FICC Focus State of Distressed: Joele Frank’s Freitag on Distressed Liaisons
Sep 13, 2025
Michael Freitag, a partner at Joele Frank, dives into the evolution of communications in distressed debt. He explains the importance of clear messaging in bankruptcy situations and how it has adapted over 30 years. Freitag emphasizes the need for timely press releases to counteract misinformation in the digital age. The discussion also touches on the complexities of QVC’s financial struggles and the unique challenges of companies like Claire’s and Spirit Airlines during restructuring. A captivating conversation on managing crises through effective communication!
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From NYT To Restructuring Communications
- Michael Freitag began his career at The New York Times and moved into strategic communications at Ketchum (Kext) early in his career.
- His first restructuring assignment was Pan Am, which hooked him on bankruptcy communications for decades.
Answer Stakeholders' Personal Question First
- Identify each stakeholder's core question and answer it directly to preserve credibility.
- Provide accurate, timely, and audience-specific information rather than vague reassurances.
Websites Are Central To Restructuring
- Restructuring communications' core goal remains coherent, credible messaging across stakeholders.
- But tools evolved: press releases and faxes gave way to robust restructuring websites and digital FAQs.