March 2022
Feature Article
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Energy Industry Faces New Era of Uncertainty, Challenges
From 2009 to 2019 the oil industry destroyed over $300 billion of investors’ capital, and that was before the 2020 crash.1 During this era of relatively cheap oil, the industry was run like a failed startup: companies prioritized increased market share over profitability. Investors tolerated what they thought were short-term losses for the promise of […]
More from this Issue
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The Energy Industry in Transition
Change is hard. This bromide—so beloved by the uninspiring TED speaker and corporate hatchet man alike—is both obvious and trite. It’s also true. Adapting to the changes that inevitably appear in business and life is difficult. Indeed, if more businesspeople were better at this task, many restructuring professionals would have to find another line of […] -
TMA Leads in Defining Ways
As we enjoy the afterglow of one of most successful and meaningful Distressed Investing Conferences TMA has experienced in recent years, we look at our year of Innovation through Disruption, and we revel in the opportunities that lie ahead. In a year where our membership retention is at historic highs and the growth of our […] -
Strike Oil? Depends on Your Perspective
I hope that you joined us at the TMA Distressed Investing Conference in Las Vegas. It was a terrific event, and we were very happy to see so many of you back in person. TMA will continue putting on great networking and education events in 2022, so if we missed you in Las Vegas, we hope […] -
Energy Industry Faces New Era of Uncertainty, Challenges
From 2009 to 2019 the oil industry destroyed over $300 billion of investors’ capital, and that was before the 2020 crash.1 During this era of relatively cheap oil, the industry was run like a failed startup: companies prioritized increased market share over profitability. Investors tolerated what they thought were short-term losses for the promise of […] -
A Showdown Over the ‘Texas Two-Step’
The Texas two-step is an iconic dance. Many readers may have memories of learning the dance steps in elementary school gym classes as training for future jaunts to legendary Texas venues like Gruene Hall or Billy Bob’s. These days, a Texas two-step of sorts is the talk of the restructuring world, but, unfortunately, it has […] -
Multiparty Negotiations: Finding Bargaining Power When Financial Resources Are Scarce
One of the most common yet challenging tasks that turnaround professionals must perform are multiparty negotiations. These negotiations are particularly difficult when counterparties perceive likely outcomes to be generally negative or not beneficial to their own interest. When that is the case, counterparties may be reluctant to meaningfully engage or may be hostile toward the […] -
DOE LoanPrograms May Help Start-Ups Escape the ‘Valley of Death’
Early-stage companies and those with new and/or innovative solutions have a difficult time raising the capital necessary to ensure success, largely due to perceived imbalance of risk and reward. That difficulty is even more exaggerated when an early-stage company seeks to employ new and/or innovative technology solutions in a project because of high technical risks […] -
Severe Cost Pressures Are Pushing UK Energy Suppliers into Insolvency, Restructuring
At the time of writing, approximately 30 UK-based energy supply companies have ceased trading since the start of 2021 alone, affecting millions of customers and altering the landscape of the UK’s retail consumer energy market. With the threat of continued increases to wholesale energy prices against a backdrop of broader cost increases (including in relation […] -
Suspect Energy Suppliers Are Failing at the Expense of the German Public Sector, Consumers
The liberalization of the energy market in Germany has made it easy for electricity/gas providers to position themselves in the market with an internet portal. More than two decades since liberalization of the market, there are now around 1,000 electricity/gas providers. In addition to an internet portal, a provider is required to obtain a permit […] -
The Allure of the Racetrack: Rob Montgomery, CTP
Q: How did you gravitate into turnaround/restructuring work? Montgomery: Honestly, I sort of fell into turnaround and restructuring 20-some-odd years ago coming out of undergrad. At the time, I wasn’t entirely sure that I really knew what restructuring was all about, but it was the idea of getting to learn how to help fix broken businesses, […] -
Newcomers: March 2022
Alabama Dalton Hopper, BMSS Atlanta Brian J. Cuttic, eCapital Commercial Finance Corp. Matthew Guill Richard S. Haughey, Riveron Consulting Todd C. Meyers, Kilpatrick Townsend & Stockton LLP Kevin J. O’Brien California – Northern Andrew H. Berman Jared A. Ellias, University of California Hastings College of the Law Michael Gay, Stonebriar Commercial Finance California – Southern Rick Briggs Aashish C. Chaturvedi […]
Snapshot Article
Upcoming
2024 TMA Annual Conference
October 15 – 18, 2024
Loews Philadelphia
Philadelphia, PA