Podcasts January 5, 2026

Selling a Distressed Asset

PE Pathways

Speakers

P. Thao Le Donald R. Readlinger Alex R. Rovira

This is the second episode in our series on private equity and distressed assets with attorneys from our Bankruptcy + Restructuring and Private Equity practice groups.

In this episode, Private Equity Partner Thao Le is joined by her fellow Private Equity Partner Don Readlinger and Bankruptcy + Restructuring Partner Alex Rovira to unpack how sponsors, portfolio companies, and lenders can navigate the sale of a distressed asset. They break down the practical differences between out-of-court Article 9 sales and in-court Section 363 sales under the Bankruptcy Code — covering speed, cost, process control, diligence, and risk allocation — while flagging key pitfalls of such sales. Along the way, they explore how sophisticated PE firms and private credit funds can use tools like credit bidding and stalking-horse arrangements to shape outcomes on both the buy and sell sides.

Future episodes in this private equity/distressed M&A series will cover topics such as the benefits and pitfalls of acquiring assets via an ABC; debt-for-equity and loan-to-own strategies; and potential traps for the unwary in distressed M&A transactions. Our first episode in this series discussed the “State of Play in Navigating Distressed Middle Market M&A.”

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Sponsored Events

3 Rivers Venture Fair 2026

February 4 – 5, 2026
Rivers Casino Events Center
777 Casino Dr, Pittsburgh, PA 15212

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M&A South 2026

February 2 – 4, 2026
Hotel at Avalon & Conference Center
Atlanta, GA

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15th Annual Global Fund Finance Symposium

February 2 – 4, 2026
Fontainebleau
Miami Beach, FL

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33rd Annual Endangered Species Act Conference

January 29, 2026  |  3:30 PM – 5:00 PM PT
Courtyard Marriot – Pioneer Square
Seattle, WA

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