26 episodes

Sheppard Mullin’s Restructure This! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. Join host Justin Bernbrock, partner in the law firm’s Finance and Bankruptcy group, as he and his guests discuss popular, and sometimes not-so-popular, developments in the wild west of the bankruptcy legal world and high yield deal-making.

Sheppard Mullin's Restructure This‪!‬ Sheppard Mullin, with Justin Bernbrock

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    • 4.2 • 5 Ratings

Sheppard Mullin’s Restructure This! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. Join host Justin Bernbrock, partner in the law firm’s Finance and Bankruptcy group, as he and his guests discuss popular, and sometimes not-so-popular, developments in the wild west of the bankruptcy legal world and high yield deal-making.

    Restructure This! Episode 26: Turnaround and Performance Improvement Strategies with Kobus van der Zel [Replay]

    Restructure This! Episode 26: Turnaround and Performance Improvement Strategies with Kobus van der Zel [Replay]

    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.
     

    • 43 min
    Restructure This! Episode 25: The Role of Professional Organizations in the Restructuring Industry with Scott Stuart of TMA

    Restructure This! Episode 25: The Role of Professional Organizations in the Restructuring Industry with Scott Stuart of TMA

    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 oth

    • 47 min
    Restructure This! Episode 24: Supporting Sovereign Entities in Troubled Financial Waters with Natalie Jaresko

    Restructure This! Episode 24: Supporting Sovereign Entities in Troubled Financial Waters with Natalie Jaresko

    Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Natalie Jaresko from EY-Parthenon joins us to discuss her impressive background and storied career. She also breaks down some of the nuts and bolts of restructuring, lessons she learned in her role in Ukraine and Puerto Rico, and how governments can best serve themselves.
     
    What We Discussed in This Episode:
    What is the difference between restructuring a sovereign or municipal bankruptcy?
    What role does the IMF play in certain bankruptcies and what limitations are enforced?
    What has been Natalie’s experience as Ukraine’s Minister of Finance and how it has impacted the situation today?
    What lessons can be learned from the largest municipal restructuring in Puerto Rico?
    What is China’s growing role in providing access to capital?
    What does the future look like for Ukraine?
    How can governments stop the repetition of borrowing and what can they do to help their communities instead?
     
    About Natalie Jaresko
    Natalie Jaresko is a leader in EY-Parthenon’s Turnaround and Restructuring Strategy practice, overseeing sovereign advisory efforts and complex public sector turnarounds.
    Natalie is a proven executive with a distinguished 30-year career leading large-scale government transformations that restructure debt and marshal limited resources to prioritize essential services and strengthen budgetary practices, financial reporting and transparency. As Executive Director of Puerto Rico’s Financial Oversight and Management Board from 2017 to 2023, Natalie oversaw critical reforms and the largest debt restructuring in US municipal bond market history. Further, as Ukraine’s Minister of Finance from 2014-2016, Natalie successfully restructured Ukraine’s sovereign debt and negotiated its wide-ranging IMF program.
     
    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:
    Natalie Jaresko
     
    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.
     

    • 48 min
    Restructure This! Episode 23: Building a Bankruptcy Juggernaut with James (“Jamie”) H. M. Sprayregen [Replay]

    Restructure This! Episode 23: Building a Bankruptcy Juggernaut with James (“Jamie”) H. M. Sprayregen [Replay]

    This episode is a replay of Episode 2 which originally aired on January 19, 2022.
     
    In this episode, we speak with James (“Jamie”) H. M. Sprayregen, partner at Kirkland & Ellis LLP and founder of the firm’s powerhouse bankruptcy restructuring practice.  Few know the story of how Jamie built the practice from humble beginnings starting in 1990. In a frank interview, Jamie describes the vision he had three decades ago, the challenges he encountered along the way, and the banner chapter 11 cases—Zenith Electronics, United Airlines—that he believes helped to shape the then-emerging brand of this premier practice. Jamie is partner in the Chicago and New York offices of Kirkland & Ellis. Under Jamie’s leadership, the Restructuring Group has represented debtors and creditors in some of the most complex Chapter 11 filings in recent history, including Energy Future Holdings Corp., Seadrill Limited, Caesars Entertainment Operating Co. Inc, Toys “R” Us, Inc., Trans World Airlines, Inc., and Conseco, Inc.  In October 2013, Jamie was inducted into the Turnaround Management Association (TMA) Turnaround, Restructuring, and Distressed Investing Industry Hall of Fame‎. From 2013 to 2015, Jamie was appointed to serve a two year term as the President of INSOL International, the world’s leading international insolvency association.  Jamie is a Fellow in the American College of Bankruptcy.
    What We Discussed in This Episode:
    The circuitous, and serendipitous, route by which Jamie arrived as a junior associate at Kirkland in 1990 The transactional deal that Jamie believes put Kirkland’s restructuring practice “on the map” That business plan that Jamie, while a senior associate, wrote that envisioned creating “the best bankruptcy practice in the world”  How the various economic downturns during Jamie’s tenure—including the 1989 real estate crash, the 1997-1998 Asian financial crisis, the 2000 dot com crash, the Global Financial Crisis, of 2007-2008 the COVID-19 recession—changed the practice of bankruptcy law   Contact Information:
    James H.R. Sprayregen
    Justin Bernbrock
     
    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.

    • 46 min
    Restructure This! Episode 22: D&O Risks in an Unstable Economy with Paul Figliozzi and Michael Gil of Marsh

    Restructure This! Episode 22: D&O Risks in an Unstable Economy with Paul Figliozzi and Michael Gil of Marsh

    Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Paul Figliozzi and Michael Gil of Marsh join us to discuss the critical issue of director and officer risk, particularly in the context of an unstable economy and financially distressed companies.
     
    What We Discussed in This Episode:
    How has the recent uptick in restructuring activity and the banking crisis impacted the D&O market in terms of the claims you're seeing and with respect to premiums?
    Assuming the banking panic is unlikely to abate anytime soon, what advice would you offer companies in the financial sector and elsewhere?
    Are you seeing more clients request a review of their D&O programs?
    What concerns or issues are typically revealed in these reviews?
    How often are D&O claims asserted in the context of a Chapter 11 filing actually successful?
    Now that we're on the trailing edge of the SPAC trend, do you perceive any unique risks to directors and officers, especially related to de-SPACing?
    What common mistakes or misconceptions do you see in the SPAC market?
    Have you seen any instances where ESG forms the basis of a D&O claim?



    About Michael Gil
    Michael Gil is the co-leader of the Turnaround and Restructuring Practice and a senior client advisor in Marsh’s Financial and Professional (FINPRO) Practice.  FINPRO’s Turnaround and Restructuring practice provides solutions through a team of technical experts that help clients navigate all aspects of insurance placements in the context of turnaround, restructurings, bankruptcy and emergence.
     In this role, he is responsible for the management of select client accounts. Those responsibilities include overseeing client service teams in formulating the strategy, structure, coverage analysis, and placement of financial lines insurance programs including directors and officers liability, employment practices liability insurance, professional liability (errors & omissions), fiduciary liability and fidelity (commercial crime).  He also has significant experience in advising clients on the insurance implications of M&A activity and initial public offerings.
    His clients range from large public organizations to private companies. Michael’s strengths include high responsiveness, attention to detail, and creativity in formulating insurance solutions, together with an ability to provide significant insights on policy wording and coverages from legal and claims perspectives. Michael has strong professional relationships with underwriters in the marketplace that drive best in class coverage terms and program pricing for his clients. 
     
    About Paul Figliozzi
    Paul Figliozzi is a Managing Director of Marsh Inc., in the Financial and Professional Services (FINPRO) division and a member of the FINPRO Executive Leadership Team. Paul oversees FINPRO’s Private Equity and M&A (PEMA) practice and co-leads both the Turnaround & Restructuring Group (T&RG) and the Special Purpose Acquisition Company (SPAC) Practice. 
    FINPRO PEMA consists of two brokerage teams with fifteen colleagues and is focused on the risk transfer needs of PE firms as well as their portfolio companies. Given the broad reach of PE funds, the portfolio company clients stretch across private and public markets. The team brings an industry focus with concentration in the Retail, Life Science, Energy, Communications, Media and Technology sectors. The T&RG advises clients throughout the life cycle of a financial restructuring. The SPAC Practice is dedicated to the FINPRO insurance needs of SPACs, SPAC sponsors and SPAC targets.
    Prior to his current role, Paul led the FINPRO Risk Management group for the New York Metro region. FINPRO’s New York Risk Management group is dedicated to the needs of publicly traded companies relative to management liability insurance, Cyber liability and other financial l

    • 36 min
    Restructure This! Episode 21: Real Estate Restructuring – Views from Another Side with Emily S. Gottlieb

    Restructure This! Episode 21: Real Estate Restructuring – Views from Another Side with Emily S. Gottlieb

    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 delve into real estate development with Emily Gottlieb of AW Properties Global, including discussing commercial-to-residential conversions, redeveloping vacant land, and more.
     
    What We Discussed in This Episode:
    What got you interested in restructuring?
    What is your precise role at AW Properties? What does your day-to-day look like?
    What correlations can you draw between your current role and your former life as a bankruptcy attorney?
    What are your primary sources of business development or business origination?
    How is the auction component offered by AW properties unique and different?
    What are you seeing in the commercial real estate market?
    Will we see more commercial-to-residential conversions?
    Why is it so difficult to redevelop vacant land?
    What can you tell us about a recent Sub 5 case you were involved in?
    What insights would you offer a bankruptcy attorney looking to transition out of traditional law practice?
     
    About Emily S. Gottlieb
    Emily S. Gottlieb has more than 18 years of experience in the restructuring industry. She began her career as a real estate attorney working on large commercial transactions at Faegre Drinker Biddle & Reath and transitioned into a bankruptcy practice. Emily continued her restructuring work at DLA Piper, representing debtors, creditors, committees, financial institutions, Trustees and receivers in all aspects of Chapter 11 and Chapter 7 proceedings, workouts and litigation.
    For over a decade, Emily worked for a prominent national bankruptcy and class action administration company as a business development executive and head of Midwest operations, where she managed the Chicago office. Prior to joining AW Properties, she was on the senior leadership team of a major not-for-profit organization in Chicago.
    Emily is active in the turnaround community as a member of TMA and IWIRC and previously served on the board of IWIRC Chicago. In addition to being an attorney, she is also a licensed real estate broker and a member of the Chicago Association of Realtors (CAR) and the National Association of Realtors (NAR).
     
    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: 
    Emily S. Gottlieb
     
    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.

    • 21 min

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