{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Restructure This! Episode 28: Retail Bankruptcy, Then and Now, with Lorenzo Marinuzzi","description":"Sheppard\u2019s Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Lorenzo Marinuzzi, Bankruptcy Partner and Global Chair of Morrison & Foerster\u2019s Business Restructuring + Insolvency Group, joins host Justin Bernbrock to discuss retail bankruptcy then and now, including how e-commerce and non-traditional lenders have reshaped the restructuring landscape, the unique dynamics of luxury retail cases and insights from the Saks Global Chapter 11 bankruptcy.   What we discuss in this episode: How Lorenzo\u2019s earlier retail cases compare to the restructurings we see today How retail bankruptcies have been affected by the involvement of distressed debt funds and other non-traditional lenders Vendor\u2013lender tensions in luxury bankruptcies, especially where vendors hold outsized leverage The unusually complex structure of the Saks DIP, including atypical vendor protections Landlords\u2019 shifting influence in retail Chapter 11 cases and how their leverage has declined. How Lorenzo navigated Amazon\u2019s objection to the Saks DIP and resolved the financing structure How the Saks Global settlement resulted in a litigation trust to pursue claims tied to the Neiman acquisition and the competing stakeholder interests involved Whether accelerated case timelines push DIP claims into impairment territory, and if that trade-off is becoming normalized Reassessing the viability of reorganizations in retail amid the rise of e-commerce How unsecured creditors (e.g., vendors, suppliers, trade creditors) doing business with financially distressed retailers can best protect themselves Lorenzo\u2019s expected trends in retail bankruptcy and where he believes the market is heading   About Lorenzo Marinuzzi Lorenzo Marinuzzi is a partner at Morrison & Foerster, where he serves as global chair of the Business Restructuring + Insolvency group. Based in New York and Austin, he has practiced bankruptcy law for 30 years, representing debtors, creditors and creditors\u2019 committees in complex bankruptcy cases, workouts and litigation across a wide range of industries, including retail, airline and cargo transportation, energy, oil and gas, banking and finance, mortgage origination and servicing, and telecommunications. His retail bankruptcy work spans the full arc of the industry\u2019s transformation\u2014from early cases involving Ames Department Stores and Kmart to today\u2019s luxury retail restructurings, including his current role as lead committee counsel in the Saks Global Chapter 11.  About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy practice group in Sheppard\u2019s Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.   Contact Information Lorenzo Marinuzzi Justin Bernbrock   Thank you for listening! Don't forget to SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, or Spotify. It helps other listeners find this show. This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs. ","author_name":"Sheppard\u2019s Restructure THIS!","author_url":"https:\/\/www.sheppardmullin.com\/podcasts-restructure-this-podcast","html":"