The Turnaround Podcast with Stephen Phillips, Episode 10

In this episode of The Turnaround Podcast, Stephen Phillips speaks with Matthew Prest, Managing Director and Co-Head of Europe at Moelis & Company. With over 25 years of experience in financial restructuring, he advises companies and lenders on complex situations in Europe and Asia.

Tune in to the episode to hear about:

* Role of Financial Advisors: Matthew Prest likens financial advisors to firefighters, highlighting their key role in crisis management and stakeholder trust.

* Importance of Financial Modeling: Prest emphasizes the necessity of financial modeling for assessing liquidity and collaborating on cash flow forecasts.

* Management and Stakeholder Dynamics: Matthew stresses that restructuring success hinges on effective management taking ownership and adapting as needed.

* Navigating Stakeholder Perspectives: Matthew highlights the need for transparency and open communication to ease stakeholder anxiety during distress.

* Legal and Ethical Considerations: Prest notes that directors must prioritize creditors’ interests over shareholders’, requiring a mindset shift for management.

Learn more about Matthew Prest:

* Visit Moelis & Company’s website: https://www.moelis.com

* Follow Moelis & Company on Linkedin: https://www.linkedin.com/company/moelis-&-company

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 9

In this episode of The Turnaround Podcast, Stephen Phillips speaks to Richard Heis, a Managing Partner at Interpath Advisory. Having been a well known figure on the restructuring and insolvency scene for the last 30 years, Richard is mainly known in the market for banking insolvencies going back to Barings Bank and more recently well known insolvencies as Dunfermline Building Society and MF Global.

Tune in to the episode for these key takeaways:

* Accidental Entry into the Profession: Richard Heis talks about entering the restructuring field by chance after a pivotal experience as an auditor at KPMG.

* Navigating High-Pressure Situations: Richard emphasizes making decisions with imperfect information in high-stakes situations, highlighting differing responses to pressure.

* Evolution of Insolvency Practices: Richard goes over how the field has evolved toward greater ethics and transparency, with technology accelerating banking crises.

* Experience with Iconic Insolvencies: He recalls landmark cases like the Barings Bank collapse, noting a shift to a more aggressive market approach.

* Career Pathways in Restructuring: Richard reflects on restructuring as a springboard for transitioning into senior management, hedge funds, or banks.

Learn more about Richard Heis:

* Connect with Richard Heis on Linkedin: https://www.linkedin.com/in/richard-heis-768678119

* Visit Interpath’s website: https://interpath.com/services/chief-restructuring-officer-services

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 8

In this episode of The Turnaround Podcast, Stephen Phillips speaks to James Hart, partner and co-founder of Hillmont Partners, a Ukrainian law firm. James heads the private client practice and co-heads the cross-border dispute resolution practice. His practice is focused on investment planning, asset structuring, acquisition, asset protection, cross-border transactional and litigation support. He focuses on special sets and the enforcement of creditor rights. James frequently advises foreign investors in the region.

Tune in to the episode to hear about:

* Overview of Ukraine’s Corporate Landscape — while the world’s eyes are on Ukraine’s resistance to the Russian invasion, its business industry is in need of investment to rebuild its economy

* James Hart’s Career Journey — James walks us through his beginnings at a bank, his start in a battle for control and the restructuring of a vodka business of a client, moving his focus to Ukraine and its neigbours co-founding Hillmont Partners, a Ukraine based law firm.

* Hillmont Partners' Services and Expertise — beginning as a pure litigation firm, they expanded quickly into areas of law and are now a full-service firm, handling transactional work, government consultancy, litigation, arbitration, and criminal litigation

* Ukrainian Litigation — how James and his team handle the challenges of litigation in Ukraine and the neighboring jurisdictions

* The Current State of Ukraine’s Legal System — James talks about his current case acting for investors battling for control of an Odessa grain terminal

* Restructuring and Settlement Milestones — we discuss the long running case we are working on together - Tristan Oil - one of the longest running international litigation battles spanning many different jurisdictions which is moving to a settlement

* Investment Opportunities in Ukraine — guidance on how to approach investing in areas of Ukraine that, despite the war, continues to thrive

Learn more about James Hart:

* Connect with James on LinkedIn: https://www.linkedin.com/in/james-hart-30487332

* Read James’ bio on Hillmont Partners’ website: https://hillmont.com/pr/commercial-litigation/james-hart

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 7

In this episode of The Turnaround Podcast, Stephen Phillips interviews John Roche, an experienced leader in restructuring advisory following his former career as a CEO of a drillships company and investment banker. John has overseen billion-dollar transactions and led major restructurings. John is Principal at Province, an industry-leading, nationally recognized consulting firm of senior business leaders specializing in financial advisory, corporate reorganization, and trustee-related services.

Tune in to the episode to hear about:

* Career Background: John Roche talks about the start of his career in investment banking at Morgan Stanley before joining Seadrill, a company heavily involved in offshore drilling.

* Financial Restructuring: In 2018, facing the need to insulate Seadrill Partners (SDLP) from its parent company's bankruptcy, Roche and his team successfully managed the company through a restructuring process.

* CEO Tenure and Second Restructuring: Roche goes over his journey of working with SDLP with a clear restructuring mandate.

* Lessons Learned: Roche emphasizes the importance of proactive preparation, independent board oversight, and securing legal counsel.

* Restructuring Advisory: Roche discusses his current role and outlook for restructuring in the current cycle in Europe

Learn more about John Roche:

* Connect with John on Linkedin: https://www.linkedin.com/in/john-roche-8608459

* Visit John Roche’s website: https://www.provincefirm.com/team/john-roche/

* Follow Province Firm on LinkedIn: https://www.linkedin.com/company/provincefirm/about

* Email: jroche@provincefirm.com

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 6

In this episode of The Turnaround Podcast, Stephen Phillips speaks with Barney Reynolds, an expert in financial services regulation and partner at the newly merged firm of A& O Sherman, a global law firm equally fluent in U.S. law, English law, and the laws of the world's most dynamic markets.

Tune in to the episode to hear about:

* Barney’s career journey and his experience with Lehman Brothers

* The regulatory reaction, creating a new architecture for regulation, to the Lehman Brothers collapse

* The bureaucratization of the banking industry through over-regulation

* Central Counterparties — how they developed and the role they play in the banking world

* New requirements on reporting of senior management to ensure accountability

* The shift of financial institutions being provided by funds rather than the banks

* Barney’s stance on Brexit and what he sees at the implications

Learn more about Barney Reynolds:

* Connect with Barney on LinkedIn: https://www.linkedin.com/in/barnabas-reynolds-financiallawyerlondon

* Read Barney’s bio on A&O Shearman’s website: https://www.aoshearman.com/en/people/barnabas-reynolds

* Email: barney.reynolds@aoshearman.com

* Phone: +44 20 7655 5528

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast, Stephen Phillips, Episode 05

In this episode of "The Turnaround Podcast," host Stephen Phillips is joined by Lisa Rickelton, Senior Managing Director at FTI Consulting. Lisa brings over two decades of expertise in insolvency and restructuring, specializing in contingency planning and insolvency solutions. Her extensive experience spans advising stakeholders across various sectors and managing complex cross-border situations.

Tune in to this episode to hear about:

* Role of an Insolvency Practitioner: Lisa explains the evolving role of insolvency practitioners, discussing both the early days of her career and the complex tasks she handles today, such as managing company operations during insolvency to save jobs and optimize outcomes.

* Introduction to Insolvency: Lisa shares her journey into the world of insolvency, which began unexpectedly during her time with Arthur Andersen. She recounts her initial experiences and how they shaped her understanding of the industry.

* Tools and Techniques in Restructuring: The discussion covers various insolvency tools, including pre-packaged administrations and restructuring plans. Lisa provides insights into how these tools are applied in practice and the regulatory frameworks governing them.

* Challenges and Criticisms of Prepacks: Lisa addresses common criticisms of prepackaged insolvencies, such as transparency concerns and stakeholder skepticism, explaining the regulatory improvements made to ensure fairness and value preservation.

* Case Study - Adler Restructuring Plan: Lisa delves into the complexities of the Adler restructuring plan, a significant project involving cross-class cram down and cross-border legal considerations, highlighting her role in comparator analysis and court proceedings.

Learn more about Lisa Rickelton:

* Connect with Lisa on LinkedIn: https://www.linkedin.com/in/lisarickelton/

* Follow FTI Consulting on LinkedIn: https://www.linkedin.com/company/fti-consulting/

* Read Lisa’s bio on FTI Consulting’s Website: https://www.fticonsulting.com/experts/lisa-rickelton

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 04

In this episode of The Turnaround Podcast, Stephen Phillips speaks with Sabrina Fox, CEO of the European Leverage Finance Association and the founder of Fox Legal Training. Sabrina brings nearly two decades of experience in analyzing high yield covenants, initially as legal counsel and later as a covenant analyst and trainer.

Tune in to the episode to hear about:

* Sabrina's journey through the legal and financial sectors, leading to her roles in covenant analysis and the European Leveraged Finance Association.

* Insights into the evolution of covenant structures in high yield bonds and how they affect investor security

* Detailed discussion on the mechanics and implications of moving assets from restricted to unrestricted subsidiaries

* The concept of "value in a box" and how covenants aim to protect investor value within a corporate structure

* Current trends in the high yield market, including notable cases like J. Crew and Altice, highlighting the strategic use of covenants in financial restructuring

Learn more about Sabrina Fox:

* Connect with Sabrina on LinkedIn: https://www.linkedin.com/in/sabrina-fox-45b29b7b/

* Visit European Leveraged Finance Association‘s website: https://elfainvestors.com/

* Visit Fox Legal Training’s website: https://www.foxlegaltraining.com/

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/
* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 03

In this episode of The Turnaround Podcast, host Stephen Phillips speaks with Wolfgang Felix, Co-founder and CEO of Sarria, a team of senior distressed credit analysts helping leading special opportunities hedge funds on either side of the pond to deploy their resources with the greatest efficiency.

Tune in to the episode to hear about:

* Wolfgang's journey through the world of distressed debt and the founding of his boutique firm, Saria

* An in-depth discussion on the methodologies used at Sarria for analyzing distressed securities

* Insights into the current trends and opportunities in the distressed debt market post-COVID

* Insights into hoe traders can use credit default swaps to profit from weaker credits

* Strategies for managing long and short positions in a volatile financial environment

* Wolfgang's perspective on the future of credit analysis

Learn more about Wolfgang Felix:

* Connect with Wolfgang on LinkedIn Profile: https://www.linkedin.com/in/wolfgang-felix/

* Follow Sarria on LinkedIn: https://www.linkedin.com/company/sarria/

* Visit Sarria’s Website: http://www.sarria.co.uk

* Follow Sarria on Twitter: https://twitter.com/wolfelix

* Follow Wolfgang on Instagram: https://www.instagram.com/wolfelix/

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

* Freilibertas website: https://www.freilibertas.com/the-turnaround-podcast

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience