1. October marks our Turnaround Management issue — an always popular
edition of ABF Journal. And while we always try to push the envelope with our lineup of turn-
around and restructuring heavyweights, I am especially proud to bring you this year’s magazine,
as ABF Journal takes you inside some of the industry’s largest restructurings in recent history.
Notably, James Mesterharm and Becky Roof, managing directors in the Turnaround & Restructuring
Services group at AlixPartners, recount Eastman Kodak’s storied past, its struggles with market
forces and Chapter 11, and the pivotal role AlixPartners played in restructuring and splitting apart
the iconic company via a cross-border insolvency transaction. In August, AlixPartners received
the TMA’s Turnaround of the Year-Mega Company award for its work on behalf of Eastman Kodak.
After you read the article, you’ll understand why.
Skipping ahead briefly to the departments and Turnaround Corner, I spoke to M&A Advisor’s
2013 Turnaround Consultant of the Year, Larry Lattig, president of Mesirow Financial Consulting
and a venerable legend in his field. He talked candidly about two major restructurings he was
involved in — American Airlines and Patriot Coal — along with other noteworthy assignments,
including a regional convenience store chain where the debtor and company principal had been
funneling money to Pakistan as a member of the Taliban. Yes, you read that right.
Jon Jensen, managing director at Gavin/Solmonese, tells us how his firm intervened on behalf
of a nine-dealer automobile group facing bankruptcy to provide it with an exit from the lender’s
workout team and guide it back to profitability. Restructuring Advisors Founder James R. Burritt
and Executive Leader Robert L. Webb trace the arc of one U.S. trucking company from distress
through restructuring and rebirth as a growing enterprise.
At Mercer Capital, Travis W. Harms and Sujan Rajbhandary, SVP and VP/senior member, respec-
tively, of the firm’s financial reporting valuation group, explain how valuation specialists can
provide fair value opinions and related assistance to managers going through a Chapter 11.
Moving beyond the restructuring world, in Profile of Success ABF Journal contributor Carol
Clouse interviewed Tom Aronson, managing director/head of originations, and Lee Stern,
managing director, both from Monroe Capital, about the growing popularity of unitranche loans.
After nearly four decades since the U.S. Bankruptcy Code was passed, Robert J. Keach, Esq.
and Albert Togut, co-chairs of the ABI Commission to Reform Chapter 11, discuss the group’s
upcoming recommendations for an overhaul to guidelines that no longer fit the sphere of complex
bankruptcy workouts and turnarounds.
Returning to the departments, in Specialty Lending Harry R. Novak, SVP and regional business
development manager for First Capital, explores the importance of the oil and gas industry, and
challenges faced by ABL lenders financing this fast-growing area of the economy. Finally, in Legal
Lines Baker Donelson Attorney Susan Mathews makes a case for venue reform, explaining why
corporate debtors should be accountable to local trade creditors, employees and communities and
be required to file Chapter 11 in their home domicile.
After you read this issue, I’d love to hear if anything surprised or enlightened you. As always,
stay in touch!
JILL HOFFMAN, EDITOR
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4 • abfJournal • OCT 2014