Pari Passu

Pari Passu
Archive
Page 2

Neiman Marcus Restructuring and the ill-famed myTheresa Spin-off

From some hot-potato PE and a contentious drop-down LME, to a COVID-driven luxury retail bankruptcy, and criminal-bid-rigging charges, the drama of Neiman’s restructuring is unmatched, with implications reverberating throughout the restructuring arena.

RestructuringRestructuring

Feb 07, 2025

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Management Compensation: Primer on Aligning Incentives in Bankruptcy

The Role of Managers, Retaining Key Talent in Bankruptcy + Exactech: A Case Study in Zero-Sum Bankruptcy

RestructuringRestructuring

Jan 31, 2025

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Red Lobster, a Case of Predatory Private Equity (Not Shrimp)

Did you really think shrimp killed this business?

Company Deep DivesCompany Deep Dives

Jan 24, 2025

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NVR Deep Dive, From Chapter 11 to a 1,000 Bagger

How a failed business became one of the best compounders ever

Jan 17, 2025

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Serta is Back, Baby

The 2020 Transaction, Permissibility and Litigation, Indemnification of Uptier Litigation, 5th Circuit Review, Credit Language and LME Implications

Jan 10, 2025

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The Downfall of Rite Aid (RAD)

Overview of Rite Aid, Signs of Distress, Alternatives to Chapter 11, 2.0 Plan, 363 Asset Sale of Elixir, and many more topics

Jan 03, 2025

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Retail Pharmacy: Deep Dive, Headwinds, and Distress

Key Players, The Unit Economics of a Pharmacy, Comparison of Business Models, Factors Behind Financial Distress, Solutions to Address Liquidity Crunch

OtherOther

Dec 27, 2024

2024 Pari Passu Year-End Letter #2

Behind the Scenes of your Favorite Newsletter, Key Stats, Best Posts of 2024, and Fun Facts

RestructuringRestructuring

Dec 20, 2024

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The 2024 Distressed Investing Conference

After all, more business is won by framing advisory as “we have some ideas that will allow you to reconstitute your balance sheet with willing participants” as opposed to “hire us because we are the best at helping you hand the keys to creditors.”

Company Deep DivesCompany Deep Dives

Dec 13, 2024

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Sonos ($SONO) Deep Dive

Started with a simple idea: to make it easy for people to listen to any song in any room of their home without hassle. Evolved with a fascinating example of flywheel.

RestructuringRestructuring