Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Chapter 11 of the United States Bankruptcy Code permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals.
Private equity (PE) is stock in a private company that does not offer stock to the general public. In the field of finance, private equity is offered instead to specialized investment funds and limited partnerships that take an active role in the management and structuring of the companies. In casual usage, "private equity" can refer to these investment firms, rather than the companies in which they invest.
Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continue its operations.
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
In corporate finance, distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy. As far as debt securities, this is called distressed debt. Purchasing or holding such distressed-debt creates significant risk due to the possibility that bankruptcy may render such securities worthless.
Tiger Inn is one of the eleven active eating clubs at Princeton University in Princeton, New Jersey. Tiger Inn was founded in 1890 and is one of the "Big Four" eating clubs at Princeton, the four oldest and most prestigious on campus. Tiger Inn is the third oldest Princeton Eating Club. Its historic clubhouse is located at 48 Prospect Avenue, Princeton, New Jersey, near the Princeton University campus. Members of "T.I." also frequently refer to the club as "The Glorious Tiger Inn."
Restructuring or Reframing is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons for restructuring include a change of ownership or ownership structure, demerger, or a response to a crisis or major change in the business such as bankruptcy, repositioning, or buyout. Restructuring may also be described as corporate restructuring, debt restructuring and financial restructuring.
Korea Development Bank is a South Korean state-owned development bank which aims to encourage the industrial development of South Korea.
Edward I. Altman is a Professor of Finance, Emeritus, at New York University's Stern School of Business. He is best known for the development of the Altman Z-score for predicting bankruptcy which he published in 1968. Professor Altman is a leading academic on the High-Yield and Distressed Debt markets and is the pioneer in the building of models for credit risk management and bankruptcy prediction.
Debtor-in-possession financing or DIP financing is a special form of financing provided for companies in financial distress, typically during restructuring under corporate bankruptcy law. Usually, this debt is considered senior to all other debt, equity, and any other securities issued by a company — violating any absolute priority rule by placing the new financing ahead of a company's existing debts for payment.
Houlihan Lokey, Inc., is an American multinational independent investment bank and financial services company. Houlihan Lokey was founded in 1972 and is headquartered at Constellation Place in Century City, Los Angeles, California. The firm advises large public and closely held companies as well as institutions and governments. Its main service lines include mergers and acquisitions, capital markets, restructuring and distressed M&A, fairness opinions, and financial and valuation advisory. As of December 2024, Houlihan Lokey employs more than 2,700 employees worldwide.
Turnaround Alternative Dispute Resolution (ADR), also known as Business Revitalization ADR, is a process increasingly used by companies in Japan to adjust their debt. This out-of-court procedure was established in Japan in 2007 and is based on Japanese Law, specifically the Special Measures Law for Industrial Revitalization and Rebirth of Japan. It allows companies to forgo bankruptcy proceedings and replaces previous voluntary debt adjustments under such as the "Guideline for Voluntary Debt Adjustment".
Albert Angrisani was an American business consultant and the Assistant U.S. Secretary of Labor under President Ronald Reagan. As a result of his professional background in the public and private sector, he had been a regular commentator on several national news programs including CNBC, Fox Business News, and Bloomberg TV.
AlixPartners is a financial advisory and global consulting firm. Jay Alix founded what became AlixPartners LLP in 1981. The firm has advised on some of the largest Chapter 11 reorganizations including General Motors Co., Kmart, and Enron Corp. The firm has since moved into a more traditional consulting space, and grown to a staff of over 1000. AlixPartners is headquartered in New York, and has offices in more than 20 cities around the world. They were also involved in the Bernie Madoff scandal, identifying 13,000 investors affected by the scandal for the prosecuting team.
Alvarez & Marsal Holdings, LLC (A&M) is a global professional services firm notable for its work in turnaround management and performance improvement of a number of large, high-profile businesses both in the US and abroad such as Lehman Brothers, HealthSouth, Tribune Company, Warnaco, Interstate Bakeries, Target, Darden Restaurants and Arthur Andersen.
Henry F. Owsley is an American investment banker and the chief executive officer and founder of Gordian Group LLC, an investment bank and financial advisory firm. He is also a managing partner of Bacchus Capital Management.
Rodger Russell Krouse is an American businessperson who co-founded Sun Capital Partners, Inc., an American investment firm based in Boca Raton, Florida, United States.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
William Quesada "Bill" Derrough is an American investment banker and Co-Head of the Capital Structure Advisory Group at Moelis & Company, a NYSE exchange-listed global investment banking firm founded in 2007. A member of the Democratic Party, he served as Treasurer of the Democratic National Committee (DNC) from 2017-2020.
