August 9th / Law360 - Jon Henes and Whitney Fogelberg never envisioned having careers crafting communications strategies for restructuring companies. But the seasoned former Kirkland & Ellis LLP bankruptcy partners have found themselves doing just that at C Street Advisory Group, a specialized public relations firm founded by Henes.
In 2021, Henes left Kirkland's restructuring group, where he spent two decades of his 25-year bankruptcy practice, to co-found C Street. Henes said he was interested in trying out a new career path after serving as the national finance chair for now-Vice President Kamala Harris' 2020 presidential run.
The firm debuted as a diversity, equity and inclusion-focused business consulting group, according to a press release at the time, but by mid-2022 Henes said the company had made a financially driven decision to concentrate on strategic communications and public relations.
In July of that year, it landed its first major job — communications strategy consultant for cryptocurrency giant Celsius, which had filed for Chapter 11 represented by Kirkland, with thousands of creditors and more than $5 billion in liabilities.
Since then, C Street has found a niche offering public relations and communications advice for corporations going through bankruptcy, liability management transactions and out-of-court restructurings, with notable clients including Bed Bath & Beyond, WeWork and David's Bridal.
The advising firm now has 27 employees, including Fogelberg, who in February left Kirkland after nine years to take a position managing director of strategic communications at C Street.
Law360 caught up with C Street CEO Henes and managing director Fogelberg to learn more about their experience changing careers but staying close to the restructuring world. This interview has been edited for length and clarity.
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