In the latest episode of the TMA Chicago/Midwest Podcast, host and Katten Restructuring Partner Paul Musser sits down with Novo Advisors Managing Partner and Founder Sandeep Gupta. They discuss Sandeep's "accidental" arrival into restructuring, his entrepreneurial mindset and its influence on his turnaround and restructuring work, the nuances of working with closely held, family-owned businesses versus private-equity sponsored companies, strategies and techniques for middle market restructurings and private credit workouts, and the firm's recently launched forensic and dispute advisory service line. He and Paul also share insights into middle market fraud investigations and discuss the importance of relationship-building within the industry.

In the latest episode of the TMA Chicago/Midwest Podcast, host and Katten Restructuring Partner Paul Musser sits down with HYPERAMS President Bob Pabst and Managing Director of Business Development Kat Parker to explore the world of liquidations and wind-downs. The conversation delves into each guest's career paths in the restructuring field, how to create liquidations that maximize asset recovery, the importance of early lender or fiduciary outreach to integrate liquidators into the larger wind-down strategy, and current market trends impacting M&E values. Bob and Kat also share insights on the power of building relationships through professional organizations such as TMA, and why the restructuring industry remains uniquely relationship-driven.

In the first episode of the new year, the TMA Chicago/Midwest Podcast welcomed Sandy Prabhakar, the chapter's 2026 president and Managing Director at Armory Group. Sandy, who has over 20 years of experience advising clients on mergers and acquisitions, refinancings and restructurings, returned as the podcast's first two-time guest to discuss his path to leadership within TMA and the chapter's theme for the year, "Pipeline to Prosperity," which will focus on boosting engagement from members and helping them understand the industry's referral ecosystem. He and Paul also delve into current market trends in distressed sales and refinancing, highlighting challenges such as tariff uncertainties, as well as consolidation opportunities, that are shaping today's restructuring landscape.

In this episode of the TMA Chicago/Midwest Podcast, Senior Managing Director-Business Advisor at Creative Planning Business Services, Tina Hughes, sitsdown with Paul Musser to discuss her journey in the restructuring field, the intricacies of receivership, the significance of the Illinois Receivership Act and her active involvement in the TMA. She talks with Paul about her central role in drafting and passing the Illinois Receivership Act, a comprehensive statute slated to take effect on January 1, 2026. Regarding business development, Tina emphasizes the importance of networking, following up with new contactsand mentorship, providing valuable insights for professionals looking to grow their careers.

In this episode of the TMA Chicago/Midwest Podcast, Managing Director and Head of Loan Administration at CIBC Bank USA Hugh Wilder sat down with host Paul Musser to discuss the intricacies of lender workouts and the importance of early intervention regarding distressed credits. Hugh shared his insights on the workout process at banks, current trends in refinancing and distressed mergers and acquisitions (M&A), and the challenges that he is seeing with distressed borrowers. Additionally, they delved into the significance of building relationships within the restructuring community, with Hugh advising junior professionals to be patient and persistent, emphasizing that they should focus on building trust and experience over several years to develop credibility among their industry peers.

In this episode of the Turnaround Management Association's (TMA) Chicago/Midwest podcast, Partner at Paladin Management Group Stefan Piotrowski sits down with host Paul Musser to discuss the importance of Chief Restructuring Officers (CROs) in distressed situations. Stefan delves into a CRO's need for effective communication with stakeholders during turnarounds to ensure success. He also compares the unique challenges that often arise in family-owned businesses versus sponsor-backed companies. Then, Stefan and Paul discuss the value of networking and proactive relationship-building through organizations like the TMA. For new professionals entering the restructuring field, Stefan notes that first and foremost, good work is paramount, along with maintaining contact with new connections.

In this episode of the TMA Chicago/Midwest podcast, Senior Managing Director at Development Specialists, Inc. (DSI) Steven Victor sits down with host Paul Musser to discuss the evolution of the restructuring industry over the span of Steven's career, the perception of bankruptcy as a rehabilitative process, and the role of assignments for the benefit of creditors (ABCs) as an alternative to Chapter 7 bankruptcy. Steve shares insights on the advantages and disadvantages of ABCs, the shift in their use by family-owned businesses to venture capital firms, and the importance of professional organizations, such as the TMA, in fostering community and professional development. He and Paul also emphasized the value of writing as well as committee involvement to enhance one's brand and reputation within the industry.

In this episode of the TMA Chicago/Midwest podcast, Managing Partner and Founder of Ravinia Capital Tom Goldblatt sits down with host Paul Musser to discuss the intricacies of the role of investment bankers in navigating distressed sales and refinancing processes. Tom, among other things, shares insights on the importance of establishing a structured process and the strategic use of stalking horse bidders. Their conversation also highlights the recent Roti Mediterranean sale that Tom worked on, illustrating the challenges and successes in such distressed transactions. Additionally, Tom shares takeaways from his involvement in the Turnaround Management Association (TMA), considerations for marketing oneself, and the benefits of networking and developing meaningful relationships with industry peers.