Davis Polk partner Brian Resnick was quoted in Creditor Rights Coalition’s recurring feature in which a monthly question is posed to a panel of restructuring experts. In this month’s April feature, Brian discussed the practice of appointing “independent directors” for troubled companies. Brian noted that “While there are unquestionably instances of legitimate criticism of independent directors, including for having material and not always disclosed current and former ties with case participants, we need to ensure that the cure is not worse than the problem.”

The Creditor Rights Coalition is a nonprofit association established to serve as the collective and leading voice representing all stakeholders with an interest in protecting creditor rights.

Independent Directors,” Creditor Rights Coalition (April 13, 2022)