In the News The Wall Street Journal

Barbarians in Bankruptcy Court --- Merger Financiers Find Action Now in Chapter 11

"Mergers-and-acquisitions professionals have lamented that frozen credit markets are stifling big business transactions. But Chapter 11 bankruptcy reorganizations have emerged as the hottest venue for quickly buying, trading and breaking up big-name companies.

'Debt is the new equity. There are tremendous opportunities for investors to really take control of, or purchase, companies at a very good price,' said Jonathan Henes, a bankruptcy partner at law firm Kirkland & Ellis LLP who oversaw Masonite's restructuring. Creditors approved the plan about 85 days after Masonite sought Chapter 11 protection."

This article appeared in its entirety in the June 18, 2009 edition of The Wall Street Journal.