In this episode of the TMA Chicago Midwest podcast, Jamie Sprayregen, Vice Chairman at Hilco Global, shares insights from his journey in the field of restructuring, the serendipitous events that shaped his career and the strategies he employed to build a wildly successful practice. He discusses his time at prominent firms such as Kirkland & Ellis, where he founded its renowned Restructuring Group, Goldman Sachs and Hilco Global, as well as his vision for the future of the firm. Jamie goes on to discuss the importance of creativity and commercial pragmatism in the legal space, particularly in restructuring, and the evolving landscape of bankruptcy practice, highlighting the rise of liability management transactions, the growth of private credit and the shift toward out-of-court restructurings. Finally, he emphasizes the value of participating in professional organizations such as TMA to foster meaningful relationships and develop one’s network.

Jamie encourages our podcast listeners to send him questions in advance of his conversation with keynote speaker Bob Costas, which he will be moderating, at the upcoming TMA Chicago Midwest's 16th Annual Executive Speaker Forum. You can reach Jamie at jsprayregen@hilcoglobal.com.

In this episode of the TMA Chicago Midwest podcast, Sandy Prabhakar, managing director at Armory, shares insights from his more than 20 years of experience. He discusses the typical distressed situations where investment bankers are brought in to help, the process of distressed sales and refinancing, and key differences between out-of-court and in-court transactions. Sandy also shares strategies for addressing regulatory issues in distressed M&A, as well as the current trends and his outlook for the future. He goes on to discuss his years-long involvement in the TMA Chicago Midwest chapter, where he currently serves as treasurer, along with the importance of young professionals’ participation in organizations such as TMA.

In this episode of the TMA Chicago Midwest podcast, President and Chief Executive Officer of MorrisAnderson Dan Dooley discusses his expertise in distressed franchise work. He explains that franchise workouts are unique, mostly due to the existence and power of the franchisor and the franchise agreement. This turns a franchise workout into a three-party affair between the franchisor, franchisee and lender. The concerns of franchisees in distress are survival and often minimizing personal guarantees, while franchisors are primarily concerned with maintaining their brand and revenue stream, and lenders are focused on repayment. Dan goes on to explain that this unique dynamic can pose additional challenges for distressed sales in the franchise space, which often require franchisor consent. Finally, Dan describes his time as a past president of the TMA Chicago Midwest chapter, highlighting the importance of networking, assuming the professional responsibility of volunteering to help sustain the industry, and stepping aside to allow new leaders to emerge in organizations such as TMA.