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Navigating an Extreme Environment as Chief Restructuring Officer The position of Chief Restructuring Officer (CRO) is not well defined or understood. This role does not have as much history as the more traditional positions such as CFO, CEO, or President. In turn, this leaves room for much misunderstanding. The position of CRO may be thought of as one that works through bankruptcy, rationalizes a workforce, repositions marketing, or deals with re-financing or disposition of assets. It may indeed include all of these and much more. It may be used to lead an […]
Another State Eases Access to Banking Services Pending a Federal Solution On July 6, 2023, Missouri Governor Michael L. Parson signed into law Senate Bill 187 (S.B. 187), also known as the Commercial Financing Disclosure Act. This legislation continues the trend at the state level to ease access to capital for cannabis-related businesses. S.B. 187, and legislation like it, come to the benefit of court-appointed cannabis receivers as well, given their efforts to streamline financing within the industry. This all comes as particularly welcome news, given the rise in cannabis […]
A Match Made in Heaven? At first blush, cannabis and a legal practice like receivership might seem an unlikely match. Medical and recreational cannabis has steadily grown in acceptance and legalization over the past decade in the United States. However, there are times when cannabis businesses face insolvency and need a legal solution. As of right now, cannabis companies are not eligible for bankruptcy protection. In many cases, the groups they make payments to are also not eligible. This affects not only the companies but also the employees and their […]
Special committees made up of independent directors can guide a company through the bankruptcy process without accusations of bias.
The Chapter 11 debtor is subject to reporting obligations which provide parties with financial and business information about the debtor.
Secured creditors and buyers of distressed assets don’t have to worry about courts limiting their credit bids, but one Delaware case is cause for concern.
Creditors looking to pursue a collections action should understand how Chapter 7 and Chapter 13 bankruptcy processes can affect efforts to collect.
A court may recharacterize a creditor’s debt claim as an equity interest. This recharacterization often has a significant impact on creditor claims.
Knowing the collateral value of a secured claim is important. It will impact how the secured creditor is treated under the plan.
Learn how to read a balance sheet, or more importantly, how to read between the lines of the balance sheet assets, liabilities, and equity.