Liquidity Challenges in Chapter 11
Saturday, October 10th, 2026 – 9:45 AM – 10:45 AM
San Diego Ballroom – C
Speakers:
Hon. Mary Walrath, U.S. Bankruptcy Court for the District of Delaware
Laura Davis Jones, Pachulski Stang Ziehl & Jones
Richard Bernard, Faegre Drinker Biddle & Reath
Michael Larem, Alvarez & Marsal
Description:
Many debtors are arriving in Chapter 11 nearly dead on their feet. As a result, the cases that are administratively thin and approaching (or already) administrative insolvent. This panel will feature a Debtor attorney (Laura Davis Jones) to discuss how she approaches such cases in the prepetition phase and negotiates with the lender to obtain DIP financing or cash collateral. Creditor committee attorney Richard Bernard will explain how he approaches such cases strategically and tactically to obtain the best results for unsecured creditors. Financial Advisor Mark Roberts will discuss how he advises Debtors and creditor committees from a financial point of view, including “programs” for administrative creditors wherein administrative creditors receive less than 100% of their claim. E.g., Toys R Us (E.D. Va.), Stewart Healthcare S.D. Tx.) and Rite Aid (NJ).
Bios:
Judge Mary F. Walrath is a United States Bankruptcy Judge for the District of Delaware, first appointed in 1998 and reappointed in 2012. She is widely recognized for her expertise in complex bankruptcy cases, including high-profile corporate reorganizations and liquidations. Judge Walrath served as Chief Judge of the Delaware Bankruptcy Court from 2003 to 2008.
Laura Davis Jones is widely regarded as one of the nation’s premier bankruptcy and restructuring attorneys. A name partner at Pachulski Stang Ziehl & Jones LLP, as well as a member of the firm’s management committee and the managing partner of the firm’s Delaware office, Jones has led some of the nation’s most complex and high-profile bankruptcy cases. Jones was awarded the 2023 Tina Brozman Mentoring Award at the Tina’s Wish 15th Annual Benefit, is a member of the Turnaround Management Association (TMA) Hall of Fame, has been named “Dealmaker of the Year” by The American Lawyer, and was named a “Trailblazer” by ABF Journal in its inaugural list of “Legends and Leaders.”
Richard Bernard counsels clients in the areas of corporate and financial restructuring, business solutions, bankruptcy litigation, secured transactions, corporate governance, mergers and acquisitions, and debtors’ and creditors’ rights. Drawing on nearly 30 years of experience advising companies in stressed and distressed situations, Richard offers clients sound advice and creative solutions. View Richard’s full biography.
Michael Larem serves as a Senior Director at Alvarez & Marsal, where he focuses on corporate restructuring, financial advisory, and performance improvement for clients facing financial challenges. With more than 15 years of experience in the restructuring industry, he has guided numerous distressed companies through complex turnaround situations and primarily focuses on debtor representation in Chapter 11 cases and US out-of-court restructurings. He holds further experience in cross-border and international restructurings (UK RP, UK scheme, and German S6). His sector experience spans, energy, retail, restaurants, manufacturing, broadcasting, industrials, automotive, healthcare, and services. He is known for his ability to navigate challenging stakeholder dynamics and drive consensus among diverse parties. Michael often leads teams in developing and implementing cost reduction, liquidity management, and business plan initiatives. He is respected within the industry for his analytical approach, leadership, and commitment to client outcomes.
