Joseph Moldovan, David Kozlowski and Heath Rosenblat Reflect on 2025 Restructuring Landscape in Turnarounds & Workouts

Morrison Cohen Bankruptcy, Restructuring & Governance Partners Joseph T. Moldovan, David J. Kozlowski and Heath D. Rosenblat were featured among leading restructuring professionals in the December 2025 issue of Turnarounds & Workouts, offering their perspectives on key trends and challenges that shaped the industry in 2025.

The lawyers identified several macroeconomic forces driving restructuring activity, including high interest rates, the end of COVID-era benefits, reduced consumer spending and anticipated policy-related geopolitical issues. They explained that “consumer retail continues its decline, especially box retail. Online competition is unstoppable and has a vastly different cost structure,” creating impacts on suppliers and vendors and contributing to significant real estate vacancies. “Nothing seems to be helping the retail store vacancies in major cities,” they said.

The Morrison Cohen team reported handling diverse 2025 restructuring matters, from out-of-court real estate deals to crypto bankruptcies and PE portfolio company workouts. Looking ahead, they stressed careful AI integration in legal practice, noting that while AI excels at data extraction, “the key danger is when you ask the Robot to ‘think.’ It's not something that it is actually able to do—yet.”

Subscribers Turnarounds & Workouts may read the full article here.