In the aftermath of the financial crisis, the U.S. federal government provided banks with liquidity and incentives to lend money to borrowers. Interest rates plummeted. Companies took on more debt to stay afloat. The results have been lasting: companies are still able to access cheap financing, thereby quelling the tide of bankruptcy filings, which continues to ebb. While there was speculation that 2014 might find retail, shipping and municipalities turning to the bankruptcy courts, for the most part, filings are at historical lows.

However, bankruptcy professionals aren’t sitting on the sidelines. Pre-petition workouts, out-of-court restructurings and other alternatives remain popular. When a chapter 11 case is filed, it’s increasingly common to consider a shorter, less expensive path: an asset sale, allowed under Section 363 of the Bankruptcy Code, for the benefit of the debtor, the buyer and, occasionally, creditors.

Keeping pace with the speed of those deals—more sprint than marathon—requires a knowledge of the ins and outs of the Bankruptcy Code, the economy, and the politics of each deal.

And, of course, it is essential to choose the right bankruptcy team.

In this publication, Duane Morris partners come together with financial industry and restructuring professionals to share commentary and insights into the markets and best practices for distressed companies, and the bankruptcy professionals who help debtors and creditors. It’s our goal with each event and subsequent issue of Optimize to provide clients with the very best in legal and business thought leadership in order to leverage the knowledge and experience of some of the most vital players in the industry.

We hope you find this third edition of our Optimize series informative and interesting, and we welcome your questions and comments.