What type of restructurings are occurring both in and out of Chapter 11?

Thanks, Andy, and good morning, everyone.

I would just start by saying that, you know, unlike in many prior years where there were particular industries that were subject to distress, I think today there's no industry that's safe and, frankly, no company that's safe.

You know, while all of these restructurings have their own DNA, there are common characteristics in the restructurings that are taking place.

You're going to hear, you know, about liability management exercises.

Certainly the effort to keep a company out of a proceeding is driven to a large extent by great creativity of advisors who try to figure out complex capital structures and resolve those problems outside of a proceeding.

Sometimes it works.

Just curious to see if there's a trend that we're seeing, something that we haven't seen a couple years ago.