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Preparing For Bankruptcy: Developing a Business Plan

Tom Buck, a partner at a financial advisory firm, discussed the rise in corporate bankruptcies, from an average of 555 between 2010 and 2022 to 704 in the first quarter of 2026. He highlighted the growth of private credit loans from $500 billion in 2015 to over $3 trillion today, with projections of $5 trillion by 2030. Buck emphasized the importance of alternative structures like liability management exercises and receiverships. He noted the average corporate bankruptcy professional fees of $20 million and the need for efficient Chapter 11 management. Key strategies include pre-negotiated restructuring support agreements and maintaining liquidity.

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Chapter 11, restructuring advisor, private credit, senior loans, liability management exercises, receiverships, bankruptcy fees, liquidity buffer, cash flow forecast, competitive dynamics, financial performance, debtor-in-possession loan, creditor matrix,

Thomas R. Buck, CTP, CIRA is a partner at Province and a crisis-management specialist with more than 25 years of experience guiding distressed companies through operational turnarounds, financial restructurings, divestitures and complex bankruptcy proceedings. He has served in both debtor and creditor roles on matters including Transit Group, Parmalat USA, KidsPeace Corp. and Saint Michaels Medical Center, and he has delivered innovative, stakeholder-aligned solutions as a financial advisor, interim manager and Chief Restructuring Officer. Prior to joining Province, Mr. Buck held senior restructuring roles at Glass & Associates/Huron, EisnerAmper and B. Riley Advisory Services, and earlier in his career spent nearly a decade in industry. He received his B.S. in economics from Lehigh University and his M.B.A. from Wake Forest University.

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