May 4, 2026
Willkie partners Joseph Minias and Weston Eguchi authored an article in Turnarounds & Workouts on the role of independent directors in restructurings and the traits that distinguish an optimal candidate for a distressed private credit scenario.
The dynamics of a private credit workout require an independent director who possesses a skill set and temperament that differs from those serving in a large or mega Chapter 11 case. The ideal candidate for a distressed private credit scenario is a “Swiss Army knife” capable of serving more as a Chief Restructuring Officer, making day-to-day decisions and driving the process towards a successful outcome. This person should have front-line experience in distressed situations and excel in crisis management, with the ability to quickly stabilize operations and execute a credible restructuring strategy, often without complete information or significant support. In addition, technical competence must be complemented by the interpersonal skills needed to build trust with management and stakeholders.
Although the search can be challenging, it is manageable when the selection criteria are clear. Experienced restructuring counsel can help companies pinpoint qualified candidates before a distressed private credit situation arises, ensuring they are prepared in advance to navigate a workout.
Joseph Minias is a partner in Willkie’s Restructuring Department and Chair of the Special Situations and Liability Management practice.
Weston Eguchi is a partner in the Corporate & Financial Services Department and a member of the Finance Department.
Read the article “Finding the Right Independent Director” here.
The dynamics of a private credit workout require an independent director who possesses a skill set and temperament that differs from those serving in a large or mega Chapter 11 case. The ideal candidate for a distressed private credit scenario is a “Swiss Army knife” capable of serving more as a Chief Restructuring Officer, making day-to-day decisions and driving the process towards a successful outcome. This person should have front-line experience in distressed situations and excel in crisis management, with the ability to quickly stabilize operations and execute a credible restructuring strategy, often without complete information or significant support. In addition, technical competence must be complemented by the interpersonal skills needed to build trust with management and stakeholders.
Although the search can be challenging, it is manageable when the selection criteria are clear. Experienced restructuring counsel can help companies pinpoint qualified candidates before a distressed private credit situation arises, ensuring they are prepared in advance to navigate a workout.
Joseph Minias is a partner in Willkie’s Restructuring Department and Chair of the Special Situations and Liability Management practice.
Weston Eguchi is a partner in the Corporate & Financial Services Department and a member of the Finance Department.
Read the article “Finding the Right Independent Director” here.
