M&A Issues Bankruptcy v. out-of-court restructuring Drivers for filing Provider agreement transfer issues Regulatory and reimbursement issues Unique financial aspects of healthcare receivables – collection and reimbursement Not-for-profit business transfers Rural and community hospitals Realizing recovery to creditors Public policy issues Availability of financing Issues for DIP lenders D&O, malpractice and avoidance actions

1. Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Hon. Melanie L. Cyganowski, Former U.S. Chief Bankruptcy Judge, E.D.N.Y.,
Partner, Otterbourg P.C.
• Samuel R. Maizel, Partner, Dentons US LLP
• Cynthia Romano, Partner, CR3 Partners, LLC
• Andrew H. Sherman, Member, Sills Cummis & Gross P.C.
© Copyright 2019 Expert Webcast – All Rights Reserved
HEALTHCARE RESTRUCTURING OUTLOOK 2019
January 10, 2019

2. 1
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3. 2
MODERATOR: Alexander B. Kasdan, Senior Managing Director,
DelMorgan & Co. With extensive experience in investment banking, corporate
law and restructuring at world’s leading firms, including Credit Suisse First
Boston, O’Sullivan Graev & Karabell LLP (now O'Melveny & Myers LLP), Battle
Fowler LLP (now Paul, Hastings, Janofsky & Walker LLP) and Schlumberger Ltd.,
and as a founding partner of Convergence Capital Partners, Alex brings more than
twenty years of senior-level Wall Street advice to middle market companies,
entrepreneurs and institutional investors.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General
Counsel of Schlumberger Limited, to assist boards, management and owners with
corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtable
discussions attracting business leaders and leading professionals from around the
world.
Alex graduated magna cum laude from Middlebury College with a B.A. degree in
Economics and Italian and was elected to Phi Beta Kappa during his junior year. In
addition, he holds a J.D. degree from Columbia University Law School and has
studied at the University of Florence in Italy. He is admitted to the Bar in the State
of New York.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 310 980 1718
ak@delmorganco.com

4. 3
Panelist: Hon. Melanie L. Cyganowski (Ret.)
Former Chief Bankruptcy Judge Melanie L. Cyganowski joined Otterbourg P.C. as a
partner in 2008, after serving a full 14-year term as a Bankruptcy Judge in the Eastern
District of New York and as Chief Judge from November 29, 2005 through the end of
her term.
She graduated magna cum laude from the School of Law at the SUNY at Buffalo and
served as law clerk to the late Hon. Charles L. Brieant (SDNY). Melanie was then a
litigator at Sullivan & Cromwell, and Milbank, Tweed, Hadley & McCloy.
Melanie presently chairs Otterbourg’s Bankruptcy practice. Her fiduciary
appointments include: Receiver in SEC v. Platinum Partners, an alleged billion dollar
fraud; Chief Restructuring Officer and Temporary Operator of Brooklyn’s Interfaith
Medical Center, a 287 bed acute care teaching hospital; Patient Care Ombudsman in
Promise Healthcare, Orianna Health Systems, 21st Century Oncology and California
Proton; auditor of Capital One; and various trusteeships.
She is also an arbitrator/mediator and has testified as an expert in international cases
involving U.S. bankruptcy laws.
Melanie is a Fellow of the American College of Bankruptcy, sits on the Editorial
Advisory Board of the Norton Journal of Bankruptcy Practice & Law, and is also an
adjunct professor of law at St. John’s University School of Law.
230 Park Avenue
30th Floor
New York, NY 10169
212-905-3677
MCyganowski@Otterbourg.com
www.Otterbourg.com

5. 4
Panelist: Samuel R. Maizel is a partner in Dentons US LLP’s Restructuring,
Insolvency and Bankruptcy group. His practice includes bankruptcy matters
and financial restructuring in- and out-of-court in all industries, but he leads the
firm's healthcare industry restructuring efforts nationwide. He has served as lead
bankruptcy counsel to debtors in Chapter 11 cases, as an examiner appointed
pursuant to the request of the Securities and Exchange Commission, and as lead
counsel to various official bankruptcy committees and to individual creditors. Sam
has also been involved in Chapter 9 cases involving local hospital districts and
other governmental units.
Before joining Dentons, Sam was a partner in a national bankruptcy firm, and
previous to that he represented the federal government in bankruptcy, district, and
appellate courts nationwide as a trial attorney in the US Department of Justice's
Commercial Litigation Branch. He has also served in US Army's The Judge
Advocate General's Corps, including service in Operation Desert Shield/Desert
Storm, for which he was awarded the Bronze Star Medal. Previously he served as
an Infantry Officer in the 101st Airborne Division and the 3rd US Infantry
Regiment (The Old Guard).
Sam has lectured extensively, is widely published, and been interviewed on
television and radio on bankruptcy topics.
Sam holds a J.D. from George Washington University School of Law, an M.A.
from Georgetown University and a B.S. from the United States Military Academy.
601 S. Figueroa Street
Suite 2500
Los Angeles California 90017
United States
+1 213 892 2910
samuel.maizel@dentons.com
www.dentons.com

6. 5
Panelist: Cynthia Romano is a Partner at CR3 Partners, LLC. With 25 years of
experience in performance improvement, turnaround management, transaction
support, and investment analysis, Cynthia has spent her career helping companies
transform their bottom line and improve their value as both advisor and CxO level
management in a variety of industries.
Cynthia guides companies from where they are to where they want to be whether in
significant distress or in need of a tune up. She specializes in liquidity management
and profit improvement through operational restructuring, organizational and process
redesign, capital sourcing, and business and creditor workout/management.
Previously, Cynthia was a Manager in Bain’s Corporate Renewal Group, Managing
Director at CRG Partners, CEO of a technology company, and Financial Analyst for
an angel investor group in charge of the group’s due diligence.
Cynthia was a Smart CEO Brava Award winner honoring top female CEOs (2016)
and co-winner of the Turnaround Management Association (TMA) Small Company
Turnaround of the Year (Northeast, 2004), with numerous board seats, panels, and
publications to her credit including Harvard Business School Turnaround Conference
(2011, 2012), MIT PE Symposium (2008) and many others. She also served as TMA
Northeast Board Member (2004-2013), currently serves as ABI Northeast Advisory
Board Member (2017 – Present), and is a Certified Turnaround Professional (CTP).
Cynthia holds holds a B.A. from Brown University and an M.B.A. from MIT.
450 Lexington Avenue
4th Floor
New York NY 10017
United States
+1 (617) 970-7383
cynthia.romano@cr3partners.com
www.cr3partners.com

7. 6
Panelist: Andrew H. Sherman, Member at Sills Cummis & Gross P.C., is
Chair of the Firm’s Creditors’ Rights/Bankruptcy Reorganization Practice
Group. He has represented clients in a broad range of complex business
reorganizations, debt restructurings and insolvency matters throughout the
country. In addition to advising companies experiencing financial difficulties,
Andrew routinely represents lenders and other parties in financings and
acquisitions involving troubled companies.
He has focused his practice on representing investment management firms in
debt restructuring matters, commercial workouts and Chapter 11 cases in such
cases as Motor Coach Industries Int'l, Inc. and Marcal Paper Mills, Inc. He has
also recently represented the Official Committee of Unsecured Creditors in
thirteen (13) recent hospital bankruptcy cases, including Saint Michael’s
Medical Center, Union Hospital District, Bayonne Medical Center, Christ
Hospital, Hudson Healthcare, Inc., Fairmont General Hospital, et al.,
Progressive Acute Care LLC, Gardens Regional Hospital and Medical Center,
Inc., Coshocton County Memorial Hospital Association, Gainesville Hospital
District d/b/a North Texas Medical Center, Morehead Memorial
Hospital, Curae Health, Inc., et al. and Promise Healthcare Group, LLC. In
addition, he has represented parties in significant commercial litigation in the
New York and New Jersey federal and state courts.
Andrew holds a B.A. from Cornell University and a J.D. from Benjamin N.
Cardozo School of Law at Yeshiva University.
One Riverfront Plaza
Newark NJ 07102
(973) 643-6982
asherman@sillscummis.com
www.sillscummis.com

8. 7
MAJOR TOPICS:
• Healthcare industry overview, financial stress and outlook for 2019
• Drivers of industry financial distress
• Industry segments most affected
• Evaluating healthcare restructuring alternatives — Out-of-Court vs. In-
Court
• Effects of capital structure on restructuring
• Types of cases filed and unique issues
• Healthcare M&A overview
• Unique aspects to the sale of a financially distressed healthcare entity
• Due diligence issues
• Operational perspectives
• For-profit vs. not-for-profit
• Types of buyers
• Bankruptcy process