09:30 AM - 10:45 AM (Pacific)
10:30 AM - 11:45 PM (Mountain)
12:30 PM - 01:45 PM (Eastern)
Zoom Invitation Will Be Shared the Day of the Event
The economic fallout of the COVID-19 pandemic has quickly repositioned many previously financially-strong companies to the verge of insolvency. How does a Board pivot in this environment? What questions should the Board be asking the CEO that will uncover the realities being faced?
Managing through periods of financial distress are among the most difficult situations a Board and Leadership Team face. If you’re unsure about where your company’s liquidity stands, or suspect your firm is closer to financial distress than desired, and you want to avoid reaching the “zone of insolvency,” then don’t miss this event.
Joe McHugh (PDA Boston Founding Member) will interview three nationally-recognized workout and restructuring experts: Stephen Gray (Gray & Company), Doug Rosner (Goulston & Storrs), and Adrienne Walker (Mintz), in a unique fireside chat where they will answer some of the most pressing questions asked by Board Members, C-Suite Leaders, and Business Owners of firms facing financial distress:
- What early-warning indicators of financial distress should Management and the Board be receiving on an expedited basis?
- How can the Board work proactively with Management to avoid, or work through, a period of severe illiquidity?
- What are the Board’s enhanced responsibilities, and the Board’s increased legal liabilities (and workarounds), in guiding Management on how to survive a liquidity crisis, or when a company is insolvent?
- What are common mistakes that Boards and Management make during a liquidity crisis?
- When is the right time to engage with a restructuring advisor and attorney? How does a firm select the right workout service providers to manage a liquidity crisis?
- What is the restructuring roadmap for out-of-court engagements, and for Chapter 11 reorganizations? What are the advantages and disadvantages of each?
The audience for this program:
- All Private Company Board Members, CEOs, CFOs, and other C-Suite executives.
- Financial Service Providers and Lenders.
- Board and C-Suite Executives who have had recent downgrading of their credit rating, debt covenant defaults, reductions in credit availability, etc.
Value to participants:
- Learning from other companies’ experiences, mistakes, success stories, and best practices of Boards, Operating Teams, and Owners in identifying where they stand, and managing through and around severe liquidity challenges.
- Hear some important questions to ask your CEO to ensure that the Board’s current understanding of your firms’s liquidity position is accurate and the liquidity forecast is pressure-tested.
- Hear about techniques that could potentially help your firm avoid insolvency.
- Learn by example, how other companies have taken steps to avoid workouts.
- Understand options and experiential learnings that can reduce operating risks.
- Learn how to step up to implement actionable strategies to assist Management in managing through a liquidity crisis.
THANK YOU TO OUR NATIONAL AND GOLD CHAPTER SPONSORS!
Gray & Company
Stephen Gray has more than 40 years of experience developing and implementing restructuring and crisis management plans for public and private companies, creditors and judicial bodies. Stephen was the founder and CEO of TRG from 1981-2007, which was merged with CRG Partners (CRG) where he served as Senior Managing Partner. CRG was acquired by Deloitte in 2012. In 2014, Stephen left Deloitte and formed Gray & Company LLC, a restructuring and fiduciary services practice. He has led the successful restructuring of hundreds of companies serving as CEO, CRO, trustee, receiver, and restructuring advisor. Stephen holds a bachelor’s degree in engineering science from George Washington University and was a master’s level teaching fellow in mechanical engineering at Tufts University. Stephen serves as an independent director on a number of post restructuring boards of directors and boards of companies in restructuring processes, including companies in the healthcare, financial services, automotive, security, retail, energy and food industries.
Director & Attorney
Goulston & Storrs
Doug Rosner is a nationally recognized bankruptcy and restructuring attorney who represents clients throughout the country and internationally. He counsels corporate debtors, unsecured creditors and creditors’ committees, lenders, landlords, asset purchasers, investors, boards and trustees. Doug handles a wide range of bankruptcy matters including complex Chapter 11 reorganizations, Chapter 7 liquidations, out-of-court workouts and related litigation and transactions. Additionally, Doug advises lenders and borrowers in corporate and real estate financing transactions, including asset-backed securitizations, inter-creditor agreements, factoring arrangements and asset-based loans. Doug holds a BA – Politics from Brandeis University and a Doctor of Law (JD) from Boston College Law School.
Member & Attorney
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo
Adrienne Walker is an award winning restructuring and commercial finance attorney with significant bankruptcy litigation experience and deep capabilities in workouts and bankruptcy matters. Her commercial lending work involves advising both borrowers and lenders on complex debt structuring, including transactions involving traditional banks and private equity. Adrienne works with clients in many industries with particular focus on the life sciences, health care, retail, senior living and manufacturing. In addition, Adrienne is an adjunct professor at Suffolk University Law School, teaching advanced courses in business bankruptcy, and is also a frequent speaker and writer on topics in the bankruptcy and commercial lending fields. Adrienne holds a BA from Simmons College and a Doctor of Law (JD) from Suffolk University Law School.
Board Member & PE Advisor
Joe McHugh has over 25 years of boardroom experience as a director of several industrial technology manufacturing and service firms, including Evans Analytical, Ophir Corporation, Robicon Corporation, Maxima Technologies, and Anderson Interconnect. Joe also has 25 years of experience as a seasoned, operationally - oriented Chief Financial Officer of public, private, family-owned, and PE-owned firms, with deep experience in acquisitions & divestitures, debt & equity financings, and workouts & restructurings. Joe is a CMA and is certified in board governance (HBS and NACD), strategy, and cybersecurity oversight. Joe holds a BS (Accounting) and MBA (Finance) from Bentley University.