Retail Bankruptcy, Then and Now, with Lorenzo Marinuzzi

Lorenzo Marinuzzi speaks with Sheppard’s Restructure THIS! podcast about the latest trends and controversies related to Chapter 11 bankruptcy, commercial insolvency and distressed investing in the retail sector.

Discussion topics also include 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.

This in-depth conversation also covers:

• How earlier retail bankruptcies 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–lender tensions in luxury bankruptcies, especially where vendors hold outsized leverage
• The unusually complex structure of the Saks DIP, including atypical vendor protections
• Landlords’ shifting influence in retail Chapter 11 cases and how their leverage has declined
• 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?
• Future trends in retail bankruptcy and market forces

Listen to the podcast episode.