The New York Times quoted Dion Hayes, McGuireWoods’ deputy managing partner
for litigation, in a
March 30, 2020 story explaining how the economic fallout from the
coronavirus pandemic is creating a demand for restructuring experts to assist
companies with negotiating new terms with lenders, vendors, employees and other
The Times reported that corporations across numerous of industries are being
forced to stretch cash, cut costs, avoid loan defaults and prepare for the
possibility of reorganizing their businesses.
Hayes, a member of the firm’s COVID-19 Response Team and former chair of the
Restructuring & Insolvency Department, told the Times that he was fielding many
calls from “businesses that rely on foot traffic.” Companies that depend
heavily on consumer spending are especially troubled, the story noted.