Sheppard Mullin's Restructure This!

About Sheppard Mullin's Restructure This!

Sheppard's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. Join host Justin Bernbrock, partner in the firm's Finance and Bankruptcy group, as he and guests discuss popular, and sometimes not-so-popular, developments in the wild west of the bankruptcy legal world and high yield deal-making.

Publisher

with Sheppard's Justin Bernbrock

Category

business · news

Language

en

Explicit

No

First episode

19 Jan 2022

Latest episode

19 Aug 2026

Latest episodes

29 episodes in the feed.

1. 

   19 Aug 2026

   Restructure This! Episode 29: Healthcare Restructuring Under Pressure: Medicaid Cuts, Private Equity and the Fight to Keep Hospitals Open with Sam Maizel

   Sheppard's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Samuel Maizel, partner and chair of Dentons USA's Distressed Healthcare group, joins host Justin Bernbrock to discuss why healthcare bankruptcies are unlike any other Chapter 11 case, from Medicare/Medicaid provider agreement disputes to the wave of hospital and skilled nursing facility closures reshaping communities nationwide. What we discuss in this episode: Sam's transition from infantry officer to the DOJ, then to private practice What makes healthcare restructurings different from a typical corporate Chapter 11 Why hospital closings devastate communities in ways other business failures don't The government's inconsistent position on Medicare/Medicaid provider agreements Why cutting off successor liability matters so much to buyers of distressed hospitals, and how that shapes deal value How Sam's win in In re Verity Health Systems of California used the pre-existing duty rule to reshape how courts treat these agreements, and how the government has since backed off similar fights How the treatment of provider agreements impacts the ability to sell a hospital or healthcare facility, particularly in safety net and rural contexts The wave of hospital and health system bankruptcies over the last three years and the role private equity has played Why skilled nursing and long-term care facilities are the "canary in the coal mine" for financial distress in healthcare The looming impact of Medicaid cuts, provider-directed payments ("bed tax") crackdowns and immigration restrictions on the healthcare workforce The outlook for healthcare restructuring activity over the next five to ten years About Sam Maizel Sam Maizel (https://www.dentons.com/en/samuel-maizel) is a partner in Dentons USA's Los Angeles office, where he leads the firm's healthcare industry restructuring efforts nationwide. His practice spans in- and out-of-court restructurings across a broad spectrum of industries, and he is a nationally recognized expert in the unique issues that arise when healthcare entities face financial distress. Sam's Chapter 11 work has included serving as lead counsel to debtors, trustees, and creditors' committees, and representing buyers and sellers of assets. He's also represented local hospital districts and other governmental units as both debtor's counsel and counsel to creditors' committees in Chapter 9 bankruptcy proceedings. Prior to entering private practice, Sam was a trial attorney in the U.S. Department of Justice's Commercial Litigation Branch, representing the federal government in bankruptcy, district, and appellate courts nationwide. He also served in the U.S. Army Judge Advocate General's Corps, including during Operation Desert Shield/Desert Storm, for which he was awarded the Bronze Star Medal. Before becoming an attorney, he was an infantry officer in the 101st Airborne Division and the 3rd U.S. Infantry Regiment (The Old Guard). About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy practice group in Sheppard's 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 Sam Maizel 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.

2. 

   7 Jul 2026

   Restructure This! Episode 28: Retail Bankruptcy, Then and Now, with Lorenzo Marinuzzi

   Sheppard's 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's 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's 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–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 Lorenzo navigated Amazon's 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's 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' 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's transformation—from early cases involving Ames Department Stores and Kmart to today's 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's 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.

3. 

   25 Jun 2025

   Restructure This! Episode 27: What You Always Wished You Knew About Assignments for the Benefit of Creditors with David M. Johnson and Molly Froschauer of Resolution Financial Advisors

   Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this week's episode, David Johnson and Molly Froschauer of Resolution Financial Advisors join host Justin Bernbrock to discuss Assignments for the Benefit of Creditors (ABCs), including advantages and disadvantages compared to traditional bankruptcy options, the various ways an ABC can be leveraged and the acquisition opportunities they offer potential buyers. What We Discussed in this Episode What is an Assignment for the Benefit of Creditors? What are the advantages and disadvantages of an ABC compared to traditional bankruptcy proceedings? What cost and jurisdictional factors should a distressed company or its board of directors consider when evaluating the various options? How can an ABC be leveraged as an operating company, a going-concern sale or even a prepackaged ABC? How can potential buyers learn about acquisition opportunities involving ABCs? Are there specific companies and industries that aren’t well-suited for an ABC? About the Guests and Host About David M. Johnson, CFA David M. Johnson, CFA (https://resolutionfa.com/team/#david), is an accomplished executive with more than 25 years of experience in financial advisory and business restructuring roles. He has honed his skills advising startups, venture-backed companies and established businesses through complex crises, guiding over 400 companies toward recovery and resilience. Before co-founding Resolution, David served as Senior Managing Director at a middle-market advisory firm, guiding distressed companies for 17 years. He also spent four years with Alvarez & Marsal, Inc., a global turnaround management firm, providing interim management and forensic accounting services for clients that included a national healthcare organization. His expertise spans corporate turnarounds, insolvency management, sales and acquisitions, financial modeling, and valuations. About Molly Froschauer Molly Froschauer (https://resolutionfa.com/team/#molly) is an experienced insolvency professional who has been advising on bankruptcy and distressed corporate situations for over a decade. Before joining Resolution, she spent seven years with middle-market professional services firms, specializing in corporate distress. Molly’s career also includes practicing as a bankruptcy attorney and serving as a general manager for an out-of-court insolvency service provider and liquidation agent. Her work has spanned managing creditor meetings, advocating for business debt solutions and educating trade creditors on navigating debt resolution. As an editor for the National Association for Credit Management’s Manual of Credit and Commercial Laws, Molly oversaw more than 50 Assignments for the Benefit of Creditors, out-of-court workouts and engagements through the bankruptcy courts. About Justin Bernbrock Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's 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 David M. Johnson, CFA (https://resolutionfa.com/team/#david) Molly Froschauer (https://resolutionfa.com/team/#molly) 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.

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

4.4 / 5

7 ratings

Spotify

5.0 / 5

3 ratings

Podcast Authority Score: 23 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

34

Social presence

0

YouTube

0

Engagement

32

Contact Sheppard Mullin's Restructure This!

Guest appearances

Does not typically book guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.

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