In this episode of LME Doomscrolling, 9fin’s senior LME lawyer Laurie Tomassian welcomes Bill Derrough, Managing Director and Chairman of the Capital Structure Solutions group at Jefferies.
Bill has over three decades of restructuring experience, with a roster of over 600 restructurings completed. What sets his deals apart is a track record of high creditor participation. Over his career, his deals have garnered on average 94% of creditors’ support.
He brings a new lens to the LME debate, offering a way to use sticks and carrots to get a consensual outcome, not to fuel continued creditor-on-creditor violence. In this episode he walks us through how he avoids the LME pitfalls of what he calls “bad investment banking” that lead to short-term liquidity solutions while creating diminished long-term recoveries. Bill and Laurie speak about how the prevalence of repeat restructurings has impacted creditor behavior and walk through some success stories that have created what Bill likes to call “durable” solutions.
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