring, but also may find itself overwhelmed in tending to day-to-day operational issues plus the demands of a […]