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Our team is excited to be on the ground at two of the industry’s premier events: SFNet’s Asset-Based Capital Conference (February 11-12, 2025) and the Turnaround Management Association’s Distressed Investing Conference (February 11-14, 2025).

These gatherings bring together top finance and banking professionals to discuss the latest trends, opportunities, and challenges in the industry.

If you’re attending and looking to connect, we’d love to meet up! Reach out to us and let’s make the most of this week in Vegas. See you there!

Claudia Springer, a veteran in the field of restructuring and bankruptcy law and more recently business advisory in the restructuring space, has been leading Novo Advisors’ Philadelphia office and its new Mediation practice for just over three years. She also acts as Novo’s in-house counsel and frequently leads a small team in cases where Novo acts as receiver or assignee for the benefit of creditors or as a fiduciary (for example, a trustee of a liquidating trust). With over 40 years of experience, Claudia brings extensive expertise and a deep understanding of this field to the table. Her path from attorney to turnaround consultant highlights her adaptability, determination, and passion for the field. Read below for insights from our conversation with Claudia, where she shares her thoughts on current market trends and how her background as a practicing attorney has enabled her to successfully pivot from lawyer to restructuring strategist.

About Claudia Springer

Claudia’s legal career is marked by her tenure at the prestigious firms of Reed Smith LLP and prior to that Duane Morris, where she represented a diverse array of clients in high stakes restructuring and bankruptcy cases. Her clientele included debtors, major creditors, shareholders, boards of directors, creditors’ committees, landlords, buyers of assets, plan sponsors, bondholders, guarantors, and more. This extensive experience has equipped Claudia with a deep understanding of the intricate dynamics and challenges in the field of insolvency, spanning various industries from healthcare and pharmaceuticals to heavy manufacturing and retail. Notable cases like Allegheny Health and Education Foundation, National Steel, St. Vincent’s Catholic Medical Center, Erickson Senior Living, Vertellus Chemical Company, Boscovs Department Stores, the Philadelphia Orchestra, and Purdue Pharma highlight the array of industries that she is familiar with as well as her broad expertise and skill.

Q&A with Claudia Springer

Q: What inspired you to transition from a career in law to the field of turnaround consulting?

Claudia: I practiced law for over 40 years, and while I loved it and enjoyed success, I felt it was time to use my skills to transition into a different role for the remainder of my career. As a lawyer, I often provided business counsel and strategic advice. Clients retained me not only for my skills as a lawyer but also for my business insights and ability to map out solutions to thorny business issues. It seemed like the right time in my career and life to make a change to an area that called for a slightly different skill set but also made use of the knowledge I developed over my many years as an attorney. I went into this knowing I would have to work hard to prove I could successfully transition to the business side of restructuring, but I was prepared to make the time commitment to be successful.

Q: What are the most significant trends or themes you are currently observing in the bankruptcy and distressed market?

Claudia: We’re seeing significant decisions from both the Circuit Courts and the Supreme Court impacting bankruptcy cases. One prime example is the recent Supreme Court decision in the Purdue Pharma case, where the court overturned a Second Circuit decision and ruled against the confirmed bankruptcy plan, a plan that shielded the Sackler family from liability for their role in the opioid crisis. There’s also a trend of smaller businesses opting to go the route of state and federal receiverships or assignments for the benefit of creditors to avoid the steep costs associated with Chapter 11 cases. While the bankruptcy arena has been very busy over the past few years, the out-of-court and state court alternatives to chapter 11 have also seen a significant increase in activity.

Q: Can you describe the key strategies you employ to successfully turn around companies experiencing financial challenges?

Claudia: I work with others at Novo to review and challenge historical and current data provided to us by the company and study aspects of the industry in which that business is involved. Transparency with the company’s lenders is crucial. Lenders don’t like surprises; they want to know the worst-case scenarios upfront and they usually want a timeframe for exiting the credit. Planning for the worst while aiming for a favorable outcome is essential. You always need a Plan B. When using bankruptcy to stop litigation or stabilize the business, it is vital to have an endgame planned. For example, if you want to use Chapter 11 to sell assets, you must also consider what happens after the sale. While many difficult issues cannot be worked out in advance of a filing, a road map for solving them should be developed beforehand assuming time permits.

Q: Could you share a notable case study where your legal expertise played a critical role in a successful turnaround?

Claudia: Recently we were retained as the Court appointed receiver for a trucking business. While the Company had been very successful for several generations, covid and other issues severely impacted its cash flow and its lender wanted to exit the credit. No other lender was willing to lend the amount needed to keep the business alive and equity was unwilling or unable to invest more money in the company. Equity did agree to place the business in a receivership so that an orderly liquidation of assets could occur with the hope that most creditors would be paid. Ultimately, we successfully negotiated with a wide variety of creditors regarding their claims and obtained a great result from an auction of the assets. We managed to pay all unsecured claims in full, other than the unsecured portion of the Bank claim. We negotiated with creditors, including landlords and employees, much like one would in a chapter 11 case. While we engaged outside counsel, much of the negotiation was conducted by a Novo team of two which included me.

Q: How does your legal background enhance your effectiveness as a turnaround consultant, particularly in complex bankruptcy and restructuring scenarios?

Claudia: The legal and business aspects of restructuring are closely aligned. My legal background helps me provide business suggestions that consider the limitations that exist under current law. This dual perspective is beneficial for clients, as I can offer strategic advice considering both legal and business implications. I don’t try to be the lawyer for our clients, but my legal knowledge allows me to provide a comprehensive view on strategy and potential legal hurdles.

Q: Can you describe the most challenging case you've mediated and how you approached it?

Claudia: During my legal career I was involved in numerous mediations but most often as a representative to one side of the dispute. Recently, I was retained by a decedent’s estate mired in debt, for the purpose of negotiating and mediating disputes between numerous creditors of the estate. After three years, all of the disputes were settled, and creditors received much more than most would have received had they continued to litigate their claims. Most cases can be settled successfully if parties are willing to make the effort and are amenable to compromising their positions in light of the risks and costs of litigation. For the mediator, one critical aspect to being effective is preparation and the ability to listen. Being tenacious also helps.

Q: What do you predict for the future of restructuring consulting, and what advice would you give to companies potentially facing these challenges?

Claudia: One of the biggest hurdles we as restructuring professionals face is timing. Our clients often come to us when their situation is already grave and not easily reversible. Cash may be running out and the lender wants a quick exit. My advice is to address problems early and seek help sooner rather than later. While seeking help might seem expensive and is often viewed as an admission that the business is struggling, it is key to turning around a situation before it becomes irreversible. Time is not usually on your side, so acting early is crucial. Don’t wait to see the doctor when you know something is not right.

Q: What advice would you give to anyone who wants to pivot from law to the business side of the restructuring field?

Claudia: If you have legal expertise in restructuring and are seeking to use that to pivot into business consulting, you need to be willing to take a few steps back before moving forward. You should be willing to devote the time to learning a different aspect of the field, although you will likely find, as did I, that having the legal expertise and the years of working alongside turnaround consultants, is a great advantage and provides a solid springboard from which to be successful. I have found the transition to be extremely rewarding, especially when we are able to resuscitate businesses that were on a downward slope.

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Claudia’s knowledge and experience in restructuring and bankruptcy are valuable contributions to Novo Advisors and its clients. Contact Claudia today at cspringer@novo-advisors.com or catch her at the upcoming Commercial Receivers Association conference on August 21st where she will be moderating the “Hot Topics” Panel.

A huge thank you to the over 100 bankruptcy and turnaround professionals who joined us last month to celebrate our official NYC launch party at Ophelia Lounge in the historic Beekman Tower. The weather was perfect for the 360-degree terrace on the 26th floor showcasing NYC’s stunning Manhattan views. The food was flowing as were the cocktails, including Ophelia’s signature — the Purple Tuxedo. Novo Advisors’ current NY team includes Sandeep Gupta, Matt Cohn, Rob Vanderbeek, Kevin Neuman, and Claudia Springer. We hope to see you all at the next one! 

Click a photo below to view the slideshow.

New Partners Enhance Restructuring, Performance Improvement and Litigation Services

New York (October 2023) — Novo Advisors, a premier turnaround consultancy serving middle market firms, is proud to announce the expansion of its office in New York. Representing clients nationally from its Chicago headquarters and offices in Philadelphia, Minneapolis and Nashville, the growth in New York further extends the company’s services into the Northeast region.

Joining Novo Advisors to lead the effort to develop its business there are two New York-based experts, Matt Cohn, Partner, with 25 years’ experience managing both in-court and out-of-court restructurings, managing liquidity and developing business plans; and Rob Vanderbeek, JD, Partner, with more than 30 years of restructuring, performance improvement and due diligence as well as litigation, valuation and forensic experience. Both have successfully managed restructurings, Chapter 11 bankruptcies, sales processes and a host of financial matters for clients in numerous industries.

Highly regarded for the services provided by its seasoned consultants, the addition of Matt and Rob to the Novo roster fits the company’s long-term growth strategy.

“Both Matt and Rob bring unique talents to Novo. Matt’s restructuring and CRO experience and his extensive background with municipalities brings strength to our existing team as well as new capabilities in public finance. Rob’s background as an attorney, his work as a COO, in performance improvement and forensic analysis for complex cases will be extremely valuable to clients,” said Sandeep Gupta, Novo Advisor Managing Partner. “Having these two new experts onboard significantly enhances our bench strength.”

New York and the Northeast region are vibrant business centers. We are excited to bring our talents as trusted, collaborative partners to companies based there with our expanded team.”

Sandeep Gupta

Managing Partner, Novo Advisors

Matt and Rob join the current Novo team in the Northeast: Kevin Neuman, Principal and also based in New York, is a 30-year healthcare industry expert and successful entrepreneur specializing in operational improvement, financial stability, technology and analytics. Claudia Springer, Principal and head of the Philadelphia office, is an award-winning restructuring and bankruptcy attorney and mediator recognized for her strong business acumen.

“New York and the Northeast region are vibrant business centers. We are excited to bring our talents as trusted, collaborative partners to companies based there with our expanded team” said Gupta.

Founded in 2012, Novo Advisors is a business transformation partner specializing in turnarounds and restructurings, performance improvement, operations, transaction advisory, dispute resolution and interim management services. The company offers clients rapid, customized solutions based on an immersive understanding of their business and financial issues, and the opportunity to work with a team of senior-level industry pros dedicated to delivering value every step of the way.

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For more information, contact Anupy Singla at (312) 961-2565 or Anupy@novo-advisors.com.

Novo Advisors (Chicago) August 18, 2023: Thank you to everyone who made it to Offshore Rooftop to enjoy the Air & Water Event with us. If you were not able to attend, we missed you and look forward to seeing you next year.

Click a photo below to view the slideshow.

Novo Advisors (Philadelphia) May 4, 2023: Thank you to everyone who made it to Steak 48 on Thursday to help celebrate our growing Philadelphia presence. Claudia Springer (Principal – Philadelphia) is our contact in the area. Sandeep Gupta (Founder & Managing Partner – Chicago), Tom Caulfield, (Principal – Chicago), Nick Mungor (Partner – Chicago) were excited to meet everyone. If you were not able to attend, we missed you and look forward to seeing you at our next event.

Novo advisors meeting and greeting

Sandeep Gupta, Managing Partner, Rian Branning, Partner, Tom Caulfield, Principal, and Claudia Z. Springer, Principal will be representing our firm at the 2023 TMA Distressed Investing conference in Las Vegas from January 31 – February 3.

The 2023 TMA Distressed Investing Conference is the preferred meeting place for corporate restructuring and distressed investing professionals. Connect with capital providers and network with the industry’s leading professionals. Nearly 900 top dealmakers in the distressed investing industry will gather for live networking, professional development, and dealmaking.

Schedule time with one of our seasoned, senior-level industry pros to meet up and discover synergies. We look forward to connecting with many of the attendees during our time in Las Vegas.

Sandeep Gupta
Founder & Managing Partner
312-961-6854
SGupta@novo-advisors.com

Rian Branning
Partner
312-402-2982
RBranning@novo-advisors.com

Tom Caulfield
Principal
847-997-5017
TCaulfield@novo-advisors.com

Claudia Z. Springer
Principal
215-896-3775
CSpringer@novo-advisors.com

Claudia Springer — mediation practice head at Novo Advisors and retired Reed Smith partner who focused on restructuring and bankruptcy law — joined Reed Smith partner Keith Aurzada in this podcast to tackle the subject of mediation in difficult financial disputes. Claudia shares insight into how mediation helps parties understand the value of settlement and resolution, over allowing important disputes to linger.

Listen to the podcast here

What a great way to spend the day, enjoying the Air & Water Event with our wonderful clients. Thank you to everyone who attended this event, your involvement and support made it a truly exceptional gathering.

Click a photo below to view the slideshow.

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