Stephen Spencer

Managing Director

Mr. Spencer is a Managing Director in Houlihan Lokey's Financial Restructuring Group and has over 25 years of experience advising companies and creditors in executing complex financial restructuring, liability management, or distressed M&A transactions. He is based in the firm's Minneapolis office.
Mr. Spencer has a broad range of experience, having worked on transactions as diverse as single asset sales, to large cross-border corporate reorganizations, to municipal and sovereign restructurings. He has worked in a similarly diverse range of industries, including infrastructure; aerospace and defense; transportation and logistics; agriculture; energy; consumer products; retail; and media. Mr. Spencer has particular expertise working on corporate restructurings involving government or regulatory complexity. 

Among Mr. Spencer’s higher-profile recent engagements, he advised the largest individual investors in restructuring the Commonwealth of Puerto Rico’s sales tax bonds representing approximately 25% of the $70 billion aggregate Commonwealth debt obligation. At the other end of the spectrum, in both size and complexity, Mr. Spencer advised Gander Mountain in executing a sale of substantially all of the Company’s retail assets under Section 363 of the U.S. Bankruptcy Code.

Mr. Spencer began his career underwriting and syndicating commercial and debtor in possession loans at GE Capital and has spent the last 18 years of his professional career at Houlihan Lokey. He is a recognized financial restructuring expert having testified before both the United States Senate, and House of Representatives on bankruptcy-related matters. Mr. Spencer has a bachelor’s degree from the University of Wisconsin and a master’s degree from Fordham University.


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