Michael has substantial experience in working with companies and their creditors to develop operational and financial restructuring solutions to enhance value to parties in interest. In this capacity, he has gained significant experience in performing critical reviews of business plans, performance of enterprise valuations and development of recapitalization strategies. He has worked extensively in the negotiations of recapitalization strategies among parties in interest, including bondholders, senior lenders, unsecured creditors and management. His experience has also included substantial work with post confirmation trusts, including claims resolution, asset monetization, pursuit of litigation claims and other trust duties.
Formerly a partner in the Business Recovery Group of PricewaterhouseCoopers, Michael gained experience working on a wide variety of clients both in and out of bankruptcy. His experience has ranged across a spectrum of industries, including concentrations in financing companies, healthcare manufacturing and distribution. Specific examples of his experience include:
- Fleming Companies, Inc. - Served as Treasurer for this $15 billion food distribution company during the Chapter 11 case. In this role, Michael played a significant role in the critical issues to restructure this company including assessment of the grocery distribution business to determine the need for an accelerated sale, negotiation of key settlement agreements with creditors that allowed the company to reorganize and oversight of the treasury function allowing the company to manage through many liquidity crises over the course of the bankruptcy proceedings, including efforts to obtain DIP financing and exit financing.
- Hospital Chain - Michael worked with the senior management team for this hospital group which operated 10 hospitals in multiple markets in the Southern United States. Michael assisted the company with the establishment of liquidity forecasting tools and budgeting processes, significantly enhancing the quality and accuracy of the budgeting and forecasting process. He was able to work with the company to evaluate large capital projects and provide support to obtain financing for the viable projects.
- Venezuela Oil Project - Currently representing senior lending group for a Venezuelan oil project that is impact by nationalization efforts. Work has included assessment of operational impact of nationalization efforts and review of capabilities of new management team. Assisting in restructuring the debt.
- Foamex - Assisted the company with the preparation of a business plan and liquidity forecast to support the process of amending the senior credit facility. The business plan resulted in substantial opportunities for cost reduction and liquidity improvement and resulted in a successful amendment to the credit facility.
Michael received his bachelor’s degree in business administration from Baylor University and his MBA from Texas A&M University. He holds the CPA designation in the State of Texas (AlixPartners, LLP is not a CPA firm).
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