Sheppard's Restructure THIS!

Sheppard's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Samuel Maizel, partner and chair of Dentons USA's Distressed Healthcare group, joins host Justin Bernbrock to discuss why healthcare bankruptcies are unlike any other Chapter 11 case, from Medicare/Medicaid provider agreement disputes to the wave of hospital and skilled nursing facility closures reshaping communities nationwide. What we discuss in this episode: Sam's transition from infantry officer to the DOJ, then to private practice What makes healthcare restructurings different from a typical corporate Chapter 11 Why hospital closings devastate communities in ways other business failures don't The government's inconsistent position on Medicare/Medicaid provider agreements Why cutting off successor liability matters so much to buyers of distressed hospitals, and how that shapes deal value How Sam's win in In re Verity Health Systems of California used the pre-existing duty rule to reshape how courts treat these agreements, and how the government has since backed off similar fights How the treatment of provider agreements impacts the ability to sell a hospital or healthcare facility, particularly in safety net and rural contexts The wave of hospital and health system bankruptcies over the last three years and the role private equity has played Why skilled nursing and long-term care facilities are the "canary in the coal mine" for financial distress in healthcare The looming impact of Medicaid cuts, provider-directed payments ("bed tax") crackdowns and immigration restrictions on the healthcare workforce The outlook for healthcare restructuring activity over the next five to ten years   About Sam Maizel Sam Maizel is a partner in Dentons USA's Los Angeles office, where he leads the firm's healthcare industry restructuring efforts nationwide. His practice spans in- and out-of-court restructurings across a broad spectrum of industries, and he is a nationally recognized expert in the unique issues that arise when healthcare entities face financial distress. Sam's Chapter 11 work has included serving as lead counsel to debtors, trustees, and creditors' committees, and representing buyers and sellers of assets. He's also represented local hospital districts and other governmental units as both debtor's counsel and counsel to creditors' committees in Chapter 9 bankruptcy proceedings. Prior to entering private practice, Sam was a trial attorney in the U.S. Department of Justice's Commercial Litigation Branch, representing the federal government in bankruptcy, district, and appellate courts nationwide. He also served in the U.S. Army Judge Advocate General's Corps, including during Operation Desert Shield/Desert Storm, for which he was awarded the Bronze Star Medal. Before becoming an attorney, he was an infantry officer in the 101st Airborne Division and the 3rd U.S. Infantry Regiment (The Old Guard). About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy practice group in Sheppard's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.   Contact Information Sam Maizel Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Lorenzo Marinuzzi, Bankruptcy Partner and Global Chair of Morrison & Foerster's Business Restructuring + Insolvency Group, joins host Justin Bernbrock to discuss retail bankruptcy then and now, including how e-commerce and non-traditional lenders have reshaped the restructuring landscape, the unique dynamics of luxury retail cases and insights from the Saks Global Chapter 11 bankruptcy.   What we discuss in this episode: How Lorenzo's earlier retail cases compare to the restructurings we see today How retail bankruptcies have been affected by the involvement of distressed debt funds and other non-traditional lenders Vendor–lender tensions in luxury bankruptcies, especially where vendors hold outsized leverage The unusually complex structure of the Saks DIP, including atypical vendor protections Landlords' shifting influence in retail Chapter 11 cases and how their leverage has declined. How Lorenzo navigated Amazon's objection to the Saks DIP and resolved the financing structure How the Saks Global settlement resulted in a litigation trust to pursue claims tied to the Neiman acquisition and the competing stakeholder interests involved Whether accelerated case timelines push DIP claims into impairment territory, and if that trade-off is becoming normalized Reassessing the viability of reorganizations in retail amid the rise of e-commerce How unsecured creditors (e.g., vendors, suppliers, trade creditors) doing business with financially distressed retailers can best protect themselves Lorenzo's expected trends in retail bankruptcy and where he believes the market is heading   About Lorenzo Marinuzzi Lorenzo Marinuzzi is a partner at Morrison & Foerster, where he serves as global chair of the Business Restructuring + Insolvency group. Based in New York and Austin, he has practiced bankruptcy law for 30 years, representing debtors, creditors and creditors' committees in complex bankruptcy cases, workouts and litigation across a wide range of industries, including retail, airline and cargo transportation, energy, oil and gas, banking and finance, mortgage origination and servicing, and telecommunications. His retail bankruptcy work spans the full arc of the industry's transformation—from early cases involving Ames Department Stores and Kmart to today's luxury retail restructurings, including his current role as lead committee counsel in the Saks Global Chapter 11.  About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy practice group in Sheppard's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.   Contact Information Lorenzo Marinuzzi Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, David Johnson and Molly Froschauer of Resolution Financial Advisors join host Justin Bernbrock to discuss Assignments for the Benefit of Creditors (ABCs), including advantages and disadvantages compared to traditional bankruptcy options, the various ways an ABC can be leveraged and the acquisition opportunities they offer potential buyers.   What We Discussed in this Episode What is an Assignment for the Benefit of Creditors? What are the advantages and disadvantages of an ABC compared to traditional bankruptcy proceedings? What cost and jurisdictional factors should a distressed company or its board of directors consider when evaluating the various options? How can an ABC be leveraged as an operating company, a going-concern sale or even a prepackaged ABC? How can potential buyers learn about acquisition opportunities involving ABCs? Are there specific companies and industries that aren't well-suited for an ABC?   About the Guests and Host About David M. Johnson, CFA David M. Johnson, CFA, is an accomplished executive with more than 25 years of experience in financial advisory and business restructuring roles. He has honed his skills advising startups, venture-backed companies and established businesses through complex crises, guiding over 400 companies toward recovery and resilience.  Before co-founding Resolution, David served as Senior Managing Director at a middle-market advisory firm, guiding distressed companies for 17 years. He also spent four years with Alvarez & Marsal, Inc., a global turnaround management firm, providing interim management and forensic accounting services for clients that included a national healthcare organization. His expertise spans corporate turnarounds, insolvency management, sales and acquisitions, financial modeling, and valuations.    About Molly Froschauer Molly Froschauer is an experienced insolvency professional who has been advising on bankruptcy and distressed corporate situations for over a decade. Before joining Resolution, she spent seven years with middle-market professional services firms, specializing in corporate distress. Molly's career also includes practicing as a bankruptcy attorney and serving as a general manager for an out-of-court insolvency service provider and liquidation agent. Her work has spanned managing creditor meetings, advocating for business debt solutions and educating trade creditors on navigating debt resolution. As an editor for the National Association for Credit Management's Manual of Credit and Commercial Laws, Molly oversaw more than 50 Assignments for the Benefit of Creditors, out-of-court workouts and engagements through the bankruptcy courts.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.   Contact Information David M. Johnson, CFA Molly Froschauer Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

This episode is a replay of Episode 19 which originally aired on December 28, 2022, but includes updated restructuring news as of January 2024. Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, we're joined by Kobus van der Zel, the owner of Ravinia Capital Performance Improvement, a financial advisory and investment firm in Chicago. In his conversation with host Justin Bernbrock, Kobus explains what his engineering background, military service in South Africa and the Myers-Briggs personality test has to do with financial turnarounds.   What We Discussed in This Episode: Looking back over your 20-year-plus turnaround career, what are some of the significant trends you've observed? What could those trends foreshadow for the future? At what point might events in the natural world, particularly the impacts of climate change, start driving "winters" in the economic cycle? How do trends in the context of credit cycles and special asset groups typically materialize for small family enterprises all the way up to sponsor-backed companies?   Could advisory, service-based firms in the restructuring industry better use social media and multimedia platforms to drive business development? What are some of the challenges and strategies that come into play when exiting a business?   About Kobus van der Zel With more than 28 years of experience in business improvement, Kobus van der Zel is passionate about helping overleveraged companies reverse the root causes of past underperformance, return to market-share growth, and achieve optimum business value in future sale transactions. As the owner of Ravinia Capital Performance Improvement, he works with business owners to realize higher valuations and effectuate successful turnarounds when they need it most. Over the last several years, Kobus has successfully guided numerous middle-market companies, including Swisher Hygiene, West Coast Commercial Printer, and Cycle Force, through the turnaround process. He is author of the 2011 book, The Forces of Progress, an exploration of the factors that fuel or hamper progress in modern companies.     About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.    Contact Information Kobus van der Zel  Justin Bernbrock   Resources https://www.rcpi-capital.com/   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week.   If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show.   This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.  

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Scott Stuart, CEO of Turnaround Management Association (commonly referred to as "TMA"), joins us to discuss the role of professional organizations in the restructuring space, including what distinguishes TMA from similar organizations, the importance of its diverse membership, and how restructuring has evolved over the last 30+ years.   What We Discussed In this Episode: What brought you to where you are today? What's your background in the restructuring industry? What is TMA? Why is it important? How does its unique structure distinguish TMA from similar organizations in the restructuring space? Why does it matter that TMA is agnostic and doesn't cater to a specific type of restructuring professional? What are some of the unique groups within TMA that members can join? Since becoming CEO, how has TMA promoted and enhanced the visibility of members with diverse backgrounds? How have awards programs paid off for TMA and its membership? Can you explain why such an impressive roster of partners have joined TMA's growing list of sponsors? What has been the net effect of the TMA's Hall of Fame? What's on the agenda for this year's annual conference in San Francisco? As a restructuring professional for over 30 years, what's your perspective on how the space has evolved?   About Scott Stuart Scott Stuart is CEO of TMA, a global nonprofit organization and professional community focused on turnaround management, corporate restructuring, and bankruptcy. Established in 1988, the organization boasts approximately 10,000 members, including turnaround practitioners, attorneys, accountants, advisors, liquidators, bankers, academics, government employees, and members of the judiciary, in 55 chapters spread across 20 countries and 4 continents. Scott has held volunteer leadership roles at TMA for nearly 20 years. Prior to becoming TMA's CEO in 2018, he gained 30 years of experience in a variety of diverse roles in the corporate restructuring space. As an attorney, Scott has held positions at private law firms, in-house corporate legal departments, and the Department of Justice's United States Trustee Program. Scott has also served as a corporate executive, including Executive Director at Donlin, Recano & Company, Inc. In addition, Scott co-founded Esquify, Inc., a legal tech startup in the document review space.   About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas. Prior to private practice, Justin served with distinction as an Aviation Warfare Systems Operator in Patrol Squadron FIVE and as a Weapons Tactics Instructor in Patrol and Reconnaissance Wing ELEVEN. During his nearly 10 years of active duty in the United States Navy, he was awarded the Navy Commendation Medal twice, including once for meritorious service during combat operations in Iraq. Justin also received the Global War on Terrorism Medal for his service in Kandahar, Afghanistan.   Contact Information Scott Stuart Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Google Podcasts, Stitcher or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.