Michael Scott has substantial experience in working with companies and their creditors to develop operational and financial restructuring solutions to enhance value to parties in interest. In this capacity, he has gained significant experience in performing critical reviews of business plans, performance of enterprise valuations and development of recapitalization strategies. Michael has worked with companies and their creditors on a variety of restructuring and bankruptcy issues including obtaining debtor in possession financing, development and assessment of management retention programs, creation of plans of reorganization, assistance in asset sales through the section 363 process, evaluation of contract and lease rejection decisions, and other issues specific to the bankruptcy process.
Michael has worked extensively with companies and lending groups in efforts to recapitalize companies, in both out-of-court restructurings and through the bankruptcy process. In these efforts, Michael has played a critical role in developing the underlying information required for the negotiation, including performance of enterprise valuations and determination of appropriate capital structure. As part of the restructuring efforts, he has also developed warrant and option packages designed to create desired incentive for long term recovery to creditor constituents and management. Michael has worked extensively in the negotiations of the recapitalization among the parties in interest, including bondholders, senior lenders, unsecured creditors and management.
Formerly a Managing Director with AlixPartners and a Partner in the restructuring group at PricewaterhouseCoopers, Michael gained experience working on a wide variety of clients both in and out of bankruptcy. Specific examples of his experience include:
- Served as Treasurer of Fleming Companies, a $15 billion wholesale grocery distributor. Served in role throughout bankruptcy, leading to successful sale of assets and reorganization around core entity.
- Represented bank syndicate in restructuring of a food concession company. Resulted in restructure of subordinated debt and refinancing of senior facility.
- Represented a bank syndicate in restructuring of $900 million facility for a Venezuela oil project. Work included business plan review and assessment of political risk. Resulted in full payoff of lenders.
- Served as Vice President of LJM2, an Enron SPE. Performed investigation of investment assets of this entity and worked throughout bankruptcy process to fully monetize all assets.
- He recently represented a bank syndicate related to a $1 billion credit facility for a US trucking company.
Michael received his bachelor's degree in business administration from Baylor University and his MBA from Texas A&M University. He holds the CPA designation in Texas.