Robbins Russell attorney Ralph C. Mayrell published an article in the July 2020 volume of the Association of Insolvency and Restructuring Advisors (AIRA) Journal on the role of independent counsel in bankruptcy. Chapter 11 bankruptcies are on the rise due to the economic fallout of the pandemic. In some of those cases, bankruptcy will tear the corporate family apart. Corporate siblings and parents with different creditors or other stakeholders will be forced to investigate and litigate against one another to protect their interests. The board of the parent and restructuring counsel will not be able to represent all sides of the conflict. That is when one or more disinterested directors and independent counsel can step in to protect the each sides’ interests. The article describes the key role independent counsel in these situations can play in facilitating a successful bankruptcy for the whole corporate family through the lens of the bankruptcy of Alta Mesa Resources, Inc., in which Robbins Russell served as independent counsel to one of the corporate subsidiaries.
To read the AIRA Journal article click here.