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.

In this episode of the TMA Chicago Midwest podcast, Robert Meyers, President and Chief Commercial Officer of Republic Business Credit, discusses the role of refinancing and lending in today’s restructuring landscape. Rob provides insights into the refinancing process and the flexibility that non-bank lenders have in stepping in when banks are looking to exit. He highlights the value of being proactive and following up with industry contacts to improve a company’s chances of getting refinanced. Rob goes on to share his experiences and challenges as a past president of the TMA Chicago Midwest chapter, as well as the importance of deepening relationships and getting involved in professional organizations such as TMA.

In this episode of the TMA Chicago Midwest Podcast, host Paul Musser speaks with Angela Allen, a partner at Jenner & Block. They discuss Angela’s career in insolvency and restructuring and the role of women in the industry. She highlights the challenges faced by women in the field and the need for support for parents of young children. Paul and Angela then discuss the increased distress in the life sciences and pharmaceutical industry and the legal issues that arise in bankruptcy cases and distressed sales in this sector. Angela also talks about her involvement in the Turnaround Management Association (TMA) and the benefits of networking and professional organizations.

In this episode of the TMA Chicago Midwest Podcast, host Paul Musser speaks with Jim Keane and Greg Milligan from Harney Partners. They delve into the increased importance of receiverships as a way of selling or liquidating distressed companies and offer some practical advice on when parties should consider receiverships and how they work. The guests also discuss their own restructuring journeys and give some business development advice based on what they’re seeing in the restructuring market.

Host Paul Musser welcomes as his guest Judge Timothy A. Barnes, who presides over matters in the United States Bankruptcy Court for the Northern District of Illinois in Chicago. Judge Barnes brings a unique perspective to the bench, having worked in private practice at major law firms in different segments of the insolvency industry, including on behalf of debtors, then lenders, and in complex litigation and international cases. As part of their conversation, Paul and Judge Barnes discussed the personalities that drew Judge Barnes to the law, the bankruptcy practice and the bench. And they talked about current trends that he is seeing in his courtroom, his passion for Chapter 15 cases and international insolvency law, and why the Seventh Circuit’s K-Mart decision should not stop commercial debtors from filing their Chapter 11 cases in Chicago.

Podcast Host Paul Musser speaks with Jamie Cote, a Vice President at Hilco Real Estate, where he uses both conventional and accelerated structured sales as well as auctions to aid clients in achieving their business goals. Jamie has more than 20 years and $1.5 billion of real estate sales expertise, consisting of nearly every asset class on a national basis. In their conversation, Paul and Jamie discuss the general state of distress in real estate, including what’s happening with office space in urban and suburban areas in an era of remote or hybrid work and increased interest rates. Jamie also shares tips for buyers and sellers, and the two discuss where there are increased areas of distress and what’s coming back post-pandemic. They close the episode with tips on how industry events can strengthen career development, especially when one plays the bass.