2024 Symposium – Creditor Rights Coalition

2024 Restructuring Symposium

presented by:

In conjunction with

The Altman-Paulson Initiative on
Bankruptcy, Restructuring & Financial Distress

Evolution of Distressed Investing
Impact of Private Credit
The Next Opportunity

June 27, 2024

At the John A. Paulson AuditoriumNYU Stern School of Business40 W. 4th Street

Noon until 4:30pm
(light snacks served)

Followed by Reception

The 2024 Restructuring Symposium brought together leading academics, practitioners, investors and market participants to discuss the evolving strategies of distressed investors, the convergence and/or divergence of private credit in the distressed space, and where the next opportunities lie.

To access materials for the event click here:

Agenda
Presentations
Video

Agenda

Conference Agenda

Presentations

Conference Slides

Video

Featured Speakers

Anthony Yoseloff (Tony) is the Managing Partner and Chief Investment Officer of Davidson Kempner Capital Management, a global institutional investment management firm based in New York with approximately $37 billion in assets under management. He joined the Firm in 1999. Mr. Yoseloff is a member of the Board of Trustees and Chair of the investment committee of The New York Public Library, a member of the Board of Trustees and Vice Chair of the investment committee at New York-Presbyterian, and a member of the Board of Directors of PRINCO, the investment manager of the Princeton University endowment. He is also a member of the Council on Foreign Relations.

Mr. Yoseloff received a J.D. from Columbia Law School and an M.B.A. from the Columbia Graduate School of Business Administration in 1999. He earned an A.B., cum laude, from the School of Public and International Affairs at Princeton University in 1996

Tony Yoseloff
Davidson Kempner

Bruce Richards is the Chief Executive Officer & Chairman of Marathon Asset Management, a leading global asset manager with ~$23B of AUM specializing in the public and private credit markets. Mr. Richards is responsible of general oversight of Marathon leading the Executive Committee where the firm’s strategic direction is established. Mr. Richards sits on Marathon’s Investment Committee, which convenes weekly to evaluate select investments and establishes guidelines for asset allocation. Prior to founding Marathon in 1998, Mr. Richards worked on Wall Street for 15 years, including 10 years as a Managing Director in the fixed income divisions of Smith Barney and Donaldson, Lufkin & Jenrette where he was head of a trading desk responsible for principal investments and market making. Mr. Richards has demonstrated a strong commitment to philanthropy and was the recipient of Help for Children | Hedge Fund Cares Award for Caring and the CFA Society’s Humanitarian Award. He has also been honored by the UJA Federation of New York and HELP USA, and was the recipient of the Boomer Esiason Foundation’s Most Valuable Player Award and the R Baby Foundation’s Philanthropic Leadership Award. Mr. Richards served on the Investment Committee of The University of Maryland for 10 years. Mr. Richards is married with two children and resides in Manhattan. He received his B.A. in Economics, summa cum laude, from Tulane University and is a member of Phi Beta Kappa.

Bruce Richards
Marathon Asset Management

Panelists

Vince Buccola is an Associate Professor at the Wharton School. His research focuses on corporate financial and managerial law, with an emphasis on leveraged finance, distress, and reorganization. As of July, 2024, Professor Buccola will be a Professor of Law at The University of Chicago Law School.

Vince Buccola
Wharton

Nicole Drapkin is a Managing Director at Blue Owl and member of the Direct Lending Investment Team. In her role, she serves as co-head of Opportunistic Credit and shares responsibility for the Blue Owl Opportunistic Lending Fund.

Previously, Nicole served as a member of Owl Rock Capital Advisors’ Originations team. Prior to joining Blue Owl, Nicole was a Principal in the Principal Credit Investments Group at the CPP Investment Board, where she focused on sourcing and evaluating credit investments across the gaming, consumer retail, software and healthcare sectors. Prior to that, Nicole was a Vice President in the Leveraged Finance Group at Goldman Sachs & Co. in New York.

Nicole currently serves on the board of directors of the Marlene Meyerson JCC of Manhattan. Nicole received a BA, with Honors, from Princeton University.

Nicole Drapkin
Blue Owl

Michael Ginnings joined TPG Angelo Gordon in 2022 and is a Managing Director in the TPG AG Credit Solutions Group. Prior to joining TPG Angelo Gordon, Mike was a Managing Director at Contrarian Capital Management. Mike received a B.B.A. in Finance from the University of Texas at Austin.

Mike Ginnings
Angelo Gordon

Scott J. Greenberg is a partner in Gibson, Dunn & Crutcher’s New York office, Global Chair of the firm’s Business Restructuring and Reorganization Practice Group and a member of the firm's Executive Committee. Mr. Greenberg focuses on representing debtors and creditors in in-court and out-of-court restructurings.

Mr. Greenberg’s recent representations include serving as lead counsel on Outcome Health, Rex Energy, M&G Chemicals, and American Apparel’s chapter 11 cases and lead counsel for Transtar (DACCO Transmission Parts [NY] Inc.) and Nextel (NII Holdings Inc.) in their chapter 11 cases in the SDNY. On the creditor side he has a market-leading practice and recently represented the term lenders in 4L/Clover, Akorn, AMC, Catalina Marketing, Constellis, Crossmark, David’s Bridal, Diamond Sports, Diebold, Endo Pharmaceuticals, Envision, Exela Technologies, Garrett Motion, Global Eagle Entertainment, INAP, Intrado, Iqor, Lumileds, Mallinckrodt, McGraw Hill, Monitronics, NPC, National CineMedia, Phoenix Services, PSAV, Savers, Serta, Service King, Skillsoft, Sunguard, Tailored Brands, TNT Crane, Town Sports, and WorldStrides. He also represented the term loan lenders in rue21's chapter 11, Answers Corp.'s chapter 11, J. Crew's term loan, AMF Global (Ameriforge), 77 Energy, the first lien steering committee in RCS Capital's chapter 11 cases, and Fortress as DIP lender in A&P's chapter 11 cases. Previously, Mr. Greenberg represented the senior lenders in the acquisition of InterCity Media Corp. through a 363 sale; the ad hoc noteholders in AES Eastern's chapter 11 cases; the first lien lenders to BLB/TWIN River Casino in its chapter 11 cases in Providence, Rhode Island; the ad hoc committee of senior secured bondholders in Black Gaming; and Penn National Gaming as owner of Hollywood Casino Shreveport in their chapter 11 cases.

Scott Greenberg
Gibson Dunn

Rony Ma joined KKR in 2011 and is a Managing Director on the Credit team. He serves as a portfolio manager for the firm’s private credit funds and portfolios. Mr. Ma is a member of the Global Corporate Private Credit Investment Committee and the Investment Committee for the FS/KKR BDC platform. Mr. Ma also serves as an Officer of FS KKR Capital Corp. (FSK), which trades on the NYSE. Prior to joining KKR, Mr. Ma was with Deutsche Bank where he was involved in leveraged loan and high yield transactions for private equity and corporate issuers. Mr. Ma holds a B.S. and B.A.S. from the University of Pennsylvania.

Rony Ma
KKR

Sam Goldworm is a Managing Director and Head of Capital Markets for WhiteHorse Capital based in New York. Mr. Goldworm is involved in all aspects of the investment process, including sourcing, transaction structuring and execution.

He has over 20 years of credit investing experience in a broad range of industries, including media, telecommunications, business services, retail, industrial, and specialty finance. Before joining WhiteHorse Capital, he was a Vice President with Cerberus Capital Management. In this role, he was responsible for the origination, structuring, execution and monitoring of private debt investments. Prior to Cerberus, Mr. Goldworm worked in the leverage finance and mergers & acquisitions groups at Salomon Brothers.

He received a Bachelor of Arts in History from Denison University and a dual M.B.A. from Columbia Business School and London Business School.

Sam Goldworm
WhiteHorse Capital

Steve Zelin is a Partner and Global Head of the Restructuring and Special Situations Group at PJT Partners, based in New York. He also serves on the PJT Partners Management Committee.

Amongst Mr. Zelin’s most notable assignments are Caesars Entertainment Corporation, Clearwire Corporation, Delphi, EFH Corporation, Enron, Ford, Goodyear Tire & Rubber, iHeart Radio / ClearChannel Outdoor, Kerzner International, Motorola, Pacific Gas & Electric (PG&E), Puerto Rico Oversight Board, Softbank/OneWeb re. Intelsat, T-Mobile / Sprint, Washington Mutual and Xerox.

Mr. Zelin received his MBA in Finance from NYU’s Stern School of Business, and now serves on its Board of Overseers.

Steve Zelin
PJT

Stephen Zide is a Partner at Dechert. He represents a diverse range of clients in Chapter 11 bankruptcy and out-of-court restructuring matters. Mr. Zide has led numerous high-profile restructurings across a number of industries over the last twenty years. His clients include both official and ad hoc creditor and equity committees, debtors, bondholders, investors and secured lenders.

Mr. Zide key representation matters include an unsecured bondholder group of Envision Healthcare, a super senior lender group of Diebold Nixdorf, Redwood Capital Management in connection with liability management exercises by At Home Group, Ernst & Young Inc. as Monitor of Acerus Pharmaceuticals Corp., Wilmington Savings Fund Society, FSB, the indenture trustee of $350 million in bonds issued by Eletson Holdings Inc., a First Lien Lender Group to Lyons Magnus LLC, a Surplus Noteholder Group of Ambac Assurance Corporation, Genie Energy Ltd. in connection with the cross border Chapter 15 bankruptcy proceeding of Orbit Energy Limited, Noteholder and Shareholders in the restructuring in the Summer of 2021 of over $700 million in funded debt of the Village Roadshow Group, Caliber Midstream and Riverstone Capital Partners in connection with the bankruptcy filing of Nine Point Energy, Dolphin Drilling in connection with the bankruptcy case of Seadrill, the Creditors’ Committee of Gulfport Energy Corporation, a Bondholder Group of Valaris plc, a Bondholder Group of Noble Corp. plc, Bluestem Group Inc., the non-debtor parent company and largest unsecured creditor of Bluestem Brands, the Creditors’ Committee of RAIT Funding LLC, the Secured Noteholder Group of MZ Funding LLC, a First Lien Lender Group of Payless Inc, and a Preferred Shareholder Group of Ambac.

Stephen Zide
Dechert

The event’s moderators include:

Sonali Basak is global finance correspondent and anchor for Bloomberg Television and writes for Bloomberg News, where she has a weekly newsletter that you can also find on LinkedIn. She also is the host of an annual financial conference, Bloomberg Invest, a capstone event encompassing asset management, wealth and deals. She got her BA from Bucknell University and got a master's in journalism from Northwestern University's Medill School of Journalism. She graduated from NYU's Stern School of Business in 2021, having focused on corporate finance and quantitative finance there.

Sonali Basak
Bloomberg

Stephen Boyko is the co-chair of the Corporate Department and a member of The Private Credit Group of Proskauer. His primary focus is in finance transactions, particularly those involving private sources of capital. He represents one of the largest client rosters in the industry, including an array of specialty finance companies, private debt funds, business development companies (BDCs), CLOs, sovereign wealth funds, insurance companies, hedge funds, private equity investors and issuers in connection with leveraged buyouts, growth capital investments, acquisition financings, going-private transactions, management buyouts, as well as other finance-related transactions, including innovative, first-in-kind transactions across the U.S. and in the UK.

Stephen Boyko
Proskauer

Sujeet Indap is the Wall Street Editor at the Financial Times and he has written extensively on the intersection of corporate finance and corporate law. In 2021, he published his first book, The Caesars Palace Coup, chronicling the epic private equity/hedge fund war over the Caesars gaming empire. Prior to joining the FT in 2013, he was an investment banker. Sujeet is a graduate of Pomona College and the Wharton School at the University of Pennsylvania.

Sujeet Indap
Financial Times

Harvard Zhang is Reorg Americas’ Deputy Managing Editor in charge of distressed debt and restructuring news coverage. Prior to joining Reorg, Harvard was a reporter at Bloomberg News covering corporate finance. He has a B.E. in energy and resources engineering from Peking University in Beijing and an M.A. in business journalism from Northwestern University.

Harvard Zhang
Reorg

Agenda

Keynote Conversation with Tony Yoseloff, Davidson Kempner, moderated by Sujeet Indap of the Financial Times

Evolving Strategies Panel
This Panel will discuss how sponsors, CLOs and private credit parties are responding to, and affected by the latest restructuring tactics and what to expect going forward.

moderator: Harvard Zhang, Reorg

joined by:

Vince Buccola, Wharton
Mike Ginnings, Angelo Gordon
Scott Greenberg, Gibson Dunn
Steve Zelin, PJT
Stephen Zide, Dechert

The Next Opportunity with Bruce Richards
Bruce Richards of Marathon will discuss the opportunity set moderated by Sonali Basak of Bloomberg News.

Impact of Private Credit Panel
This Panel will discuss the evolving impact of private credit. Our panel of experts will discuss how private credit is converging and diverging from public markets and what to expect going forward.

moderator: Stephen Boyko, Proskauer

joined by: