Technological advancement and globalization have made the international business environment increasingly interconnected, and few businesses are unaffected in some way by cross-border interactions. Enterprise supply chains, customers, sales offices, centers of excellence and technology, joint venture locations and tax efficiency designs are increasingly multinational. As well, it is common for enterprises that were legacy centered in other jurisdictions to have presence in the U.S. for accessing capital in public and private markets. The supply chain disruptions that arose during the COVID 19 pandemic and continue two years later are a glaring reminder of how globally connected business is. Over the last few decades, companies of all sizes have been able to expand internationally with ease and frequency, resulting in increasing complexity of their business operations as they operate under a variety of sovereign laws and regulations, economics, governments, financial markets and cultures. And while the playbook for global expansion is well documented and understood, the opposite is true for troubled international businesses looking to restructure – there is no roadmap, and each situation has a unique set of circumstances to be evaluated and managed to effectuate a successful restructuring.
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