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Andrew Parlen Reflects on 2022 Restructuring Trends in Turnarounds & Workouts

January 5, 2023

Restructuring partner Andrew Parlen discussed the various trends and events affecting restructuring over the past year in the December 2022 issue of Turnarounds & Workouts. Andrew noted that a “combination of external forces beyond management control put a lot of downward pressure on company EBITDA,” such as the supply chain disruption caused by China’s strict COVID-19 policies and the ongoing war in Ukraine.

He also touched on global insolvency proceedings in the cryptocurrency industry, pointing out similarities to crises past. “Because of the nature of the businesses and interplay with the financial markets, the crypto-related filings are reminiscent of Lehman and the 2008 financial crisis as it relates to the multitude of proceedings at play and attempts to ring fence and control the assets,” he said.

Andrew further discussed the demise of the high-yield and Term B debt market and the current focus in the circuit courts on post-petition interest and make-whole payments.

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