Consulting firm Teneo taps Rothschild VP with a penchant for bankruptcy

  • Skadden, Arps, Slate, Meagher & Flom LLP and affiliates

  • Goldin Associates, LLC

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NEW YORK, Jan 18 (Reuters) – Jay Goffman, a former Iowa bankruptcy “}” data-sheets-userformat=”{“2″:513,”3”:{“1″:0},”12″:0}”>Iowa bankruptcy attorney and current vice chairman of Rothschild & Co, is joining CEO advisory firm Teneo to help run its financial advisory business, it said. -he declares.

The firm was expected to announce the move on Tuesday.

Goffman, 63, is the latest high-profile restructuring adviser to turn to consulting and crisis management after practicing law or banking on Wall Street. Jon Henes, a former restructuring partner at Kirkland & Ellis LLP, launched strategy consultancy C Street Advisory Group last year.

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In addition to legal advisers and bankers who arrange financing, companies facing financial turmoil also rely on crisis managers to help them manage relationships with employees, suppliers, government officials and hedging. media.

Goffman led or co-led the restructuring practice of the law firm Skadden, Arps, Slate, Meagher & Flom LLP for approximately a dozen years before joining Rothschild as a banker helping struggling companies secure new financing and to rework their balance sheets.

After a string of bankruptcies following the COVID-19 pandemic, corporate restructuring has slowed amid low interest rates and recovering financial markets. Federal Reserve policymakers, however, signaled an impending rate hike in part to fight inflation, which Goffman said could contribute to another round of restructuring for companies that haven’t settled debts. unsustainable.

“It’s hard to give an exact date, but it’s happening,” Goffman said, adding that he fears the next cycle of distress will be “longer and deeper.”

Teneo, meanwhile, acquired Deloitte’s UK restructuring business last year and in 2020 acquired Goldin Associates, a financial advisory firm focused on distressed companies. Teneo is currently advising OxyContin manufacturer Purdue Pharma LP in its bankruptcy case.

Goffman helped pioneer so-called pre-packaged bankruptcies, in which companies and creditors present an agreed-upon restructuring to a judge right after Chapter 11 is filed in an effort to limit the time spent navigating legal proceedings.

A company advised by Goffman, school bus maker Blue Bird, used the strategy to receive bankruptcy court approval for its reorganization in less than two days.

He also worked on the bankruptcies of solar energy company SunEdison Inc in 2016 and Metro-Goldwyn-Mayer, the famous movie studio with the roaring lion logo that filed Chapter 11 in 2010. When the parent company of American Airlines filed for bankruptcy in 2011, he advised creditors and helped arrange a merger with rival US Airways.

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Reporting by Mike Spector and Jessica DiNapoli in New York; Editing by Howard Goller

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