Restructure This! Episode 24: Supporting Sovereign Entities in Troubled Financial Waters with Natalie Jaresko

Sheppard Mullin's Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing. In this episode, Natalie Jaresko from EY-Parthenon joins us to discuss her impressive background and storied career. She also breaks down some of the nuts and bolts of restructuring, lessons she learned in her role in Ukraine and Puerto Rico, and how governments can best serve themselves.

What We Discussed in This Episode:

• What is the difference between restructuring a sovereign or municipal bankruptcy?

• What role does the IMF play in certain bankruptcies and what limitations are enforced?

• What has been Natalie's experience as Ukraine's Minister of Finance and how it has impacted the situation today?

• What lessons can be learned from the largest municipal restructuring in Puerto Rico?

• What is China's growing role in providing access to capital?

• What does the future look like for Ukraine?

• How can governments stop the repetition of borrowing and what can they do to help their communities instead?

About Natalie Jaresko

Natalie Jaresko is a leader in EY-Parthenon's Turnaround and Restructuring Strategy practice, overseeing sovereign advisory efforts and complex public sector turnarounds.

Natalie is a proven executive with a distinguished 30-year career leading large-scale government transformations that restructure debt and marshal limited resources to prioritize essential services and strengthen budgetary practices, financial reporting and transparency. As Executive Director of Puerto Rico's Financial Oversight and Management Board from 2017 to 2023, Natalie oversaw critical reforms and the largest debt restructuring in US municipal bond market history. Further, as Ukraine's Minister of Finance from 2014-2016, Natalie successfully restructured Ukraine's sovereign debt and negotiated its wide-ranging IMF program.

About Justin Bernbrock

Justin Bernbrock is a partner in the Finance and Bankruptcy Practice Group in Sheppard Mullin's Chicago office, where he focuses on all aspects of corporate restructuring, bankruptcy and financial distress. He represents clients across a wide range of matters, including debtor and creditor representations. He has substantial experience in out-of-court and in-court restructurings, primarily in the Southern District of New York, Eastern District of Virginia, District of Delaware and Southern District of Texas.

Prior to private practice, Justin served with distinction as an Aviation Warfare Systems Operator in Patrol Squadron FIVE and as a Weapons Tactics Instructor in Patrol and Reconnaissance Wing ELEVEN. During his nearly 10 years of active duty in the United States Navy, he was awarded the Navy Commendation Medal twice, including once for meritorious service during combat operations in Iraq. Justin also received the Global War on Terrorism Medal for his service in Kandahar, Afghanistan.

Contact Information:

Natalie Jaresko

Justin Bernbrock

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This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.