Deloitte Turnaround and Restructuring (T&R) Newsletter

Tom: I've had the privilege of working with large, global financial advisory firms, surrounded by incredibly talented professionals from around the world. A notable assignment took me to Singapore for a year, where I led a complex Chapter 11 bankruptcy involving a global engineering, procurement, construction, installation, and commissioning (EPCIC) service provider. This case was particularly challenging as it involved multiple international jurisdictions, including the company's operations in the U.S. and entities and assets located around the world, with the largest customer in Saudi Arabia. One of the memorable daily crises involved negotiating the release of employees detained at the Yemeni border—an issue stemming from an unresolved prepetition claim. An inadvertent error (Ha!) allowed the claim to be paid which immediately resolved the issue. This global case experience not only tested our team's agility but culminated in lifelong connections being created around the world. The case ended with a confirmed Chapter 11 plan and the successful restructuring and sale of part of the business.
Matt: Do you have an industry that you specialize in? Why?
Tom: Like many in the turnaround and restructuring sector, my experiences have made me somewhat of a generalist. However, the oil and gas and retail sectors emerge as areas where I have accumulated substantial experience. Additionally, I've been involved in unique projects outside the typical scope, such as developing resolution plans for asbestos and silica liabilities, primarily within the energy and construction industries. I always seem to learn and gain insights from these experiences which underscore my adaptability and breadth of knowledge
Matt: What is your vision of the restructuring world in the next 1 year? 5 years?
Tom: Looking ahead, I anticipate that interest rates will remain relatively high, contributing to an unstable global economic climate. Nevertheless, as large Private Equity funds continue to secure significant capital, I expect an increase in deal flow. This influx will likely shift traditional business models, prioritizing growth over profitability and sustaining a robust market for our Turnaround and Restructuring (T&R) services. Even in the most favorable conditions, the need for restructuring services persists, particularly for businesses facing management challenges.