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Restructuring Management and Management Oversight
There are certain Chapter 11 cases in which existing management is incapable, conflicted, or simply untrustworthy, yet liquidation is imprudent. Since the advent of the Bankruptcy Code the appointment of Chapter 11 trustees has been a non-starter, rarely utilized and generally as a prelude to a Chapter 7 liquidation. A superior alternative has been the recent evolution of the position of Chief Restructuring Officer, nominally an employee of the debtor-in-possession but effectively a judicially appointed trustee with duties tailored to the situation. A CRO will, depending on the situation, take complete control, assume an oversight role, or simply offer analysis and advice as to the best course of action. What I bring to a troubled debtor is analytical ability, knowledge of bankruptcy and commercial law, and almost 30 years experience in advising distressed companies in all manner of business and financial matters. |