The Turnaround Podcast with Stephen Phillips, Episode 6

In this episode of The Turnaround Podcast, Stephen Phillips speaks with Barney Reynolds, an expert in financial services regulation and partner at the newly merged firm of A& O Sherman, a global law firm equally fluent in U.S. law, English law, and the laws of the world's most dynamic markets.

Tune in to the episode to hear about:

* Barney’s career journey and his experience with Lehman Brothers

* The regulatory reaction, creating a new architecture for regulation, to the Lehman Brothers collapse

* The bureaucratization of the banking industry through over-regulation

* Central Counterparties — how they developed and the role they play in the banking world

* New requirements on reporting of senior management to ensure accountability

* The shift of financial institutions being provided by funds rather than the banks

* Barney’s stance on Brexit and what he sees at the implications

Learn more about Barney Reynolds:

* Connect with Barney on LinkedIn: https://www.linkedin.com/in/barnabas-reynolds-financiallawyerlondon

* Read Barney’s bio on A&O Shearman’s website: https://www.aoshearman.com/en/people/barnabas-reynolds

* Email: barney.reynolds@aoshearman.com

* Phone: +44 20 7655 5528

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast, Stephen Phillips, Episode 05

In this episode of "The Turnaround Podcast," host Stephen Phillips is joined by Lisa Rickelton, Senior Managing Director at FTI Consulting. Lisa brings over two decades of expertise in insolvency and restructuring, specializing in contingency planning and insolvency solutions. Her extensive experience spans advising stakeholders across various sectors and managing complex cross-border situations.

Tune in to this episode to hear about:

* Role of an Insolvency Practitioner: Lisa explains the evolving role of insolvency practitioners, discussing both the early days of her career and the complex tasks she handles today, such as managing company operations during insolvency to save jobs and optimize outcomes.

* Introduction to Insolvency: Lisa shares her journey into the world of insolvency, which began unexpectedly during her time with Arthur Andersen. She recounts her initial experiences and how they shaped her understanding of the industry.

* Tools and Techniques in Restructuring: The discussion covers various insolvency tools, including pre-packaged administrations and restructuring plans. Lisa provides insights into how these tools are applied in practice and the regulatory frameworks governing them.

* Challenges and Criticisms of Prepacks: Lisa addresses common criticisms of prepackaged insolvencies, such as transparency concerns and stakeholder skepticism, explaining the regulatory improvements made to ensure fairness and value preservation.

* Case Study - Adler Restructuring Plan: Lisa delves into the complexities of the Adler restructuring plan, a significant project involving cross-class cram down and cross-border legal considerations, highlighting her role in comparator analysis and court proceedings.

Learn more about Lisa Rickelton:

* Connect with Lisa on LinkedIn: https://www.linkedin.com/in/lisarickelton/

* Follow FTI Consulting on LinkedIn: https://www.linkedin.com/company/fti-consulting/

* Read Lisa’s bio on FTI Consulting’s Website: https://www.fticonsulting.com/experts/lisa-rickelton

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About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 04

In this episode of The Turnaround Podcast, Stephen Phillips speaks with Sabrina Fox, CEO of the European Leverage Finance Association and the founder of Fox Legal Training. Sabrina brings nearly two decades of experience in analyzing high yield covenants, initially as legal counsel and later as a covenant analyst and trainer.

Tune in to the episode to hear about:

* Sabrina's journey through the legal and financial sectors, leading to her roles in covenant analysis and the European Leveraged Finance Association.

* Insights into the evolution of covenant structures in high yield bonds and how they affect investor security

* Detailed discussion on the mechanics and implications of moving assets from restricted to unrestricted subsidiaries

* The concept of "value in a box" and how covenants aim to protect investor value within a corporate structure

* Current trends in the high yield market, including notable cases like J. Crew and Altice, highlighting the strategic use of covenants in financial restructuring

Learn more about Sabrina Fox:

* Connect with Sabrina on LinkedIn: https://www.linkedin.com/in/sabrina-fox-45b29b7b/

* Visit European Leveraged Finance Association‘s website: https://elfainvestors.com/

* Visit Fox Legal Training’s website: https://www.foxlegaltraining.com/

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/
* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 03

In this episode of The Turnaround Podcast, host Stephen Phillips speaks with Wolfgang Felix, Co-founder and CEO of Sarria, a team of senior distressed credit analysts helping leading special opportunities hedge funds on either side of the pond to deploy their resources with the greatest efficiency.

Tune in to the episode to hear about:

* Wolfgang's journey through the world of distressed debt and the founding of his boutique firm, Saria

* An in-depth discussion on the methodologies used at Sarria for analyzing distressed securities

* Insights into the current trends and opportunities in the distressed debt market post-COVID

* Insights into hoe traders can use credit default swaps to profit from weaker credits

* Strategies for managing long and short positions in a volatile financial environment

* Wolfgang's perspective on the future of credit analysis

Learn more about Wolfgang Felix:

* Connect with Wolfgang on LinkedIn Profile: https://www.linkedin.com/in/wolfgang-felix/

* Follow Sarria on LinkedIn: https://www.linkedin.com/company/sarria/

* Visit Sarria’s Website: http://www.sarria.co.uk

* Follow Sarria on Twitter: https://twitter.com/wolfelix

* Follow Wolfgang on Instagram: https://www.instagram.com/wolfelix/

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast:

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

* Freilibertas website: https://www.freilibertas.com/the-turnaround-podcast

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 2

In this episode of The Turnaround Podcast, Stephen Phillips interviews Bill Blain, Author of the Morning Porridge, Founder of Windshift Capital, and seasoned Market Strategist. With over three decades of experience in financial markets, Blain offers invaluable insights into current market trends and investment opportunities. Tune in as he shares his expertise on navigating volatile market conditions and developing effective investment strategies.

Tune in to the episode to hear about:

* Bill Blain's career trajectory: He started with an interest in journalism but ended up in finance due to circumstances. Despite a successful career in financial markets, his passion for journalism remained.

* Insights into the financial industry: Blain shares experiences from working at institutions like Morgan Stanley, Euromoney, Bear Stearns, and HSBC.

* BIll’s daily financial commentary outlet, Blain's Morning Porridge: why he started it and how it got to over 10,000 subscribers

* Analysis of current financial markets: Blain discusses the distortion of stock prices due to quantitative easing and low-interest rates. He shares insights into sectors like artificial intelligence, private equity, and more.

* Economic and political factors: Blain delves into the impact of politics on markets, highlighting Brexit's consequences, potential restructuring opportunities, and the need for a new accommodation.

Learn more about Bill Blain:

* Connect with Bill on Linkedin: https://www.linkedin.com/in/bill-blain-05411932/

* Visit Windshift Capital’s website: https://windshift.capital/

* Follow Bill on Twitter: https://twitter.com/bill_blain

* Check out Blain's Morning Porridge, “Financial Market Insights for Thinkers!” https://morningporridge.com/

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience

The Turnaround Podcast with Stephen Phillips, Episode 1

In this inaugural episode of The Turnaround Podcast, Stephen Phillips welcomes Andrew Wilkinson, guru of the restructuring world in Europe. Andrew is the senior European Restructuring partner and Co-Head of the London Restructuring practice at Weil, Gotshal & Manges LLP. He has over 30 years of restructuring experience as a lawyer in private practice and banker advising bondholder groups, other lenders and large corporates and governments on debt restructuring.

Tune in to the episode to hear these key takeaways:

* Andrew’s long and winding career journey into the restructuring world, starting as a barrister out of university

* How Andrew recruited his team

* Defining business restructuring in layman’s terms

* The role Andrew plays in strategic planning for businesses

* The emotional side of restructuring

* Andrew’s take on the current landscape of European Restructuring in terms of legal frameworks

Learn more about Andrew Wilkinson:

* Connect with Andrew on LinkedIn: https://www.linkedin.com/in/andrew-wilkinson-97238074/

* Visit Weil, Gotshal & Manges LLP’s website: https://www.weil.com/people/andrew-john-owen-wilkinson

***********************************

About The Turnaround Podcast:

In each episode of The Turnaround Podcast, Stephen Phillips speaks to experienced practitioners who discuss their careers, key moments, challenges, and lessons learned in financial turnarounds and business restructuring. Tune in as they unravel the secrets to turning struggling businesses into successful ones.

Watch more episodes of The Turnaround Podcast::

* FreiLibertas Law’s YouTube Channel: https://www.youtube.com/channel/UCWzwWr13TM2692SYEJc-U3g/

Connect and learn more from your host, Stephen Phillips:

* LinkedIn: https://www.linkedin.com/in/stephen-phillips-85034324/

* Website: https://www.freilibertas.com/founders-experience