FTI Consulting expanded FTI Capital Advisors, the firm’s wholly-owned investment banking subsidiary, with the appointment of Robert Salandra and Larry Stone as managing directors in the firm’s power, renewables and utilities practice within the corporate finance and restructuring segment.
Consulting Magazine named Stella Mendes, a senior managing director in FTI Consulting’s forensic and litigation consulting segment, and Caroline Parker, a managing director in FTI Consulting’s strategic communications segment, to its Women Leaders in Consulting 2021 list.
Chapter 11 bankruptcy is a complicated process and having as much information as possible is necessary to ensure a smooth journey. As bankruptcy activity may pick up in the second half of 2021, companies and their lenders may need the services of a forensic accountant to objectively evaluate any potential issues within a company’s financial records.
Hertz Global Holdings received bankruptcy court approval of its plan of reorganization. The plan unimpairs all classes of creditors and was approved by more than 97% of voting shareholders. The court’s approval clears the way for Hertz to emerge from Chapter 11 by the end of June.
Hertz Global Holdings received a revised proposal from affiliates of Knighthead Capital Management, Certares Opportunities and Apollo Capital Management to provide equity capital required to fund Hertz’s exit from Chapter 11.
The California Public Utilities Commission unanimously voted to approve Frontier Communications’ emergence from Chapter 11. Having already received all other required state and federal approvals, Frontier Communications expects to emerge from Chapter 11 in the coming weeks.
According to a survey from FTI Consulting, 41% of bank and non-bank lenders expect strong economic growth this year, yet 70% said that the effects of Federal Reserve policy actions and benign credit market conditions will dampen default and restructuring activity for up to one year.
Sundance Energy filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Sundance Energy also secured commitments from certain of its term loan lenders for at least $45 million in DIP financing.
FTI Consulting appointed Jason Shafrin, Ph.D. senior managing director in the Center for Healthcare Economics and Policy within the firm’s economic consulting segment.
Hertz filed its proposed plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. Knighthead Capital Management and Certares Opportunities will serve as the plan sponsors.