In traditional engagements, turnaround and corporate renewal professionals present knowledgeable, predictable answers to management's fear of the unknown, focus attention on their intellectual challenges, and provide time-tested solutions to identify and solve external or internal contemporary and...
I hope you enjoy this month’s Journal of Corporate Renewal , focused on the best bank loan workouts. I have been involved in over 400 problem loan workouts with some of the top workout professionals in our industry, including workouts with several banks. As many of you know, every problem situation...
As summer began, I had the distinct honor and privilege to see TMA members from 18 different countries connecting with one another at June’s inaugural International Symposium and Annual European Conference, held in Hamburg, Germany. I can say without reservation that there was an energy and...
Most lenders would prefer to avoid litigation in connection with foreclosing on income-producing property. Sometimes, however, it is the best approach when dealing with a litigious borrower and a troubled income-producing property that, if foreclosed upon, would require extensive renovation to...
Distressed companies often seem like a tale of two cities. On the one hand, there are those with good profit and loss (P&L) statements but bad balance sheets. On the other, there are companies with good balance sheets but bad P&Ls. The Penn Central bankruptcy was one of the largest and most...
Banks’ special assets groups are getting busy. Considering continuing supply chain problems, inflation, rising interest rates, and low unemployment, borrowers are suffering. Lenders must ascertain which credits possess the characteristics necessary for financial recovery and which might follow Bed...
The world keeps getting more complex and harder to navigate. This—and the uncertainty it creates—is perhaps the defining characteristic of this age. One crisis leads to the next, as longer-term structural changes remake economies, societies, and day-to-day lives. The most proximate example is the...
Five minutes before midnight on September 19, 2021, Flexible Funding LLC and its subsidiary, InstaPay Flexible, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division. The next day, at 12:27 p.m., these debtors filed an emergency motion...
Sometimes events of default occur that motivate a bank to seek an exit of the credit, such as changes in upper management, litigation that distracts the business, assertion of lender liability claims, and material financial reporting issues—not to mention payment defaults. When events like these...
Lenders, turnaround professionals, and their counsel faced unparalleled challenges with the sudden onset of the COVID-19 pandemic in 2020. As corporate management teams struggled to keep operations flowing under pandemic guidelines, lenders worked day and night from their homes to determine which...
