Profitability requires discipline. We laid off thousands and cut spending. It was painful but necessary.
Restructuring is not just finance. It’s negotiation, politics, law, and psychology all at once.
We made some extremely hard decisions in 2015 and 2016. But they were the right decisions. Not the comfortable ones — the right ones.
The unions are not the enemy. They are stakeholders, just like the shareholders.
The best restructuring is the one where everybody gives a little and everybody gets something.
Bankruptcy is not failure. It is a legal process designed to give a company time to fix what is broken. The failure is refusing to use it when you should.
The most important thing that you need is rule of law so you have a predictability in the restructuring process.
We look to work with the group of lenders owning over half of the loan to extend maturities, supply new super senior capital, or both.
We either drive the process with a seat on the committee or exit the investment.