Mr. Covington has over 15 years of experience assisting clients in all aspects of the restructuring process, including reviewing and preparing business plans, developing cash flow forecasts, managing liquidity, assessing financing needs, negotiating with lenders and other constituencies, identifying capital structure alternatives, and developing and implementing restructuring and reorganization strategies. He has advised debtor and creditor clients, as well as financial sponsors, across a wide variety of industries, including aerospace / defense, energy, food processing, forest products, government/municipal, manufacturing, real estate, retail and staffing.
Significant non-confidential engagements include advising on the restructurings of Natrol, the State Fish Company, Powerwave Technologies, Classic Party Rentals, Select Staffing, Meruelo Maddux Properties, Andronico’s Community Markets, Pierre Foods, The Pacific Lumber Company and Calpine. Mr. Covington also has experience working with municipal restructurings, including the City of Stockton and the Commonwealth of Puerto Rico.
Most recently, he led a team advising Ciber, Inc., working closely with management to develop cash flow forecasts and restructuring alternatives, negotiate with lenders and vendors, preserve liquidity and stabilize the business through its Chapter 11 filing, and support a successful bankruptcy sale process in which lenders were paid in full.
Prior to joining Alvarez & Marsal, Mr. Covington was a Managing Director at Conway MacKenzie in Los Angeles. Previously, Mr. Covington was a Managing Director at Kibel Green, and a Senior Vice President at Chanin Capital Partners/Duff & Phelps. Mr. Covington began his career in the Mergers & Acquisitions Group at Credit Suisse First Boston in New York.
Mr. Covington earned a bachelor’s degree from the University of California at Berkeley and a JD and MBA from the University of Chicago. He is a Certified Insolvency and Restructuring Advisor (CIRA) and a Certified Turnaround Professional (CTP), and is a member of the Association of Insolvency and Restructuring Advisors and the American Bankruptcy Institute. He is also the past President of the Los Angeles Chapter of the Turnaround Management Association.
Mr. Covington was a contributor to Stephen Moyer’s book, Distressed Debt Analysis, has been a guest lecturer on restructuring topics at Pepperdine’s Graziadio School of Business and is a frequent panelist at industry conferences.