by Richard M. Goldman
M-III Partners’ Ken Simon and Daniel Allan, along with Cooley’s Jay Indyke and Cathy Hershcopf, recently joined Debtwire legal analyst Richard Goldman to discuss the ins and outs of representing an unsecured creditors’ committee in a retail restructuring. During their conversation, the turnaround experts break down various legal and financial issues that they typically encounter when representing retail UCCs, as well as the tactics they employ to protect the interests of, and maximize recoveries for, their creditor constituents. The panel also breaks down in-court sale processes, both going concern and going out of business, applying anecdotes to highlight how the highest offer for a distressed retailer is not necessarily the best offer.
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