Each case study takes a single company and traces its restructuring from the first signs of distress through to how the value was ultimately divided — and what it teaches.
The absolute priority rule says creditors get paid before owners keep anything. So how do owners sometimes hold onto a stake? An examination of the new-value exception — one of the most contested and frequently litigated doctrines in restructuring.
Read the analysis →A boating-supplies chain owed half a billion dollars it couldn't pay. A plain-language walk through what it did about it — written for anyone, no background needed.
Read the analysis →How a majority lender group raised new money ahead of existing debt — and what courts have begun to say about it.
In a cramdown, enterprise value is the whole ballgame. How two experts, hundreds of millions apart, get reconciled.
In a cramdown, enterprise value is the whole ballgame. How two experts, hundreds of millions apart, get reconciled.
How the 2019 small-business track changed the calculus for owner-operators trying to keep their equity.