Mr. Kronfeld is a Managing Director at Province and has over 26 years of experience as a distressed and special situations investor, restructuring advisor, bankruptcy lawyer and litigator in connection with complex restructurings and liquidations, private credit, special situations and distressed investments. He also has extensive experience in high-stakes litigation and negotiation, investigations, dispute resolution and investor activism, with particular emphasis on value creation as well as constructive and creative solutions to complex business and legal challenges.
At Province, Mr. Kronfeld focuses on trustee and fiduciary services (including serving as advisor to or member of Boards of Directors and Litigation/Liquidating Trustees) as well as restructuring services, litigation services, investigations, dispute resolution and expert testimony.
PRIOR BUSINESS, LEGAL AND INDUSTRY EXPERIENCE
Mr. Kronfeld has significant experience in special situations and distressed investing across the capital structure, in both public and private markets, across a wide range of industries and regions, often with an emphasis on process and litigation-drivers. He has led numerous ad hoc and official creditor committees in corporate, municipal and sovereign restructurings across the world. Mr. Kronfeld has also been involved in numerous activist situations and has led many litigation and liquidating trusts.
Most recently, Mr. Kronfeld was a Managing Director at BlackRock where he was the Global Head of Restructuring and served on the Global Credit Oversight Committee. He was responsible for leading restructurings across the global credit platform as well as credit monitoring and risk management functions. He also focused on special situations and distressed investments, as well as rescue financing, direct lending, litigation finance and complex credits. As a senior member of the Office of the CIO, Mr. Kronfeld helped manage the U.S. special situations strategy. He also led BlackRock’s distressed and credit-related training programs.
Prior to joining BlackRock through its acquisition of Tennenbaum Capital (TCP), Mr. Kronfeld was a managing director at TCP, and a portfolio manager at Plymouth Lane Capital where he launched and led the firm’s distressed strategy. Before Plymouth Lane, he was a managing director at BlueMountain Capital, a partner at Owl Creek Asset Management and a senior analyst at Aurelius Capital.
Before his career in finance, Mr. Kronfeld practiced law as a bankruptcy attorney and litigator. As a bankruptcy attorney, he represented debtors, creditors, trustees and boards in a variety of complex restructurings and chapter 11 cases. As a litigator, he handled a wide variety of bankruptcy litigation and commercial litigation matters. Mr. Kronfeld also served as a prosecutor in New York City, where he was a member of the Investigations Division and prosecuted cases involving complex white-collar crime, fraud, money laundering, official corruption, organized crime and murder, achieving a 100% jury trial conviction rate.
Mr. Kronfeld is a highly regarded restructuring expert and a frequent lecturer, panelist and published author on distressed investing, bankruptcy, restructuring, corporate governance and the credit markets. He is an adjunct assistant professor of finance at NYU’s Stern School of Business where he teaches Corporate Bankruptcy and Reorganization (with Prof. Ed Altman). Mr. Kronfeld also serves as a lecturer at Columbia Business School where he teaches Distressed Value Investing. He was an adjunct professor at Boston University School of Law where he taught Financial Restructuring Practice and has also guest lectured at Wharton, Duke, UVA and Oxford. Mr. Kronfeld is an active member of the Turnaround Management Association and the American Bankruptcy Institute (ABI). He served on the advisory committee for ABI’s Commission to Study the Reform of Chapter 11, which submitted its 2014 Final Report to the U.S. Congress. Mr. Kronfeld also served as an independent board member of Reorg Research, Inc.
DEGREES, CERTIFICATIONS AND PROFESSIONAL EXPERIENCE