TMA Awards
TMA honors excellence through its annual awards program, which recognizes achievements in the categories listed in this issue, plus more. The following awards were presented at IMPACT 2020, which was held virtually September 29–October 1. Mega Company Turnaround – Essar Steel India Essar Steel...
Cover Image : Employee Culture
Peter Drucker famously stated, “Culture eats strategy for breakfast.” Strategies are like sand slipping between a CEO’s fingers in the economic roller coaster of 2020, where a pandemic, massive government stimulus, upheaval of work and home life, and restrictions on travel have changed how business...
Cover Image: Views from the Bankruptcy Bench
The COVID-19 pandemic has brought about dramatic economic and social change in the world, most particularly in human behavior, due largely to concerns about the threat to human health. The restructuring community has been no less affected, and U.S. Bankruptcy Courts have not escaped the wave of...
Article Image
Rent has presented a complicated puzzle during the pandemic for numerous landlords and tenants, and the solutions—inside and outside of Chapter 11—have been unconventional. As foot traffic evaporated due to restrictions prompted by health and safety regulations, and revenue fell precipitously as...
Cover Image Lenders Are Writing Their Pandemic Playbook in Real Time
While dealing with the personal and medical issues associated with the COVID-19 pandemic, few fully appreciated the global economic impact the health crisis would cause or what the “quick” solution would be to put the world economy back on sound footing. While the medical community dealt with the...
The 2020 Pandemic: A Corporate Life Cycle Accelerant
The road paved by COVID-19 appears to be a long and winding one for turnaround professionals. Unlike other recessions, where life eventually returns to the way things used to be, the pandemic recession will lead to significant changes in individual and societal behavior that remain long after it’s...
Situation Analysis
Transfer pricing can be a useful tool and source of information for turnaround and restructuring professionals. Although the practice of transfer pricing is most closely associated with tax planning and compliance, restructuring professionals stand to benefit from using the wealth of information...
Real Estate Could Yield Much-Needed Liquidity for Educational Institutions
Early in the pandemic, a think tank responded to the financial crisis facing America’s colleges and universities by recommending the use of a single metric to gauge risk at these institutions—liquidity. The Century Foundation’s basic argument was that schools should be ranked as liquid (having at...
CROs Adapt to Limits on On-Site Presence
Can a chief restructuring officer (CRO) continue to be an effective and efficient resource for lenders in this new normal environment? The short answer is “absolutely.” But the longer answer is complicated. Workouts of lenders’ distressed credits aren’t going away, and in fact, they most likely...
Getting the Deal Done, Even During a Pandemic
As a result of the COVID-19 pandemic, most people have had to adjust to the new normal of working remotely. Most nonessential offices and businesses began shutting their doors in mid-March. The uncertainty of so many different facets of everyday life being turned upside down was stressful to many,...