Distressed investing has been strong since the collapse of the financial markets in 2008, but as the economy has continued to expand, it has become increasingly opportunistic. It appears that the U.S. economy, which is heading into its ninth year of expansion, will continue to expand, with low interest and inflation rates, consumer spending growing at approximately 2.5 percent, low unemployment with high job growth that is bringing the United States to the verge of structurally full employment, and real GDP growth at around 2.3 percent.

This is all positive news for healthy credits...

In my role as a guest editor of the JCR over the past couple of years, I have asked authors to focus on topics related to the energy business from the perspectives of both the investor and the turnaround professional. This year we have shifted to a survey format covering a broad range of topics with the objective of providing useful insights and tools for turnaround professionals. We have also included an article to add an international perspective, recognizing the full importance of turnaround practices in international markets and TMA’s global footprint.

Our issue begins...

As a longtime writer for the Journal of Corporate Renewal, I was delighted to be asked to act as guest editor for this issue. Traditionally, TMA has had themes for each JCR issue. This year, it has moved away from them, in large part to make sure that the JCR can cover timely topics relevant across the restructuring world, rather than having each issue impact only specific subgroups.

At the same time, I found it ironic as topics came together for this issue that the articles came primarily from two worlds—consumer goods and (if you know me, you probably...

When I last served as guest editor for the JCR, we focused exclusively on an industry familiar to most turnaround practitioners—construction contracting. This time around, readers have the opportunity to dive into a wealth of knowledge spanning a number of current and pervasive topics impacting the turnaround and restructuring profession. 

Steve Roach and Ronald Spinner of Miller Canfield have co-authored an article on a familiar, but often overlooked, subject that we all find ourselves having to deal with from time to time—preference actions. The authors offer some helpful...

Nonprofits are big business, 
with more than 1 million entities contributing 5 percent of the 
U.S. gross domestic product. The 
size and prevalence of nonprofits are 
also visible in the donations of time 
and treasure. Last year, more than 
63 million Americans volunteered 
their services to nonprofits, and 
$389 billion was donated to charities, a 4.2 percent increase over 2015.1 

Because of growth in the sector, turnaround professionals are working with increasing numbers of nonprofits with increasing frequency. In addition, many turnaround professionals serve in...

George Bernard Shaw once said, “Progress is impossible without change, and those who cannot change their minds cannot change anything.” Those words have a special resonance for those of us in the turnaround community, especially those who focus on retail. 

We have witnessed record-shattering e-commerce growth and expansion of native e-commerce players into traditional brick and mortar here in the U.S. We are also on pace to see a record number of brick-and-mortar store closings. Internationally, fast-fashion retailers are entering and traditional retailers are exiting foreign...

A year ago, uncertainty was the pervasive concern for a lot of people across our industry. That uncertainty covered a number of areas, both economic and political, on our shores and others. Twelve months ago the outcome of the U.S. election wasn’t clear, the risks arising from Brexit were unknown, and tepid growth prospects tempered optimism in most parts of the economy. 

Fast-forward 12 months, and disruption has featured even more prominently. Rapid and dynamic policy changes since the 2016 election have brought a renewed sense of economic optimism and have buoyed the markets, at...

The first half of 2017 has proven to be a very busy time for the turnaround industry. We’re pleased to bring you a tremendous issue of the JCR, focused on private equity, with thoughtful perspectives on key considerations throughout a portfolio company’s life cycle. There are interesting articles for board members who may be nearing the zone of insolvency and considerations for portfolio managers on the front or back end of transactions.

Private equity aside, we also have some great pieces on recent U.S. Supreme Court rulings on structured dismissals, and special...

Donald Trump emerged victorious in the most dramatic and polarizing presidential election of our lifetimes. The first 100 days of the new administration have come and gone, and Trump remains nearly as divisive as he was on the campaign trail. He continues to tweet his way to controversy after controversy. No subject is off limits and he still doesn’t seem to have learned that every word he utters has consequence.

Many TMA members were pleased when Trump nominated our distinguished colleague Wilbur Ross as Secretary of Commerce. Ross will need to use his incredible skills he honed in...

The retail sector continues to make headlines, with news of store closures and liquidations dominating the media. Factors contributing to this turmoil include:

  • The vastly overstored and overspaced U.S. retail environment
  • Globalization and the invasion of sophisticated international retailers
  • The seismic drop in mall and store traffic
  • The rapid growth of e-commerce and “the Amazon effect”
  • The impact of millennial and Gen Z shoppers
  • The continued growth of technology

It is important...