Legal Lens An examination of prepacks with David Turetsky of White & Case
Jul 29, 2025
David Turetsky, a Partner at White & Case with expertise in debt restructurings, dives into the intriguing world of prepackaged bankruptcies. He shares his journey in restructuring law, revealing his passion for helping distressed companies. The conversation covers the evolution of prepacks, their advantages over traditional filings, and the importance of jurisdictional choices in Chapter 11 cases. Turetsky also outlines best practices for success and discusses anticipated trends in the future of these financial strategies.
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David Turetsky's Restructuring Journey
- David Turetsky found restructuring rewarding because it combined transactional and litigation work creatively.
- He valued the community spirit in restructuring and mentors like Jan Baker shaped his career early on.
Prepack Explained vs Traditional Bankruptcy
- A prepackaged bankruptcy involves negotiating creditor votes before filing the Chapter 11 case.
- This speeds up the case, reduces costs, and provides certainty compared to traditional filings.
Evolution of Ultra-Fast Prepacks
- Bluebird Busing's 2006 case was confirmed within 32 hours due to existential threats.
- Later, cases like Full Beauty and Sun Guard pushed confirmation times to under 24 hours without such emergencies.