FTX Trading Ltd.

2022

FTX faced a massive liquidity crisis following revelations of fraud, weak internal controls, and the misuse of customer funds, triggering one of the largest collapses in crypto history. The company filed for Chapter 11 with over 100,000 creditors and an estimated $10–$50 billion in liabilities, alongside significant asset recovery and cross-border insolvency challenges.

Global Restructuring Advisor
A&M was retained as restructuring advisor to identify, quantify, and secure liquid and crypto assets, investments, and other estate property while supporting liquidity forecasting, business planning, and the overall Chapter 11 restructuring process. The team also coordinated cross-border restructuring efforts, including European subsidiary proceedings and Swiss moratorium support.

American Bankruptcy Institute – International Matter of the Year
Recognized for FTX Trading Ltd.’s cross-border insolvency and the complexity of its global restructuring and recovery efforts.

A&M helped stabilize operations, protect remaining enterprise value, and support one of the most complex crypto restructurings to date. Through asset identification, liquidity management, and coordinated global restructuring efforts, the estate recovered billions in assets and established a path toward creditor recoveries and confirmed reorganization.

WeWork, Inc.

2023

WeWork filed for Chapter 11 bankruptcy on November 6, 2023. It was one of the most high-profile startup collapses after being valued at ~$47 billion in 2019. Long-term lease obligations vs. short-term coworking revenue created structural losses. By 2023, over 80% of revenue went to rent and interest. Failed IPO exposed: heavy losses, weak corporate governance, controversial leadership under Adam Neumann.

Alvarez & Marsal (A&M) played a key restructuring advisory role: Hired in August 2023, just before bankruptcy Mandate: Advise on restructuring options, Help avoid (initially) or prepare for Chapter 11, Support negotiations with creditors and stakeholders. In practical terms, A&M: Helped assess liquidity and restructuring paths, Worked alongside legal advisors (e.g., Kirkland & Ellis) Supported the eventual Chapter 11 restructuring process.

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WeWork did not liquidate—it restructured: Exited bankruptcy: May 2024
Key results: ~$4 billion of debt eliminated. Billions in lease costs reduced (>$8–12B future savings)
Hundreds of leases cancelled or renegotiated. Ownership transferred largely to creditors + Yardi Systems
Company became: smaller, leaner, no longer publicly traded

Revlon, Inc.

One of the largest consumer/retail bankruptcies post-COVID. Revlon’s case is a classic leveraged consumer brand under pressure:
1) Heavy debt burden; ~$3.3+ billion in debt at filing, Legacy capital structure from years of leveraged ownership. Core issue: too much debt relative to cash flow.
2) Supply chain breakdown; Could not meet ~1/3 of customer demand due to raw material shortages
Shipping delays (China → US) and cost spikes.
3) Competitive erosion; Lost relevance vs: influencer-led brands (e.g., celebrity beauty lines)
digitally native startups.
4) Financial/legal complexity; Ongoing lender disputes (e.g., Citi payment controversy referenced in filings)
This made restructuring messier than usual.

Restructuring advisor: Officially appointed as restructuring advisor during Chapter 11. Helped design and execute the restructuring plan. Worked alongside: PJT Partners (financial advisor), law firms (legal structuring).
Supported: liquidity management, creditor negotiations, operational stabilization.

Revlon restructured (not liquidated): Exited Chapter 11: May 2023
Key results:

• ~$2.7 billion of debt eliminated
• Transitioned to a privately held company
• Ownership shifted largely to creditors (hedge funds / lenders)
• New board and governance structure installed

McDermott International, Ltd

2020

McDermott International filed for Chapter 11 on January 21, 2020. It was a prepackaged bankruptcy (pre-agreed with creditors before filing).

• 2018 acquisition of Chicago Bridge & Iron (CB&I) brought: underperforming legacy projects, cost overruns, execution risk. Widely viewed as the primary cause of distress.
• EPC (engineering, procurement, construction) contracts were fixed-price
• Large projects ran over budget, turning profits into losses.A few bad projects can wipe out years of earnings
• Heavy leverage; ~$4–4.6 billion of debt addressed in restructuring, too much debt + operational problems = liquidity crisis
• Required $2.8B debtor-in-possession (DIP) financing to keep operating. Cash burn + project losses made refinancing difficult
• Weak energy market backdrop

Kirkland & Ellis LLP and NautaDutilh are serving as legal counsel to McDermott, Credit Suisse is serving as the Company’s financial advisor and Alvarez & Marsal is serving as restructuring advisor.

Very fast by Chapter 11 standards
Key results:

• ~$4+ billion of debt equitized (wiped/restructured)
• Creditors received ~94% of equity
• Sale of Lummus Technology (~$2.7B) to repay financing
• Existing shareholders wiped out