TMA Chicago Midwest Podcast

In the latest episode of the Turnaround Management Association's (TMA) Chicago/Midwest Podcast, Katten Restructuring Partner and host Paul Musser sits down with Oliver Wyman Partner Adam Chonich and Principal Akash Amin to discuss their restructuring career paths, macrotrends in the distressed middle market and the forces driving distress in the aerospace industry. Adam and Akash share how tighter credit, higher interest costs and lender focus on liquidity are reshaping debt structures. They also delve into the working capital pressures facing commercial and defense suppliers. Their discussion then turns to the growing preference for out-of-court solutions, the critical role of asset-based lending and how professionals can build their networks through TMA involvement.

In the latest episode of the Turnaround Management Association's (TMA) Chicago/Midwest Podcast, Katten Restructuring Partner and host Paul Musser sits down with TMA Chief Executive Officer (CEO) Christine Melendes to discuss her career path, early priorities in the CEO role and her vision for the organization's future. Christine shares how her diverse background in association management, operations and business development prepared her for leadership at TMA and delves into why she was drawn to the organization's members and mission. Their discussion also explores the value of chapter involvement, the power of TMA's global network and how professionals can get the most out of conference attendance and volunteer opportunities.

In the latest episode of the TMA Chicago/Midwest Podcast, host and Katten Restructuring Partner Paul Musser sits down with Teneo Senior Managing Director Bernardo Silva, food and beverage industry lead within the company's Management Consulting team, for a candid look at the distress reshaping today's wine and spirits industry. From a non-traditional restructuring professional's perspective, Bernardo discusses the sector's path from a pandemic-fueled boom to consumption that has continued to fall since 2023, leaving weak balance sheets, inventory gluts and a wave of bankruptcies and restructurings in its wake. He and Paul also unpack the structural consumer shifts, from the "sober-curious" generation to alternatives such as cannabis and GLP-1s, that are also driving the sector's downturn. Finally, Bernardo shares his insights on business development, highlighting proactive networking and early intervention as a restructuring professional's greatest assets.

In the latest episode of the TMA Chicago/Midwest Podcast, host and Katten Restructuring Partner Paul Musser sits down with Harold Israel and Jack O'Connor, partners in the Financial Services and Restructuring group at Levenfeld-Pearlstein, LLC. Together, they discuss the evolution of "bankruptcy" to "restructuring" law practices, the decision-making process for distressed companies facing the question of whether "to file or not to file" for bankruptcy, the potential non-bankruptcy alternative solutions at their disposal, and the potential for pre-packaged cases or Subchapter V as solutions for middle-market companies looking to reorganize in bankruptcy. They also share insights on the importance of becoming involved in professional organizations such as the TMA, as well as Harold and Jack's experiences as past TMA chapter presidents.

In the latest episode of the TMA Chicago/Midwest Podcast, host and Katten Restructuring Partner Paul Musser sits down with Novo Advisors Managing Partner and Founder Sandeep Gupta. They discuss Sandeep's "accidental" arrival into restructuring, his entrepreneurial mindset and its influence on his turnaround and restructuring work, the nuances of working with closely held, family-owned businesses versus private-equity sponsored companies, strategies and techniques for middle market restructurings and private credit workouts, and the firm's recently launched forensic and dispute advisory service line. He and Paul also share insights into middle market fraud investigations and discuss the importance of relationship-building within the industry.

In the latest episode of the TMA Chicago/Midwest Podcast, host and Katten Restructuring Partner Paul Musser sits down with HYPERAMS President Bob Pabst and Managing Director of Business Development Kat Parker to explore the world of liquidations and wind-downs. The conversation delves into each guest's career paths in the restructuring field, how to create liquidations that maximize asset recovery, the importance of early lender or fiduciary outreach to integrate liquidators into the larger wind-down strategy, and current market trends impacting M&E values. Bob and Kat also share insights on the power of building relationships through professional organizations such as TMA, and why the restructuring industry remains uniquely relationship-driven.

In the first episode of the new year, the TMA Chicago/Midwest Podcast welcomed Sandy Prabhakar, the chapter's 2026 president and Managing Director at Armory Group. Sandy, who has over 20 years of experience advising clients on mergers and acquisitions, refinancings and restructurings, returned as the podcast's first two-time guest to discuss his path to leadership within TMA and the chapter's theme for the year, "Pipeline to Prosperity," which will focus on boosting engagement from members and helping them understand the industry's referral ecosystem. He and Paul also delve into current market trends in distressed sales and refinancing, highlighting challenges such as tariff uncertainties, as well as consolidation opportunities, that are shaping today's restructuring landscape.

In this episode of the TMA Chicago/Midwest Podcast, Senior Managing Director-Business Advisor at Creative Planning Business Services, Tina Hughes, sitsdown with Paul Musser to discuss her journey in the restructuring field, the intricacies of receivership, the significance of the Illinois Receivership Act and her active involvement in the TMA. She talks with Paul about her central role in drafting and passing the Illinois Receivership Act, a comprehensive statute slated to take effect on January 1, 2026. Regarding business development, Tina emphasizes the importance of networking, following up with new contactsand mentorship, providing valuable insights for professionals looking to grow their careers.

In this episode of the TMA Chicago/Midwest Podcast, Managing Director and Head of Loan Administration at CIBC Bank USA Hugh Wilder sat down with host Paul Musser to discuss the intricacies of lender workouts and the importance of early intervention regarding distressed credits. Hugh shared his insights on the workout process at banks, current trends in refinancing and distressed mergers and acquisitions (M&A), and the challenges that he is seeing with distressed borrowers. Additionally, they delved into the significance of building relationships within the restructuring community, with Hugh advising junior professionals to be patient and persistent, emphasizing that they should focus on building trust and experience over several years to develop credibility among their industry peers.

In this episode of the Turnaround Management Association's (TMA) Chicago/Midwest podcast, Partner at Paladin Management Group Stefan Piotrowski sits down with host Paul Musser to discuss the importance of Chief Restructuring Officers (CROs) in distressed situations. Stefan delves into a CRO's need for effective communication with stakeholders during turnarounds to ensure success. He also compares the unique challenges that often arise in family-owned businesses versus sponsor-backed companies. Then, Stefan and Paul discuss the value of networking and proactive relationship-building through organizations like the TMA. For new professionals entering the restructuring field, Stefan notes that first and foremost, good work is paramount, along with maintaining contact with new connections.