Join the team of professionals who helped save the largest privately owned coal company in the U.S., Murray Energy Holdings Co. In one of the most complex cases of 2020, Murray shed much of its $2.7 billion in funded debt and ~$8 billion in actual or potential legacy liabilities, providing its...
The ongoing restructuring of the Puerto Rico Electric Power Authority (PREPA) is one of the largest ever in the electrical power generation industry within the jurisdiction of the United States. The goal is to transform the utility from a bankrupt, mismanaged public corporation into a privately...
Were the recent challenges in the Texas electricity market a sign of what’s to come in other parts of the United States? Watch this discussion on disruption due to climate change and how climate change and our aging infrastructure combine...
Q: How did you gravitate into turnaround/restructuring work? Montgomery: Honestly, I sort of fell into turnaround and restructuring 20-some-odd years ago coming out of undergrad. At the time, I wasn’t entirely sure that I really knew what restructuring was all about, but it was the idea of getting...
The liberalization of the energy market in Germany has made it easy for electricity/gas providers to position themselves in the market with an internet portal. More than two decades since liberalization of the market, there are now around 1,000 electricity/gas providers. In addition to an internet...
At the time of writing, approximately 30 UK-based energy supply companies have ceased trading since the start of 2021 alone, affecting millions of customers and altering the landscape of the UK’s retail consumer energy market. With the threat of continued increases to wholesale energy prices...
Early-stage companies and those with new and/or innovative solutions have a difficult time raising the capital necessary to ensure success, largely due to perceived imbalance of risk and reward. That difficulty is even more exaggerated when an early-stage company seeks to employ new and/or...
One of the most common yet challenging tasks that turnaround professionals must perform are multiparty negotiations. These negotiations are particularly difficult when counterparties perceive likely outcomes to be generally negative or not beneficial to their own interest. When that is the case,...
The Texas two-step is an iconic dance. Many readers may have memories of learning the dance steps in elementary school gym classes as training for future jaunts to legendary Texas venues like Gruene Hall or Billy Bob’s. These days, a Texas two-step of sorts is the talk of the restructuring world,...
From 2009 to 2019 the oil industry destroyed over $300 billion of investors’ capital, and that was before the 2020 crash. 1 During this era of relatively cheap oil, the industry was run like a failed startup: companies prioritized increased market share over profitability. Investors tolerated what...
