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The Art of the Ad Hoc

With changes in credit markets, traditional steering committees have fallen from favour in restructurings. Too slow and unwieldy. Enter the ad hoc committee. These self-formed groups of creditors take less time to set up, are more flexible, and can achieve otherwise impossible results for debtors, thanks to their ability to act unilaterally. As a result, to quote Judge James Peck, “ad hoc committees now rule the restructuring world”. Learning about the inner workings of these informal and opaque committees is therefore essential to anyone seeking to succeed in restructuring today. The Art of the Ad Hoc fills in the blanks. In plain English, it provides a comprehensive guide on how to work successfully with these committees and illuminates an activity that Judge Peck says is rightly described as “an art”. The Art of the Ad Hoc draws on the collective wisdom and real-life experiences of 20 distinguished practitioners from 10 different firms to cover the topic from every angle and perspective – particularly those of committee member and debtor.

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