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Distressed Market Conditions: The New Bankruptcy Wave


Level: Advanced
Runtime: 65 minutes
Recorded Date: May 22, 2019
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Agenda


  • Leveraged Finance Markets Year in Review
  • Rates and Spreads
  • Default Rates
  • Restructuring Outlook
Runtime: 1 hour and 5 minutes
Recorded: May 22, 2019

Description

The panel will discuss the state of distressed and bankruptcy related investing, including where they currently see opportunities, their thoughts on the credit cycle, what may drive the next wave of bankruptcies, the potential effects and repercussions of the leveraged loan market, the role of CDS and the “empty creditor” dynamic, and the impact of BDC’s, CLO’s and direct lending firms.

This program was recorded as part of ABI's New York City Bankruptcy Conference on May 22nd, 2019.

Provided By

American Bankruptcy Institute

Panelists

William T. Rule, II

Senior Economist
Administrative Office of the U.S. Courts

William Rule is Senior Economist in the Judicial Services Office of the Administrative Office of the U.S. Courts. His primary role is the application of quantitative methods to the analysis of the bankruptcy system. Most of his analyses are provided to the Judicial Conference Committee on the Administration of the Bankruptcy System and to the Chief of the Judicial Services Office to assist with recommendations and determinations related to bankruptcy rules, policies, and procedures and numbers of judgeships. In addition to his work for the Administrative Office, he works directly with bankruptcy courts on long range planning, court performance analyses, location decisions and other issues. He also provides assistance to the Judicial Data and Analysis Office, the Associate Director for the Department of Program Services and the Space and Facilities directorate.

Prior to joining the staff of the Judicial Services Office, he staffed the Judicial Conference’s Long Range Planning Committee and assisted in the development of the first comprehensive long range plan for the federal judiciary.

Before joining the Administrative Office, he worked in the management consulting divisions of Coopers & Lybrand and KPMG Peat Marwick where he was senior project manager responsible for economic analysis, econometric and mathematical modeling and statistical analysis for domestic and international clients in the private and public sectors.

He holds an undergraduate degree in economics with a math minor from Macalester College, and a Ph.D. in economics from Virginia Tech, where he specialized in monetary theory and policy, industrial organization and econometrics. He has taught in the Virginia Tech graduate economics program as well as for the USDA Graduate School in Washington, D.C. He has also served as an adjunct scholar and member of the advisory committee for the Beacon Hill Institute for Public Policy Research. He is a fellow of the Royal Statistical Society.

While he has published a number of really boring papers on various subjects, he has tended to spend much more time assisting others in their research by providing data and analysis. Thus he is mentioned much more often in footnotes than in author citations.

Marc D. Puntus

Partner
Centerview Partners, LLC

During his over 25-year career, Marc Puntus has led restructuring, financing and M&A assignments for companies, creditors, acquirers, shareholders and other stakeholders across a wide array of industries, including retail and consumer, energy, general industrial, chemicals, automotive, transportation, telecommunications and technology, leisure, hospitality and gaming, healthcare, and financial institutions.

Mr. Puntus joined Centerview Partners in 2011 to establish its restructuring and debt advisory practice, which he co-heads. Prior to joining the firm, Mr. Puntus was a Managing Director and founder of Miller Buckfire & Co. Before that he was a member of the financial restructuring group of Dresdner Kleinwort Wasserstein, and prior to joining DrKW. Mr. Puntus was a Partner in the Business, Finance and Restructuring department of Weil, Gotshal & Manges LLP.

Mr. Puntus is a member of several industry trade organizations, including the American Bankruptcy Institute and the Turnaround Management Association and is a frequent lecturer on restructuring, financing and M&A topics. Mr. Puntus is a steadfast supporter and board member of various charitable and educational organizations. He serves on the Board of Advisors of the McDonough School of Business at Georgetown University.

Mr. Puntus received a J.D. (cum laude) from Boston University School of Law and a B.S.B.A./Finance (magna cum laude) from Georgetown University.

James D. Decker

Senior Managing Director
Guggenheim Securities, LLC

James joined Guggenheim Securities in June 2013 to help build out the Firm’s Investment Banking platform. Most recently, Mr. Decker served as a Managing Director with Morgan Joseph TriArtisan LLC, and as head of the firm’s Recapitalization & Restructuring Group, consisting of 8 professionals based in New York and Atlanta. With over 25 years of corporate finance experience, Mr. Decker focuses on middle market restructuring, merger and acquisition, financing, valuation, financial advisory and expert testimony.

Prior to joining Morgan Joseph, Mr. Decker was a Managing Director with Alvarez & Marsal, and served as co-head of the firm’s Corporate Finance Group headquartered in New York. Before joining A&M, Mr. Decker was a Managing Director with Houlihan Lokey Howard & Zukin, where he served as co-head of the firm’s Atlanta office and was responsible for new client development, engagement management, and personnel development for its Restructuring and Corporate Finance practices. Previously, Mr. Decker founded and served as president of Inverness Partners Incorporated, a boutique mergers and acquisitions firm that was acquired by Houlihan Lokey in July of 1999. Before Inverness, Mr. Decker was head of the Mergers and Acquisitions department of SunTrust Capital Markets, Inc. He began his career as an investment banker in the Corporate Finance department of Bear, Stearns & Co., Inc.

Mr. Decker has initiated and completed a variety of transactions including restructurings, reorganizations, exclusive sale assignments, acquisitions, divestitures, debt and equity financings, management buyouts, leveraged buyouts, recapitalizations, valuations, and fairness opinions. Mr. Decker’s financial advisory clients include Companies, Boards of Directors, Lenders, Unsecured Creditors and Trustees. During his career, he has completed in excess of 150 assignments across a variety of industries and situations for companies and creditors.

Mr. Decker is a Fellow of The American College of Bankruptcy, a Director of the Association of Insolvency and Restructuring Advisors (AIRA), and a Director of the Atlanta Chapter of the Turnaround Management Association (TMA). Additionally, Mr. Decker has served the American Bankruptcy Institute (ABI) as both Chair of the Investment Banking Committee and co-Chair of the Southeastern Bankruptcy Workshop. Mr. Decker serves as a Trustee of Holy Innocents’ Episcopal School, is a former Chairman of the Board of the Governor Carl Sanders Family YMCA at Buckhead and the former Vice Chair of the Board of Trustees of the Chattahoochee Nature Center Inc.

Mr. Decker received a BA in Economics and Geology from Vanderbilt University. He received his MBA in Business Administration with a concentration in Finance from The Wharton School of the University of Pennsylvania. Mr. Decker is a 1983 Smithsonian Institution Fellow and a frequent speaker on the topics of corporate finance, mergers and acquisitions, capital markets and financial restructuring. Mr. Decker is also a Certified Insolvency and Restructuring Advisor (CIRA), and a licensed FINRA General Securities Registered Representative (Series 7, 24, 63).

Kathryn A. Coleman

Partner
Hughes Hubbard & Reed, LLP

Kathryn A. (Katie) Coleman, a partner in Hughes Hubbard & Reed’s New York office, has handled a wide range of insolvency-sensitive and other high-stakes matters in her more than 30 years in practice, including dealing with “bet-the-company” litigation claims, chapter 11 cases for US and non-US companies, cross-border insolvency matters, out-of-court restructurings, acquisitions and investments. Her clients include individuals and companies defending trade-secret theft and Racketeer Influenced and Corrupt Organizations (RICO) Act lawsuits, companies restructuring their financial affairs, traditional and nontraditional secured lenders, unsecured creditors (both official committees and significant creditors for their own account), equity holders, potential acquirers, equity sponsors, and financial and strategic buyers.

Ms. Coleman is a trusted advisor to the inner management circles of her clients, with substantial expertise in advising management and boards of directors on corporate governance, fiduciary duty, and D&O insurance matters.

Ms. Coleman has advised clients on, and litigated at the trial and appellate levels, the significant legal issues inherent in modern restructuring and financial practice, including contested plan confirmations, prepackaged plans, credit bidding, exclusivity, debtor-in-possession financings, valuation, adequate protection of security interests, the ability to collaterally attack orders of the bankruptcy court and cash collateral usage. She has substantial experience litigating venue, remand, removal and stay issues, and has represented recovery trustees dealing with a myriad of post-confirmation issues and litigation.

Ms. Coleman is a Fellow of the American College of Bankruptcy. She serves on the board of directors of the American Bankruptcy Institute, and co-chairs its annual Complex Financial Restructuring Program. She frequently speaks on bankruptcy law and distressed investing, participating in programs sponsored by the Practising Law Institute, the American Bankruptcy Institute, Turnaround Management Association, ARA, the M&A Advisor, the New York City Bar Association, California Continuing Education of the Bar and the American Bar Association. She also serves on the Steering Committee of the NYC Bankruptcy Assistance Project.

Ms. Coleman was named a 2018 Bankruptcy MVP by Law360 and one of the 100 Most Influential Women in Business by the San Francisco Business Times. She is ranked by Chambers USA as a leading restructuring lawyer. Ms. Coleman was also designated a leading lawyer in bankruptcy in The Best Lawyers in America, and her expertise in cross-border insolvency was noted in the IFLR 500 and in PLC’s Cross-Border Restructuring and Insolvency Handbook.

Ms. Coleman graduated magna cum laude from Pomona College. She earned her J.D. from Boalt Hall School of Law (U.C. Berkeley), where she was elected to the Order of the Coif. She served as Senior Articles Editor of the California Law Review and is the author of “Arnel Development Co. v. City of Costa Mesa: Rezoning by Initiative and Landowners’ Due Process Rights,” 70 Cal. L. Rev. 1107(1982).

Ms. Coleman clerked for the Honorable C. Martin Pence, U.S. District Judge for the District of Hawaii.


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