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Semi-Annual Newsletter - The Turnaround Report - July 2022



J U L Y – 2 0 2 2



Welcome back to The Turnaround Report. The New York City Chapter of the Turnaround Management Association is proud to present our third semi-annual newsletter. The Marketing & Communications Committee of TMA NYC has worked to produce a platform for members to share achievements, provide educational and newsworthy content and gain more visibility throughout the restructuring community. As current economic conditions continue to become more complicated, we hope that this platform will encourage members to reach out and collaborate with each other on situations as they arise. Please let us know if you would like to contribute to future editions or review sponsorship opportunities. And most importantly, we hope that you all have a wonderful summer!

Sneak Peek of Curated Content

Each newsletter features content submitted by the TMA NYC community and curated by our team of editors. Make sure to check out the entire newsletter.

Must Foreign Debtors Have U.S. Property to be Eligible for Relief under Chapter 15?

By Rick Antonoff, Evan Zucker, BlankRome

Chapter 15 of the U.S. Bankruptcy Code provides a streamlined process for recognition (a form of comity) of a foreign insolvency proceeding. However, courts are divided as to whether a foreign debtor must satisfy the general definition of “debtor” as that term is used in section 109(a) of the Bankruptcy Code…



Chapter 11 Recoveries Improve Across All Claims Classes in 2021; 1L Creditors Receive Median Par Recoveries; 2L Status Offers Little Upside to Unsecured

By Reorg

Consistent with the improvement in equity and credit markets in 2021 as compared with 2020, claimholders of companies that filed for chapter 11 in 2021 received sharply higher recoveries across all classes of creditors as compared with cases that were initiated in 2020…



Congress Passes Legislation to Revive Expanded Debt Ceiling for Subchapter V Bankruptcy

By George Angelich, ArentFox Schiff LLP and Travis Vandell, Stretto

The House has passed a bill that will now go to the President to sign raising the eligible debt ceiling for subchapter V of chapter 11 to $7.5 million. Small businesses with noncontingent, liquidated debts up to this threshold will again be eligible for relief under subchapter V for another two years.

Subchapter V of chapter 11 of the U.S. Bankruptcy Code has played an increasingly prominent role for restructuring distressed small businesses. Enacted under the Small Business Reorganization Act (SBRA) in February 2020, it became a lifeline for many small businesses during the COVID-19 economic crisis when the allowed debt limit was initially increased to $7.5 million under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)…




The first 5 responses with all 4 correct answers will win a $50 gift card.

Answers and Winners will be announced via LinkedIn the week of July 18th.

Who named the Pacific Ocean?

  • Ferdinand Magellan
  • Dr. Pacifus Oceanus
  • Aristotle
  • Christopher Columbus

What color is the rarest M & M candy?

  • Green
  • Blue
  • Brown
  • Red

How Many Major League Baseball players have hit 500 home runs and also have over 3000 total hits?

  • 7
  • 5
  • 9
  • 2

What was the New York Yankees original name?

  • Dutchmen
  • Highlanders
  • Stripes
  • Knickerbockers

Meet the Editors

Brett Theisen,

Gibbons P.C.

Lauren O’Leary,

Chiron Financial LLC

Pat Siciliano, 

STA International

Howard Steel,

Goodwin Procter LLP

Read the Past Editions


A U G U S T — 2 0 2 1




J A N U A R Y — 2 0 2 2




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