Energy Industry Faces New Era of Uncertainty, Challenges
From 2009 to 2019 the oil industry destroyed over $300 billion of investors’ capital, and that was before the 2020 crash. 1 During this era of relatively cheap oil, the industry was run like a failed startup: companies prioritized increased market share over profitability. Investors tolerated what...
Leader Board: Jeffrey C. Hampton
I hope that you joined us at the TMA Distressed Investing Conference in Las Vegas. It was a terrific event, and we were very happy to see so many of you back in person. TMA will continue putting on great networking and education events in 2022, so if we missed you in Las Vegas, we hope to see you...
From Crisis to Clarity
As we enjoy the afterglow of one of most successful and meaningful Distressed Investing Conferences TMA has experienced in recent years, we look at our year of Innovation through Disruption, and we revel in the opportunities that lie ahead. In a year where our membership retention is at historic...
JCR Guest Editor
Change is hard. This bromide—so beloved by the uninspiring TED speaker and corporate hatchet man alike—is both obvious and trite. It’s also true. Adapting to the changes that inevitably appear in business and life is difficult. Indeed, if more businesspeople were better at this task, many...
Why the Expected COVID Restructuring  and  Bankruptcy Boom Fizzled—But  May Soon Materialize
In late March 2020, as the potential extent of devastation brought on by the COVID-19 pandemic was becoming clear, a headline in The New York Times declared: “Scary Times for U.S. Companies Spell Boom for Restructuring Advisers.” There were more than 8,000 permanent brick-and-mortar store closures...
Why Mixed-Use Real Estate Owners Should Detail  All Factors Contributing to Their Distress
For owners of retail and mixed-use real estate facing distress, it is tempting to blame their economic woes solely on the COVID-19 pandemic. This explanation is attractive because it leaves them blameless, is seemingly self-evident, and does not compel them to justify their past actions or explain...
Lenders’ Security Interest  in UCC Accounts May  Unlock Value  in Retail Bankruptcy Cases
Secured term loan and revolver lenders in retail bankruptcy cases often leave money on the table because they do not understand how their security interests in a debtor’s “accounts” under the Uniform Commercial Code (UCC) extend to the proceeds of sale of a debtor’s real property interests,...
Supply Chain Issues May Spur More Retail Bankruptcies In The Year Ahead
As most restructuring professionals would attest, 2021 was a historically slow year for corporate bankruptcy filings. Across the industry, filings in all chapters were down almost 25% from 2020 levels, and November 2021 recorded the fewest cases with a $10 million liability threshold since 2015...
The Circular Retail
The retail industry is one of the most dynamic and demanding aspects of the economy, as evolving consumer habits and technology continually change the way consumers shop. For years, retail business models were primarily driven by paradigm shifts in globalization, digitization, omnichannel, and just...
Looking Backward for  Clues in Preparing for the Next Retail Cycle
These days, turnaround professionals are divided into two camps: on the one hand, there are those arguing that the next big wave of retail restructurings is just around the corner as the full economic fallout from the global pandemic takes its toll and government stimulus starts to fade away; and,...