Post on 24-Sep-2020
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3 Agenda
4 Welcome from the Dean
5 Welcome from the Co-Chairs
6 Keynote Speakers
10 Distressed Private Equity
16 Case Study
21 Distressed Hedge Funds
25 Legal Restructuring
32 Financial Restructuring
38 Operational Restructuring
43 Sponsors
44 Conference Committee
Table of Contents
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Agenda7:00 AM – 8:00 AM Registration/Networking Breakfast
8:00 AM – 8:15 AM Introductory Remarks
8:15 AM – 9:00 AM Keynote 1Jack Butler
Partner, Skadden, Arps, Slate, Meagher & Flom LLP
9:00 AM – 9:45 AM Keynote 2Michael Weinstock
Chief Executive Officer and Co-Portfolio Manager, Monarch
Alternative Capital, LP
9:45 AM – 10:00 AM Transit/Networking Coffee Break
10:00 AM – 11:15 AM Concurrent Panels:
Distressed Private Equity
(Meade Room)
Case Study
(Grant Room)
11:15 AM – 11:30 AM Transit
11:30 AM – 12:15 PM Lunch
12:15 PM – 1:00 PM Keynote 3Michael Psaros
Co-Founder and Managing Partner, KPS Capital Partners, LP
1:00 PM – 1:15 PM Transit/Networking Coffee Break
1:15 PM – 2:30 PM Concurrent Panels:
Distressed Hedge Funds
(Meade Room)
Legal Restructuring
(Grant Room)
2:30 PM – 2:45 PM Transit/Networking Coffee Break
2:45 PM – 4:00 PM Concurrent Panels:
Financial Restructuring
(Meade Room)
Operational Restructuring
(Grant Room)
4:00 PM – 4:15 PM Transit/Networking Coffee Break
4:15 PM – 5:00 PM Keynote 4Kevyn Orr
Emergency Manager, City of Detroit
5:00 PM – 6:00 PM Cocktail Hour
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Welcome from the Dean
It is my sincere pleasure to welcome you to the 10th annual Wharton Restructuring and
Distressed Investing Conference, the largest business school conference focused on the
restructuring industry. Wharton is committed to training future turnaround professionals,
and this event provides an opportunity for students, faculty, alumni and industry
professionals to discuss the critical challenges facing troubled enterprises.
For this year’s conference, student organizers brought together a distinguished group
of industry and public policy leaders who have extensive financial, legal and distressed
investing expertise. They will discuss the current economic climate, opportunities and
challenges in investing and restructuring within the private and public sectors, and
the skills and approaches that can revitalize troubled enterprises. I hope you will take
advantage of this unique opportunity to learn, share experiences and develop relationships
that support the critical process of renewal and restructuring.
On behalf of the Wharton School, I thank the student organizers, the distinguished
speakers and panelists, and the generous sponsors who have made this conference
possible. To all participants, I wish you fruitful and engaging discussions.
Sincerely,
Thomas S. Robertson
Dean and Reliance Professor of Management and Private Enterprise
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Welcome from the Co-Chairs
Dear Attendees,
It is with great pleasure that we welcome you to the 2014 Wharton Restructuring and
Distressed Investing Conference. Each year, the Wharton community looks forward to this
unique opportunity to connect with professionals across the fields of restructuring and
distressed investing. In 2013, with nations around the globe seemingly all facing critical
inflection points, we met to discuss Health of Nations: Distress, Recovery or Revival?
We hope to continue the conversation, discussing positive signals of a healthier economy
while also highlighting the risks that have led many investors to remain cautious. In the past
year, cheap credit and equity boons have “solved” many of the short-term financial problems
facing our economy. However, municipal governments in the United States struggle with
balancing their budgets, and a wall of corporate debt looms that cannot be pushed out
forever. Globally, questions remain as China engineers an economic slowdown and the EU
struggles to coordinate a recovery. While we wait for clear signals of renewed growth, we
see an opportunity to reflect. As such, this year’s conference theme is Then & Now: Lessons
of the Market Cycle.
We hope that our four distinguished keynote speakers, who are leaders in their respective
fields – legal, government, and public and private investing – will provide you with new
knowledge and a refreshed perspective on the current state of affairs. In addition, we are
pleased to continue our tradition of offering six panels, which allow you to dive into narrower
issues in the restructuring and distressed investing fields.
We thank our distinguished group of keynote speakers and panelists who have made time
to join us here today. We are also most grateful for the support of our sponsors, whose
generous contributions made this conference possible. Finally, we want to thank our
committee for their hard work over this past year in planning and organizing the conference.
Have a wonderful time at this year’s conference! Thank you for your attendance and
continued support.
Sincerely,
Daniel Hung, Olivier Jacque, Edward Linden, and Yinyin Wu
Co-Chairs, 2014 Wharton Restructuring and Distressed Investing Conference
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Keynote Speaker
Jack Butler
Partner
Skadden, Arps, Slate, Meagher & Flom LLP
Jack Butler advises companies, their
boards, management, owners, creditors
and investors, handling restructurings in
and out of court, financial recapitalizations,
business reorganizations and other
distressed M&A transactions. Most recently,
Jack represented the Official Committee of
Unsecured Creditors in American Airlines’
reorganization and December 2013 merger
with US Airways Group, Inc., which was
cited for its innovation, collaboration
and creativity in the Financial Times US
Innovative Lawyers 2013 rankings. He has
been recognized as one of The American
Lawyer’s Dealmakers of the Year for his
work on the Delphi Corporation, Kmart
Corporation and Xerox Corporation
restructurings, among others. Jack was
named one of the decade’s most influential
lawyers by The National Law Journal, and
one of ten lawyers profiled for developing
“creative solutions” during the credit crisis in
the Financial Times’ inaugural “US Innovative
Lawyers” report. He is also a member of
the M&A Advisors’ Hall of Fame and the
Turnaround, Restructuring and Distressed
Investing Industry Hall of Fame. Jack is a
recipient of the Ellis Island Medal of Honor,
which is given to Americans who exemplify
outstanding qualities in both their personal
and professional lives.
A founder and past chairman of the
Turnaround Management Association,
Jack has served in leadership positions
for many other industry organizations,
including the American Bankruptcy
Institute, American Board of Certification,
the Commercial Finance Association
and its Education Foundation, INSOL
International, and the New York Institute of
Credit. He is also a fellow in the American
College of Bankruptcy and International
Insolvency Institute. In addition to serving
in leadership positions with numerous civic
and charitable organizations, Jack officiated
high school and college football for many
years and is a lifetime member of the
American Football Coaches Association.
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Keynote Speaker
Michael A. Weinstock
Chief Executive Officer and Co-Portfolio Manager
Monarch Alternative Capital, LP
Michael Weinstock is Chief Executive
Officer and co-portfolio manager of
Monarch Alternative Capital LP. Monarch
is a private investment firm with
approximately $5.5 billion in assets under
management that was founded in 2002.
The firm’s focus is primarily on the debt
of distressed and bankrupt companies.
Monarch has offices in New York and
London. Mr. Weinstock manages Monarch’s
distressed debt hedge funds and private
equity funds. In 2005, one of the funds
managed by Mr. Weinstock was recognized
as “Fund of the Year” in the “Fixed Income,
High Yield & Distressed” category by
Absolute Return Magazine.
Previously, Mr. Weinstock was a Managing
Director of Lazard where he served as
co-portfolio manager of the Lazard Debt
Recovery Fund, a distressed debt fund
similar to one of Monarch’s current funds.
In 1992, he joined Lazard’s then-recently
formed High Yield Bond Department to
build a distressed debt research effort.
Under Mr. Weinstock’s leadership, Lazard’s
distressed debt research team was ranked
#1 in the distressed debt category by
Institutional Investor magazine in 1998.
Mr. Weinstock began his career in
distressed debt in 1991 when he joined
R.D. Smith & Co., a pioneer in the field of
distressed debt investing, as a research
analyst. Prior to that, he was an investment
banker for seven years at Salomon Brothers
and Goldman Sachs working on corporate
finance, securitization, and mergers and
acquisitions transactions.
Mr. Weinstock graduated from the Wharton
School of the University of Pennsylvania,
summa cum laude, with a Bachelor of
Science Degree in Economics. He also
earned an M.B.A from Harvard Business
School. Mr. Weinstock currently serves on
the Investment Committee of the Jewish
Community Foundation of Greater Metro-
West New Jersey.
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Keynote Speaker
Michael Psaros
Co-Founder and Managing Partner
KPS Capital Partners, LP
Michael Psaros is a Co-Founder and
Managing Partner of KPS Capital Partners,
LP and a member of its Investment
Committee. KPS Capital Partners, LP is
the manager of the KPS Special Situations
Funds, a family of private equity limited
partnerships with over $6.0 billion of assets
under management focused on making
controlling equity investments in companies
across a diverse range of manufacturing
industries experiencing a period of transition
or challenged by the need to effect
immediate and significant change.
Mr. Psaros currently serves on the Boards
of Directors of the following KPS portfolio
companies: American & Efird Global
(Chairman), Chassis Brakes International
Group (Chairman), Global Brass and Copper
Holdings, Inc. (Chairman), WWRD Holdings
Limited (Chairman), Expera Specialty
Solutions, LLC, International Equipment
Solutions, LLC, Motor Coach Industries
International, Inc., United Copper Industries,
Inc. and Waupaca Foundry, Inc. In addition,
Mr. Psaros has previously served on
the Board of Directors of 17 former KPS
portfolio companies.
Mr. Psaros received a BSBA from
Georgetown University in 1989 and
attended Sofia University in Tokyo, Japan.
In April 2013, Mr. Psaros and his spouse
created The Robin and Michael Psaros
Endowed Chair in Business Administration
at Georgetown University’s McDonough
School of Business, where Mr. Psaros
presently serves as Vice Chairman of
the Executive Board of Advisors. He also
serves on the Board of Advisors of the
Georgetown University Center for Financial
Markets and Policy.
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Keynote Speaker
Kevyn Orr
Emergency Manager
City of Detroit
Kevyn Orr has practiced law in the areas of
business restructuring, financial institution
regulation, and commercial litigation for
three decades.
Kevyn was appointed Emergency Manager
of the City of Detroit on March 14, 2013
and was charged with restructuring the
city. His previous restructuring experience
has included his service as the chief
government legal officer of a failed financial
institution and a special master to oversee
the operations of a real estate development
firm.
Upon graduation from law school in 1983,
Kevyn joined a Miami, Fla., law firm as
a litigator and became a shareholder
of that firm in 1988. In 1991, he joined
the litigation department of the Federal
Deposit Insurance Corporation and shortly
afterward transferred to the Resolution
Trust Corporation (RTC).
In 1994, Kevyn became the assistant
general counsel for complex litigation and
bankruptcy at the RTC and in that capacity
he litigated and supervised numerous high-
profile cases. Those duties included serving
as the agency’s chief lawyer responsible for
the agency’s participation in the Whitewater
investigation related to the failure of the
Madison Guaranty Savings and Loan, of
Little Rock, Ark.
Kevyn joined the Department of Justice in
1995 as deputy director of the Executive
Office for United States Trustees. In
February 2000, he became the director
of the United States Trustees Program. In
2001, Kevyn joined the Jones Day law firm
where he served on the firm’s Advisory
Committee and was the Firmwide Partner
for Hiring and Diversity.
Kevyn is a member of the bars of Florida
and the District of Columbia, the American
Bar Association, and the American
Bankruptcy Institute, where he serves on
the institute’s law review advisory board. He
holds a bachelor of arts degree in political
science (1979) and a law degree (1983)
from the University of Michigan.
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Panels
Distressed Private EquityDistressed Private Equity in an Undistressed Market
Relative macroeconomic headwinds have subsided leading to fewer opportunities for
distressed investors. A host of factors have contributed to this including new entrants
into the distressed private equity marketplace, large amounts of ‘dry-powder’ capital, and
current stability in the debt capital markets. This panel will explore how all of these factors
play into the current environment; from fund management, including fundraising and exit
strategies, to sources of deal flow and current valuations, we will tap a group of industry
experts to shed light on where things stand and where they are headed.
Adam C. Harris is a partner at Schulte
Roth & Zabel, where he is chair of the
Business Reorganization Group and a
member of the firm’s Executive Committee.
He practices in the areas of corporate
restructurings, workouts and creditors’
rights litigation, with a particular focus on
representing investment funds and financial
institutions in distressed situations.
Adam represents a variety of clients in
connection with distressed acquisitions by
third-party investors or existing creditors
through “credit bid” or similar strategies,
as well as court-supervised and out-
of-court restructurings. Additionally,
Adam represents Chapter 11 debtors and
distressed companies in out-of-court
Adam C. Harris
Partner
Schulte Roth & Zabel LLP
(Moderator)
exchange offers, debt repurchases and
other capital restructurings. Adam’s recent
representations include advising a group
of private equity funds, in their capacity as
first lien lenders, in a successful challenge
to the efforts of a private equity sponsor of a
Chapter 11 debtor that had tried to purchase
a controlling interest in the first lien debt,
and, thereafter, in a sale of substantially all
of the debtor’s assets (including a credit
bid for a portion of the assets by the first
lien lenders). Adam also advised a group
of private equity funds, in their capacity as
term loan holders, in connection with the
“credit bid” acquisition of substantially all
of the assets of Real Mex Restaurants Inc.
and its affiliates, as well as Cerberus Capital
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Newton Glassman is the founder and
Managing Partner of the Catalyst Capital
Group Inc. Founded in 2002, Catalyst is one
of the world’s top-performing private equity
fund managers, as reported by Preqin,
having experienced over 40% returns per
year since the firm’s inception (without a
single negative year in any fund). Catalyst
specializes in control and/or influence
investments in distressed and undervalued
Canadian situations. Catalyst now manages
five funds with assets of over $US 3.0 billion.
Catalyst’s motto of “we only buy what
we can build” reflects the firm’s focus
on helping to build industry leading
businesses and the firm’s intentional
focus on operational issues. Catalyst itself
is seen as a “manufacturer” (i.e. of risk
adjusted returns), as opposed to being
an “aggregator” (i.e. those that seek to
maximize Assets Under Management).
Newton Glassman
Founder and Managing Partner
Catalyst Capital Group
Mr. Glassman has more than 20 years of
experience in private equity, distressed,
and under-valued situations in Canada
and the U.S. Before founding Catalyst,
he was a Managing Director at Cerberus
Capital Management LP where, among
other things, he was responsible for
Cerberus’ involvement in Canadian-based
situations such as Beatrice Foods Company,
Loewen Inc., Livent Corporation of Canada
Inc., Philip Services Corporation, GST
Telecommunications Inc., Pacifica Papers
Inc., Golden Brand Clothing (Canada) Ltd.,
Spar Aerospace Limited and AT&T Canada
Inc.. Prior to Cerberus, Mr. Glassman held
operational, strategic, and financial roles at
a number of different firms. Mr. Glassman
holds an M.B.A. from the Wharton School of
Business at the University of Pennsylvania
and both a J.D. and a B.A. in Economics
from the University of Toronto.
Management LP and Chatham Lodging
Trust in their Chapter 11 acquisition of the
assets of Innkeepers USA.
Adam recently co-authored “Secured
Lender’s Full Credit Bid Barred Later
Recovery from Guarantors” for Pratt’s
Journal of Bankruptcy Law and the “Out-
of-Court Restructurings, the Bankruptcy
Context, and Creditors’ Committees” chapter
in PLI’s Insider Trading Law and Compliance
Answer Book. Adam was also a contributor
to Distressed Investing M&A, a 2013 report
created in association with Mergermarket
and Debtwire. Adam received his J.D.,
magna cum laude, from Georgetown
University Law Center and his B.A. from
Emory University.
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Alexander D. Greene
Managing Partner and Head of US Private Equity
Brookfield Asset Management
Alex Greene has over 30 years leading
private equity, restructuring and advisory
transactions. Since 2005, Mr. Greene
has been a Managing Partner and Head
of US Private Equity for Brookfield Asset
Management, a global alternative asset
manager with over $175 billion of assets
under management. At Brookfield, Mr.
Greene invested for control in debt
and equity securities of undervalued
and underperforming businesses, with
operational improvement, recapitalization
and strategic guidance as the primary
drivers of value creation. Among other
transactions, Mr. Greene was a principal
member of the team that led Brookfield’s
sponsorship of General Growth Properties’
emergence from Chapter 11, reorganization
and turnaround of Ainsworth Lumber
Company and recapitalization of Legacy
Realty Partners Fund II. He is leaving
Brookfield in March 2014 to serve on
corporate boards of directors and pursue
personal interests in the not-for-profit
community.
Prior to Brookfield, Mr. Greene was a
Managing Director and co-head of Carlyle
Strategic Partners, a private equity fund
focused on control and value investments
in financially troubled companies;
Managing Director and a senior partner
in the restructuring advisory group of
Wasserstein Perella & Co.; Managing
Director and head of the financial advisory
practice at Whitman Heffernan Rhein
& Co.; and a commercial loan officer at
Manufacturers Hanover Trust Company.
Mr. Greene is on the board of directors
of CWC Well Services, a Calgary based
provider of well services in the Western
Canadian Sedimentary Basin and was
formerly on the boards of directors of
Longview Fibre Paper & Packaging and the
Tourette Syndrome Association. For 21
years, Mr. Greene was a volunteer firefighter
in Westchester County, New York.
Mr. Greene received his BBA - Finance
from The George Washington University in
Washington, D.C.
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Blake O’Dowd
Senior Managing Director
Lazard Restructuring Group
Mr. O’Dowd is a Senior Managing Director
in the Restructuring Group at Lazard. He
first joined Lazard as a founder of the
Restructuring Group in 1999, rejoining
in April 2009 after serving as head of
Morgan Stanley’s Restructuring Group
since 2007. Prior to his career at Lazard,
Mr. O’Dowd was a Vice President in Alex
Brown’s Restructuring Group for five years,
was an Assistant Vice President in the
Leveraged Transactions Group at Barclays,
and a commercial lending officer of
Manufacturers Hanover Trust Co.
Mr. O’Dowd is currently involved in advising
Cemex on restructuring over $15 billion of
debt and is advising the official committee
of unsecured creditors of brankrupt
newsprint maker AbitibiBowater.
Mr. O’Dowd has almost twenty years’
experience advising and financing
companies including Burlington Motor
Carriers, Caribbean Air Services, Celotex,
FoxMeyer Corp. Fruit of the Loom,
General Motors, Kaiser Aluminum, Marvel
Entertainment, Metrocall, National Energy
Group, Simmons Upholstered Furniture,
SubMicron Systems, Sun Healthcare,
Tribune Company, US Industries, Video
Services, and Wireless One.
Mr. O’Dowd graduated magna cum laude
from Duke University, and received his MBA
from New York University where he was a
Stern Scholar.
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Mr. Segall has overall responsibility for
Versa Capital and its investment strategies
including leadership and supervision of
the investment and portfolio management
activities of the firm and its affiliated
investment funds. He has led Versa and its
predecessors since their founding in 1992.
He has been engaged in executing
and investing in business turnarounds,
restructurings, reorganizations and other
Greg Segall
Chairman and CEO
Versa Capital Management
Special Situations across a wide variety
of industries and circumstances for more
than 24 years, and he is actively involved in
overseeing all of Versa’s investments.
He is Chairman of the firm’s Investment,
Portfolio and Management Committees, and
is currently a Director of Versa’s portfolio
companies Allen-Vanguard, American Laser
Skincare, Avenue Stores, Bell + Howell,
Black Angus Steakhouses, Civitas Media,
David is a Managing Director of Bayside
Capital. David is involved in all aspects
of the investment process, including
sourcing, transaction structuring, financing,
and execution of post-closing growth
strategies. He has over thirteen years
of experience in private equity, special
situations, and credit investing.
Before joining Bayside, David was with GSC
Group, a middle-market focused special
situation and corporate credit investment
firm. While at GSC, he was co-head of
David Robbins
Managing Director
Bayside Capital
the control distressed strategy and led
investments across a variety of industries.
David also sat on the Board of Directors of
several GSC portfolio companies. Prior to
GSC, David was with The Blackstone Group,
in the Principal Investment and Mergers
and Acquisitions Groups, where he worked
on a variety of private equity and advisory
transactions.
David received a Bachelor of Science
in Economics from the University of
Pennsylvania’s Wharton School of Business.
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Hatteras/Cabo Yachts, Polartec, Simplexity
and Vestis Retail Group.
Prior to Versa, Mr. Segall was a Managing
Director of Sigoloff & Associates, Inc.,
an international crisis management
advisory firm in Los Angeles. Mr. Segall
is a member of the Chief Executives
Organization (CEO) and YPO-WPO (Young
Presidents’ Organization), and he is past
President (‘03-’09) of the Children’s Crisis
Treatment Center in Philadelphia, for which
service he received the 2003 ‘Turnaround
of the Year (Pro Bono) Award’ from the
Turnaround Management Association.
He is a graduate of Pepperdine University,
where he received his M.B.A.; he has
completed the Presidents Seminar at
the Harvard Business School; and he is
currently a member of the Advisory Council
of the Center for Innovation, Creativity
and Entrepreneurship at Wake Forest
University.
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Panels
Case StudyThe Restructuring of ResCap
Centerview Partners will lead a discussion of the Residential Capital (“ResCap”) chapter 11
cases featuring representatives from all sides of the negotiations, including the Debtors,
financial, litigation and other creditors, ResCap’s parent company (Ally Financial) and
counsel to various constituents and financial advisors. The panel will explore ResCap’s
journey from its pre-filing exploration of strategic alternatives to the unprecedented
continuation of ResCap’s mortgage servicing and origination operations after filing to
the nearly unanimously supported confirmation of its plan of reorganization, including:
(i) preparation for filing, (ii) raising over $2.0bn in debtor-in-possession financing to fund
ResCap’s ongoing operations, (iii) obtaining stalking horse agreements and consummating
multiple §363 asset sales that generated over $4.5bn in proceeds, (iv) negotiations
amongst various constituents over claims against Ally Financial, ultimately culminating
in a $2.1bn settlement between ResCap and Ally Financial, and (v) litigation over whether
ResCap’s secured creditors were entitled to post-petition interest based on the value of
their collateral or a purported diminution in value protected by adequate protection liens
granted at the outset of the chapter 11 cases.
Marc Puntus joined Centerview Partners
in 2011 to establish the Restructuring
and Recapitalization Group, which he
co-heads. During his 20-year career, Marc
Puntus has led restructuring, financing
and M&A assignments for companies,
creditors, acquirers, shareholders and
other stakeholders across a wide array
of industries. Mr. Puntus’s company-
Marc D. Puntus
Partner
Centerview Partners
(Moderator)
side experience includes representing
Residential Capital, JCPenney, Clearwire,
Mashantucket Pequot Tribal Nation/
Foxwoods, CNL Hotels & Resorts, OSI
Restaurants Partners, BroderBros.,
Keystone Automotive, PlayPower,
Magna Entertainment Corp., Isola
Group, Greatwide Logistics Services,
Inc., Vonage Corporation, EaglePicher,
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Mr. Eckstein is Co-Chairman of
Kramer Levin’s 45-attorney Corporate
Restructuring and Bankruptcy Department
and has played a prominent role in many
of the largest and most complex Chapter
11 reorganization cases over the past 30
Kenneth H. Eckstein
Partner
Kramer Levin Naftalis & Frankel LLP
years. His practice includes both in and
out-of-court restructurings of financially
distressed businesses on behalf of debtors,
creditor committees, major secured and
unsecured creditors, bondholders, trustees,
examiners, and third parties seeking
Anchor Danly, Progressive Moulded
Products, Dura Automotive Systems,
Autocam Corporation, Pegasus Satellite
Communications, Pegasus Broadcast,
Gate Gourmet, Reichhold, Independence
Air, Conversent Corporation, Acterna
Corporation, Itronix Corporation, CTC
Communications, Micro Warehouse,
Women First HealthCare, PSINet Inc.,
SI Corporation, Sunbeam Corporation,
Bruno’s, Edison Brothers, Crystal Brands
and Best Products. He also has represented
acquirors, secured lenders and committees
in transactions involving Culligan, DS
Waters, Station Casinos, Fairpoint
Communications, Lehman Brothers,
Shared Technologies, Ion Media Networks,
EaglePicher, XO Communications, AT&T
Latin America, SLI Inc., Grove Crane,
Mariner Post-Acute Network, Heilig-Meyers,
Ionica, First Wave Marine, The Pittsburgh
Penguins, RDM Sports Group, Safety
Components, The Wiz, Global Broadcasting
and Rockefeller Center Properties.
Mr. Puntus is a member of several industry
trade organizations, including the American
Bankruptcy Institute and the Turnaround
Management Association, and is a frequent
lecturer on restructuring, financing and
M&A topics.
Prior to joining the firm, Mr. Puntus was
a Managing Director and founder of
Miller Buckfire & Co. Before that he was
a member of the financial restructuring
group of Dresdner Kleinwort Wasserstein,
and prior to joining DrKW Mr. Puntus was
a Partner in the Business, Finance and
Restructuring department of Weil, Gotshal
& Manges LLP.
Mr. Puntus has a J.D. (cum laude) from
Boston University School of Law and a
B.S.B.A./Finance (magna cum laude) from
Georgetown University.
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to acquire the assets or businesses of
financially troubled companies.
Mr. Eckstein was recently named a fellow
of the American College of Bankruptcy.
He has received many honors, including
being named once again an “Outstanding
Restructuring Lawyer” by Turnarounds &
Workouts (2013), being recognized as one
of the Best Lawyers in America from 2004
to 2014, being listed in Chambers USA,
Leading Lawyers for Business, 2003-2013,
Legal 500 US 2009-2013, Lawdragon 500
(2011 and 2012) and being designated
a New York Super Lawyer (2006-2013).
Benchmark Litigation 2014 singled him out
as one of New York’s “Litigation Stars.”
Mr. Eckstein was named “Restructuring
Lawyer of the Year” by Global M&A Network
at the 2010 Distressed M&A Deal Forum
and Turnaround Atlas Awards Gala. Mr.
Eckstein has served as a member of the
Committee on Bankruptcy and Corporate
Reorganization of the New York City
Bar Association, and is a member of
the Section on Corporation, Banking
and Business Law of the American Bar
Association.
Todd Goren is a partner in the Business
Restructuring & Insolvency Group of
Morrison & Foerster. He has experience
in all facets of complex chapter 11
reorganizations. He has represented
debtors in a number of prominent
insolvency matters, most recently that of
Residential Capital, official committees, and
debtor-in-possession lenders. Mr. Goren
has represented parties in restructurings
in industries such as mortgage lending,
real estate, transportation, technology,
Todd Goren
Partner
Morrison & Foerster
telecommunications, retail, and energy. He
also has particular expertise in complex
aircraft financing transactions and all
aspects of airline-related restructurings,
363 sales, intellectual property issues in
bankruptcy, the treatment of environmental
claims in bankruptcy, and in cross-border
insolvencies.
Turnarounds & Workouts recognized Mr.
Goren among its “Outstanding Young
Restructuring Lawyers” for 2012 and 2013.
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Dan Kamensky is a Partner at Paulson &
Co. Inc. in New York, where he focuses
on investments in companies in distress
and bankruptcy. Paulson & Co. Inc. is an
investment management firm specializing
in event arbitrage, including merger
arbitrage, bankruptcy and distressed credit,
recapitalizations, restructurings and other
corporate events.
Mr. Kamensky is Chair of the Bankruptcy
& Creditor Rights Group of the Managed
Funds Association. The MFA represents
the global alternative investment industry
and its investors by advocating for sound
Ray Schrock is a senior partner in Kirkland’s
restructuring group with extensive
experience leading complex, corporate
restructuring matters. Ray has represented
debtors, non-debtor parent companies
and affiliates, financial institutions, private
equity funds, portfolio companies, secured
and unsecured creditors, creditors’
committees, and other major stakeholders
in restructuring matters.
Dan Kamensky
Partner
Paulson & Co.
Ray C. Schrock, P.C.
Senior Partner
Kirkland & Ellis LLP
industry practices and public policies that
foster efficient, transparent, and fair capital
markets. Mr. Kamensky is also a member
of the New York City Bar Association
Committee on Bankruptcy & Corporate
Reorganization. He also is a Member of
the Advisory Committee on Allowance and
Priority of Claims: Distribution Issues to the
ABI Commission to Study the Reform of
Chapter 11.
Mr. Kamensky is a graduate of JD,
cum laude, Georgetown University Law
Center, 1998 and BA, magna cum laude,
Georgetown University, 1995.
Some of Ray’s recent public engagements
include: Ally Financial, Inc. and Ally Bank
in Residential Capital LLC’s Chapter 11
cases; The Great Atlantic and Pacific Tea
Company, Inc.; Neff Equipment Rental, Inc.;
Charter Communications, Inc.; and Aurora
Resurgence Capital in various matters.
He has received many honors, including
being recognized as an “Outstanding Young
Restructuring Lawyer” by Turnarounds &
20
Workouts, being recognized as one of the
Law360’s “Rising Stars”, being designated
a New York Super Lawyer (2012-2013),
and being recognized as a Leading
Restructuring and Insolvency Lawyer in
the 2013 edition of International Financial
Law Firm Rankings. Ray’s work was also
recognized by the Turnaround Management
Association, which selected Neff Rental as
its “Mid-Size Transaction of the Year.”
Keith Wofford focuses on bankruptcy and
creditors’ rights. Keith primarily acts on
behalf of investment funds specializing in
distressed debt, and potential acquirors
of assets of distressed companies. He
regularly represents “ad hoc” committees
of secured and unsecured creditors in
Chapter 11 cases and in out-of-court
workouts, and also represents official
committees in Chapter 11 cases. Keith
has been particularly active with respect
to inter-creditor disputes, credit-bidding
transactions, and other acquisitions of
company control through debt positions.
Representative Clients and Matters
• Represented EBIA at the United States
Supreme Court, in the Executive
Benefits v. Arkison case, arguing (i) that
the constitutional right to an Article III
tribunal identified in Stern v. Marshall is
not waivable by litigant consent, and (ii)
that bankruptcy courts lack statutory
authority to submit proposed findings
of fact and conclusions of law to district
courts in proceedings deemed “core.”
Keith H. Wofford
Partner
Ropes & Gray
• Represents an ad hoc group of holders
of more than $2.5 billion in face amount
of senior unsecured notes of Edison
Mission Energy (EME), in the case
of In re Edison Mission Energy, et al.
EME, the merchant power subsidiary
of Edison International, agreed to a $3
billion sale to NRG Energy at the behest
of the ad hoc committee.
• Represents an ad hoc committee
holding nearly $2 billion of first lien
debt of Energy Futures Intermediate
Holdings (EFIH).
• Represented an ad hoc group of holders
of more than $40 billion of residential
mortgage-backed securities issued
by subsidiaries of Residential Capital,
LLC (ResCap), in achieving an $8.7
billion claim settlement in the ResCap
bankruptcy case.
Prior to joining Ropes & Gray, Keith was
a senior securitization analyst in the
structured finance group at Moody’s
Corporation.
21
Panels
Distressed Hedge FundsWhere Investors are Looking for Opportunistic Investments
With economic forecasts improving in the US and Europe and credit markets ebullient,
where are investors to deploy capital today? This panel brings together investment
professionals at funds representing various investment strategies to discuss where they
see investable opportunities today including structured products, liquidations, balance
sheet clean-ups, and domestic vs. international opportunities.
Kevin Carmody is a partner in McKinsey’s
Recovery & Transformation Services
practice. Kevin specializes in crisis
management and corporate restructurings
on behalf of distressed companies and
their stakeholders. He is an accomplished
leader in planning and implementing
financial and operational turnarounds,
enterprise improvement initiatives, cash
flow enhancement initiatives, and complex
stakeholder negotiations. He has over
15 years of interim management and
restructuring advisory experience in North
America, Latin America and Europe. He has
testified as an expert witness in federal and
state courts.
Kevin Carmody
Partner, Recovery & Transformation Services Practice
McKinsey & Company
(Moderator)
Restructuring experience:
• Restructuring advisor to American
Airlines and AMF Bowling Worldwide, Inc.
• CRO of Hayes Lemmerz, Inc., a $1.2B
multi-national tier 1 automotive
supplier, Kevin led a turnaround that
resulted in the Company reducing its
funded debt by 69% while reaching
a consensual agreement with
stakeholders to modify legacy retiree
medical obligations, reduce its US
pension obligations and raise $200m in
exit financing.
• Crisis Manager to American Safety
Razor, a $325M multi-national
consumer goods manufacturer
that filed for Chapter 11, Kevin led a
restructuring program that resulted in
the Company being sold to a strategic
22
Arthur Kaz is the Managing Partner of
Greenbriar Asset Management, a Chicago-
based event-driven credit fund. Arthur has
been in asset management since 2006 and
has been actively involved in some of the
most complex event-driven situations and
corporate restructurings over that period
including investments in a major airline,
mortgage originator, casino operator, and
Arthur Kaz
Managing Partner
Greenbriar Asset Management
several automotive related manufacturers.
Prior to becoming a principal investor,
Arthur was a Director at Zolfo Cooper
where he advised debtors in the healthcare,
grocery, retail, and automotive industries.
He holds a B.A. from Knox College, cum
laude, Phi Beta Kappa, and an M.B.A. from
the University of Chicago.
investor at six times forward EBITDA.
• Regularly advises senior management
teams, boards of directors, senior
lenders and private equity funds on
restructuring and crisis management
roles. Other notable restructuring and
interim management assignments
include Tribune, Dura Automotive,
Federal Mogul, WorldCom, New World
Pasta, Parmalat, Fruit of the Loom, and
Dade Behring.
Kevin began his career at Chrysler
Corporation and was previously a
Managing Director in the Restructuring
Practice at AlixPartners, LLP. He is a
member of the Turnaround Management
Association, American Bankruptcy Institute
and Association of Insolvency
& Restructuring Advisors.
23
Mr. Pardasani is a Partner and Portfolio
Manager at Owl Creek Asset Management.
Founded in 2001, Owl Creek is a multi-
strategy fund with over $3 billion under
management. At Owl Creek, Mr. Pardasani
has directed investments across a variety of
industries, jurisdictions and segments of the
credit market including corporate, municipal,
sovereign and structured products.
Prior to joining Owl Creek, Mr. Pardasani
was a Senior Analyst at Latigo Partners,
a credit focused hedge fund where he
joined the founders as the first investment
professional. At Latigo, Mr. Pardasani was
Amit Pardasani
Partner and Portfolio Manager
Owl Creek Asset Management
responsible for investments in a range
of sectors including automotive, airlines,
homebuilding, chemicals, retail, paper
and packaging and gaming. Mr. Pardasani
has worked on numerous restructurings
and served on several official and ad hoc
creditor committees. Mr. Pardasani began
his credit investing career as an Associate
in the high yield and distressed group
at UBS focusing on the automotive and
industrial sectors.
Mr. Pardasani earned a B.S. in Economics
from the Wharton School at the University
of Pennsylvania.
Pat Nash is a partner in the Restructuring
Group of Kirkland & Ellis LLP. He represents
a variety of clients in complex business
reorganizations, troubled company M&A,
debt restructurings, and financing matters.
He has counseled companies experiencing
financial difficulties, purchasers of and
investors in distressed companies, and
lenders to and creditors of such companies.
Most recently, Pat was listed as a leading
lawyer in the 2013 edition of Chambers
Patrick J. Nash Jr., P.C.
Partner, Restructuring Group
Kirkland & Ellis LLP
USA and applauded for having “a ‘great
presence’ in the sector and is described
by sources as ‘well-rounded and good at
everything.’” He was selected as one of the
nation’s “Outstanding Young Restructuring
Lawyers” in 2008 by Turnarounds & Workouts.
In addition, he was included in the 2013-
2014 editions of The Best Lawyers in America
for Bankruptcy and Creditor Debtor Rights /
Insolvency and Reorganization Law.
24
Jim Schaeffer joined Aegon USA Investment
Management, LLC and its affiliates in 2004.
Jim is Head of US Leveraged Finance and
a Portfolio Manager. Jim’s responsibilities
include managing the US High Yield,
Emerging Markets, Leveraged Loans, and
Distressed Assets portfolio management
platforms. Jim is also responsible for the
stressed and special situation securities
and all restructuring and bankruptcy
situations for AUIM. Prior to joining Aegon,
Mr. Morgan Suckow is a Managing
Director of Miller Buckfire. Mr. Suckow’s
experience includes representing both
companies and creditors in out-of-court
and Chapter 11 restructuring transactions,
as well as advising companies and their
sponsors on M&A and other strategic
advisory assignments. Mr. Suckow has
led transactions across a wide range of
industries, most notably in the Retail, Energy
and Aviation sectors. Notable clients include
Calpine Corporation, Kmart Corporation,
Furniture Brands International, Ingenco,
American Airlines (APA), Standard Pacific
Jim Schaeffer
Head of US Leveraged Finance and Portfolio Manager
Aegon USA Investment Management
Morgan Suckow
Managing Director
Miller Buckfire
Jim served as a Vice President at PPM
America’s Distressed Debt and Workout
Group. Jim also worked in corporate
banking and investment banking positions
at Wachovia Corporation, Bank of America
Securities and Donaldson, Lufkin & Jenrette
in Chicago. Jim received his BS in Finance
from Miami (Ohio) University and his MBA
from the Wharton School of Business at the
University of Pennsylvania.
Corporation, Mirant Corporation (Corp.
Creditor Committee), The Great Atlantic &
Pacific Tea Company (Second Lien Lenders),
Aveos Fleet Performance, Eurotunnel
(Swap Counterparties), Orchard Brands
(Second Lien Lenders), The Weinstein
Company, American Apparel (Second Lien
Lenders), Mervyns, Independence Air, TECO
Energy, Carmike Cinemas, BTI Telecom,
AMF Bowling (Bank Group) and the largest
equity holder in SpectraSite Holdings. Mr.
Suckow is a former member of the financial
restructuring group of Dresdner Kleinwort
Wasserstein, which he joined in 2000.
25
Panels
Legal RestructuringRethinking the Bankruptcy Code: Adapting to an Evolving Corporate Landscape
This panel will explore the objectives of the U.S. Bankruptcy Code and the type of changes
that should be considered. The discussion will begin with an overview of how financial
markets have changed and evolved since the Code was first enacted in 1978 and whether
or not the Code has effectively adapted. The panelists will share their thoughts regarding
how the Code can be amended to ensure consistency with its intended purposes while
creating a cogent framework for the challenges ahead.
Marcia L. Goldstein
Partner
Weil, Gotshal & Manges
(Moderator)
Marcia Goldstein is chair of the Business
Finance & Restructuring department at
Weil, Gotshal & Manges and a member
of the firm’s Management Committee.
She has practiced with the firm for over
thirty-five years in all areas of domestic and
international debt restructuring and crisis
management. She has been a lecturer at
Yale Law School, Columbia Law School
and Cornell Law School and is a frequent
speaker at restructuring seminars both
domestically and internationally.
Ms. Goldstein has served as lead
restructuring lawyer in a number of major
international and US cases, representing
a wide range of interests and parties.
She is currently counsel for the Special
Administrators of MF Global UK, National
Public Finance, a subsidiary of MBIA, in
connection with the chapter 9 bankruptcy
cases for the City of Stockton and City of
San Bernardino, California, and certain CIT
entities as co-defendant and lessors of rail
equipment in connection with the pending
Maine and Canadian bankruptcy cases of
Montreal, Maine & Atlantic Railway. Other
representations include: lead counsel
for General Growth Properties, a publicly
traded REIT which was the largest real
estate company to seek chapter 11 relief;
Extended Stay Hotels, a chain of 680
hotels, which had over $7 billion of CMBS
and mezzanine debt; assisting AIG with
26
respect to various aspects of the overall
restructuring of the company, including its
obligations to the Federal Reserve; and U.S.
counsel for Kaupthing Bank, the largest
Icelandic bank which was in insolvency
proceedings in Iceland and chapter 15
in the US. She has also represented
Washington Mutual Corp., LandSource, a
large land development company, Advanta
Corp, provider of small-business credit card
account services, BearingPoint and Atkins
Nutritionals. She led the restructuring of
WorldCom, Inc., achieving confirmation of
its plan of reorganization in fifteen months,
and the international restructurings of
Parmalat S.p.A. and Eurotunnel. She has
represented debtors, bank groups, secured
and unsecured creditors, purchasers
and other parties in other major debt
restructurings and chapter 11 cases.
These include Kodak, Arcapita, Nortel,
Allied/Federated, Regal Cinemas, Inc.,
Washington Group International, Inc.,
United Companies Financial Corp., Marvel
Entertainment Group, CRIIMI MAE, Storage
Technology, Inc., and Southland, Inc.
Ms. Goldstein is a member of the National
Bankruptcy Conference, the American
College of Bankruptcy and the International
Insolvency Institute and has chaired the
Business Reorganizations Committee of
the Association of the Bar of the City of NY.
Ms. Goldstein was selected by The National
Law Journal as one its “100 Most Influential
Lawyers in America” and has been
recognized by Best Lawyers in America in
2013, is the 2012 recipient of Euromoney
Legal Media Group’s award for America’s
Women in Business Law and was named
among the Top 10 New York Super
Lawyers. In 2009, 2011 and 2013, Ms.
Goldstein was named one of the “50 Most
Powerful Women in New York” by Crain’s
New York Business and in 2008, she was
named one of the ’50 Women to Watch’
by the Wall Street Journal. She was named
one of the two “Women of the Year in
Restructuring” in 2008 by the International
Women’s Insolvency & Restructuring
Confederation. She has been recognized
as an “Outstanding Bankruptcy Lawyer”
seven times by Turnarounds and Workouts,
and as “Global Insolvency & Restructuring
Lawyer of the Year” – seven years running
– by Who’s Who Legal (for the International
Bar Association). The American Lawyer
featured Ms. Goldstein as a “Dealmaker
of the Year” in 2004 for leading the
successful restructuring of WorldCom
and in 2008 for her leadership role in
situations at the epicenter of the financial
crisis, including chapter 11 counsel for
Washington Mutual, restructuring advisor
to AIG, and U.S. counsel for Kaupthing Bank
in its global insolvency. Ms. Goldstein is
consistently ranked as a “Leading” Lawyer
for Bankruptcy/Restructuring in Chambers
USA.
Ms. Goldstein is a co-chair of the
UJA’s Bankruptcy and Reorganization
Committee and serves on the Boards of
Her Justice and Boys and Girls Harbor.
She is a member of the Cornell Law
27
Donald S. Bernstein is a partner with Davis
Polk & Wardwell LLP in New York, where
he is co-head of the firm’s Insolvency
and Restructuring Practice Group. Mr.
Bernstein’s practice includes representing
debtors, creditors, liquidators, receivers and
acquirers in major corporate restructurings
and insolvency proceedings, as well as
advising financial institutions regarding
resolution planning and the credit
risks involved in derivatives, securities
transactions, and other domestic and
international financial transactions. He is
a past chair of the National Bankruptcy
Conference, a Commissioner on the ABI
Commission to Study the Reform of Chapter
11, a director of the International Insolvency
Institute and a past director of the American
Donald S. Bernstein
Partner, Co-Head Insolvency and Restructuring Practice Group
Davis Polk & Wardwell LLP
College of Bankruptcy. He has been
Treasurer and a member of the Executive
Committee of The Association of the Bar of
the City of New York, and is a former Chair
of City Bar Association’s Committee on
Bankruptcy and Corporate Reorganization
and of the TriBar Opinion Committee. He
is also on the Board of Editors of Collier
on Bankruptcy. Mr. Bernstein has also
served as a member of the Official United
States Delegation to the United Nations
Commission on International Trade Law and
is a member of the Legal Advisory Panel of
the Financial Stability Board. Mr. Bernstein
graduated from Princeton University and
received his J.D. from the University of
Chicago Law School.
School Advisory Council, and its Executive
Committee and has served as its chair.
Ms. Goldstein received her J.D. from
Cornell Law School and her B.A. from
Cornell University.
28
Elliot Ganz is Executive Vice President
and General Counsel of the LSTA. His
responsibilities include managing the LSTA’s
legal and regulatory affairs, as well as market
practices and standardization initiatives.
Previous to joining the LSTA, Mr. Ganz was a
Vice President and Associate General Counsel
at CIBC World Markets Corp. and served as
Director of U.S. Banking. In that capacity
he was responsible for all aspects of the
loan product. He supervised Credit Portfolio
Management, Credit Capital Markets, Loan
Syndications and Trading, Credit Derivatives
and Asset-Backed Securities.
Before joining CIBC, Mr. Ganz was Assistant
General Counsel at ING Baring Securities
where his primary responsibilities included
supervision of distressed and par domestic
loan sales and trading, derivative products
and the asset backed securities groups.
Mr. Ganz began his long association
with loan sales and trading at Citibank,
N.A., where, from 1986 through 1991, he
supervised the commercial and real estate
Loan Syndications and Trading units of the
Elliot Ganz
Executive Vice President & General Counsel
LSTA
Investment Bank.
Mr. Ganz began his legal career in 1980 as
an associate at the law firm of Lord Day &
Lord where he focused on film and media
finance and moved to Chase Manhattan
Bank in 1983 where he concentrated on
secured lending.
Mr. Ganz received his B.A. in Economics and
History in 1977 from Queens College, City
University of New York, and his J.D. in 1980
from the New York University School of Law
where he served as Research Editor of the
Annual Survey of American Law. He was
admitted to the Bar of the State of New York
in May 1981.
Mr. Ganz was the first chairman of the Legal
Committee of the LSTA and has served as a
member of its board of directors. He served
as a member of the Steering Committee of
the Joint Market Practices Forum on Credit
Derivatives that produced the “Statement of
Principles and Recommendations Regarding
the Handling of Material Nonpublic
Information by Credit Market Participants”.
29
Jay M. Goffman is the Global Leader of
Skadden’s Corporate Restructuring Group.
He was named among “The Decade’s
Most Influential Lawyers” by The National
Law Journal in March, 2010 and was
recognized as one of The American Lawyer’s
“Dealmakers of the Year” in April, 2011 for
his work in restructuring Metro-Goldwyn-
Mayer, Inc. (MGM), the largest prepackaged
bankruptcy ever completed in under 30
days. In the 2011 Financial Times’ U.S.
“Innovative Lawyers” report, Mr. Goffman
was named as one of the 10 most innovative
lawyers in the U.S. and recognized as a
“pioneer” and a leader in out-of-court and
prepackaged restructurings. He also was
named one of Law360’s MVPs of 2011, 2012
and 2013 in the bankruptcy category, which
recognizes those who have raised the bar in
corporate law throughout the year, and was
profiled in Turnarounds & Workouts Trends
as a “Pioneer of the Pre-Pack” (November
2011). In August 2013, The Deal published
an article chronicling Mr. Goffman’s
career entitled “Jay Be Nimble, Jay Be
Quick,” summarizing many of his career
achievements with a particular focus on his
innovation and creativity in leading out-of-
court restructurings and Prepacks. In May
Jay Goffman
Partner, Global Head of Corporate Restructuring
Skadden, Arps, Slate, Meagher & Flom LLP
2013, Mr. Goffman was a recipient of the
prestigious “Blue Cloud Award,” bestowed
upon him in recognition of his many years
of service promoting stronger relationships
and cultural exchange between the United
States and China. Also in May 2014, the AJC
will bestow upon Mr. Goffman its National
Human Relations Award.
Mr. Goffman regularly is selected as one
of the leading restructuring lawyers in the
world by various corporate restructuring and
legal organizations, including Turnarounds
& Workouts (named among the top 12 U.S.
restructuring attorneys), Chambers USA,
Chambers Global, Lawdragon Magazine,
The Best Lawyers in America, IFLR1000,
Euromoney and Legal Media Group’s Expert
Guide to the World’s Leading Insolvency and
Restructuring Lawyers, PLC Handbook (named
among the top New York restructuring
lawyers), The K&A Restructuring Register,
The International Who’s Who of Insolvency
& Restructuring Lawyers and The Legal
500 U.S., among others. Mr. Goffman has
led transformational restructurings and
transactions throughout the world and his
experience has encompassed virtually all
major industries.
30
Richard Levin is a partner in Cravath’s
Corporate Department and serves as
the Chair of its Restructuring practice.
His practice focuses on creditors’ rights,
insolvency, reorganization and bankruptcy.
Mr. Levin’s more significant recent
engagements since joining Cravath
have included the representation of the
Independent Directors of General Motors
Corporation, including advice relating to
its Chapter 11 filing; a Johnson & Johnson
subsidiary in a Chapter 11 acquisition of
Immunicon Corp.; a Ripplewood Partners
affiliate in its acquisition of Interstate
Bakeries Corp. under a Chapter 11 plan;
affiliates of Westbrook Partners in the
acquisition of a major Los Angeles real
estate development from a subsidiary of
Landsource Communities Development
LLC in its Chapter 11 case and of a land
development from Crown Farm LLC in
its Chapter 11 case; Credit Suisse in the
Chapter 11 cases of Lehman Brothers
Holdings Inc. and affiliates, as well as the
Singapore Receivers for Minibond Ltd.,
a synthetic “CDO-squared” counterparty
with claims in the Lehman cases; Banco
Santander S.A. and Optimal Investment
Services as well as various other investors
in the SIPC liquidation of Bernard L. Madoff
Investment Securities, LLC; Credit Suisse
Richard Levin
Partner, Chair of Restructuring Practice
Cravath, Swaine & Moore LLP
as agent for the senior secured lenders in
the Tropicana Entertainment LLC Chapter
11 reorganization; New York City Off-Track
Betting Corp. in its Chapter 9 case; and
numerous other confidential creditor
and debtor representations in workout
negotiations.
Mr. Levin was counsel to a subcommittee
of the House Judiciary Committee from
1975 to 1978, where he was one of the
primary authors of the 1978 Bankruptcy
Code. He currently serves as Chair of the
National Bankruptcy Conference and is a
former member of the Board of Directors
and a Fellow of the American College of
Bankruptcy. Mr. Levin has served as a
consultant to the World Bank and to the
Central Bank of Brazil regarding Brazil’s 2005
bankruptcy legislation, as Faculty at the
Federal Judicial Center’s Bankruptcy Judge
Workshops since 2002, and as a Lecturer in
Law at Harvard Law School. He is a frequent
lecturer on bankruptcy law in continuing
legal education programs and is a regularly
published author in the legal press.
Mr. Levin has been repeatedly cited as one
of the country’s leading practitioners of
bankruptcy and creditor-debtor rights law
by, among others, Chambers USA: America’s
Leading Lawyers for Business from 2009
through 2013; Chambers Global: The World’s
31
Leading Lawyers for Business in 2013;
The Legal 500 from 2009 through 2013;
IFLR1000: The Guide to the World’s Leading
Financial Law Firms in 2013 and 2014;
The Best Lawyers in America from 2007
through 2014; The International Who’s Who
of Insolvency & Restructuring Lawyers; the
Guide to the World’s Leading Insolvency and
Restructuring Lawyers in the 9th edition; and
the K&A Restructuring Register America’s Top
100, a peer listing of bankruptcy experts, in
its 2002 through 2007 and 2009 through
2011 editions. He was also named by
Lawdragon’s 500 Leading Lawyers in America
from 2007 through 2010 and has been
ranked in Benchmark Litigation as a National
Star and as a Local Litigation (NY) Star in
Bankruptcy from 2012 through 2014. Mr.
Levin was also recognized by The Legal
500 for his work in municipal bankruptcy in
2012 and 2013.
Mr. Levin was born in Los Angeles,
California. He received an S.B. from the
Massachusetts Institute of Technology in
1972 and a J.D. from Yale Law School in
1975, where he was an Editor of the Yale
Law Journal. He joined Cravath in 2007.
32
Panels
Financial RestructuringThe Roots of Muni Distress: Debt, Pensions, and Other Promises
As the U.S. economy has improved after the Great Recession, the finances of our nation’s
state and local governments have begun to mend. But will just an improved economy
be enough for some of our largest public entities who are weighed down by heavy debt
burdens and large and growing obligations to municipal employees for pensions and other
benefits? Recent bankruptcy filings have highlighted this seemingly intractable problem.
Is there a solution? Can these burdensome obligations be compromised and, moreover,
is it legal or ethical that they should be compromised? Is Chapter 9 the solution and
what are the limits of what Chapter 9 can achieve? Can we expect many more municipal
restructurings and if so, when and where? A panel of seasoned legal and financial
professionals, each who is in the middle of these controversial matters, will discuss these
issues and many others in a debate style format.
William Nolan is a Senior Managing
Director in FTI Consulting’s Corporate
Finance & Restructuring Practice. Mr.
Nolan has worked in all areas of corporate
restructuring, including working with
companies and their creditors in business
turnarounds and corporate bankruptcies.
He has more than twenty years of diverse
financial consulting and management
experience.
Mr. Nolan is the Co-Leader of FTI’s
Distressed Municipality and Government
William J. Nolan
Senior Managing Director
FTI Consulting
(Moderator)
Initiative. Most recently, Mr. Nolan worked
for the Commissioners of Jefferson County,
Alabama developing and executing a cost
cutting initiative to close a $65 million short
fall in the County’s budget. Similarly, Mr.
Nolan recently co-led an engagement for
the City of Philadelphia which identified over
$85 million of cost-savings and revenue
enhancements. Mr. Nolan’s other related
assignments include working with the team
who is advising the bond insurer of certain
bonds issued by the City of San Bernardino,
California serving as a financial advisor to
33
Mr. Baird is a Managing Director in the
Restructuring & Reorganization Group at
Blackstone. He provides advice to debtors
and creditors in distressed situations and
has worked for clients in various industries
including, among others: financials,
gaming, leisure, media, real estate, power,
non-profits, autos, industrials, municipals,
commodities, technology and others.
Mr. Baird has advised clients in the
following situations: American General
Finance (AGF), American International
Group (AIG), BCBGMAXAZRIA, Bresler &
Reiner, Borders Group, Cengage Learning,
Jamie Baird
Managing Director, Restructuring & Reorganization
The Blackstone Group
Covalent Materials, Detroit (The City of),
Dura Automotive, Ford Motor Company,
General Motors, Horsehead Industries,
Houghton Mifflin Harcourt, International
Lease Finance Corp (ILFC), Jefferson
County (Birmingham, Ala), Meridian
Automotive, Minneapolis Star Tribune,
Mohegan Tribal Gaming Authority,
Pacific Lumber Company, Sea Research
Foundation (Mystic Aquarium), SemGroup,
School Specialty and Toshiba.
Mr. Baird received an A.B. from Bowdoin
College and an M.B.A. with honors from
Columbia Business School.
the counterparties in the restructuring of
a large guarantor of municipal bonds and
assisting a large bond insurer in the workout
and turnaround of a large historically
black college. Earlier in his career, Mr.
Nolan served as the lead manager on
an engagement for the Pennsylvania
Intergovernmental Cooperation Authority
(“PICA”), the fiscal oversight committee
established by the State to oversee the
finances of the City of Philadelphia when it
was teetering on the brink of bankruptcy.
Prior to joining FTI, Mr. Nolan was a
member of Mellon Bank’s Special Industries
Group which focused on financing for
municipalities, health care and higher
education institutions.
Mr. Nolan was a partner in
PricewaterhouseCoopers’ Business
Recovery Services Group prior to its
acquisition by FTI. Mr. Nolan holds a MBA
in Finance from the Wharton School of
Business and a BS in Economics from the
University of Delaware.
34
Bruce Bennett has represented debtors,
creditors, and business acquirers in many
of the largest corporate reorganization
cases in the United States in the fields of
retail, telecommunications, heavy industry,
aviation, manufacturing, real estate,
insurance, energy, banking, and computer
technology.
Bruce is currently co-leading a team of
attorneys representing the City of Detroit
in connection with its historical chapter
9 bankruptcy case filed in July 2013 and
ongoing restructuring efforts. In the Chapter
11 case of MF Global Holdings Ltd., Bruce
was the lead lawyer representing a group of
creditors that drafted, filed, and ultimately
obtained confirmation of a chapter 11 plan
for each of the debtors that is expected
to pay over $1 billion to creditors, and he
continues to represent the reorganized
debtors in related insolvency proceedings
and the implementation of the confirmed
plan. In addition, Bruce represented
major holders of senior notes issued by
Travelport Ltd. and successfully negotiated
a key settlement and comprehensive
restructuring plan.
Prior to joining Jones Day in May 2012,
Bruce was the lead lawyer for the Los
Angeles Dodgers on their recent $2
Bruce Bennett
Partner
Jones Day
billion acquisition by Magic Johnson and
other partners. He also was lead debtor’s
counsel in the country’s largest municipal
bankruptcy (County of Orange, California),
which commenced following a $1.7
billion loss in county investment pools.
As counsel to the debtor, Bruce was the
architect of the plan of adjustment that
comprehensively resolved the county’s
financial problems. That plan was
confirmed and successfully implemented
in approximately 18 months, and the related
litigation resulted in the recovery of more
than $870 million for the county. Other
large debtor side representations include
Ameriquest Mortgage Company, First
Capital Holdings Corp., Hawaiian Airlines,
L.A. Gear, LTV Corporation, SmartTalk
TeleServices, Tucson Electric Power, and
Weststar Cinemas. Bruce also successfully
resolved many other large bankruptcy
cases for lenders, note holders, and
equity interest owners, including Adelphia
Communications, Enron, Fountainebleau
Las Vegas, Green Valley Ranch, Hawaii
Medical Centers, Lehman Brothers Treasury
Co., Olympia & York, and Tribune Company.
Bruce is a member of the American
College of Bankruptcy, the Financial
Lawyers Conference, and the board of
trustees and executive committee of Good
35
Zack Clement has handled all kinds of
business restructure and insolvency
litigation matters in 39 years of law practice.
He has (i) restructured the debt of major
companies both out of court and in
Chapter 11 cases, (ii) been responsible as
bankruptcy counsel for purchase or sale
of assets from Chapter 11 debtors and exit
financings for plans of reorganization, (iii)
represented secured lenders in workouts
and debtor-in-possession financing in
Chapter 11 cases, and (iv) acted as lead
Zack Clement
Partner
Fulbright & Jaworski LLP
trial counsel concerning all of these kinds
of issues.
He represented Continental Airlines,
Metals USA, Coho Energy, Sam Houston
RacePark, SpectraCell and Global Marine
in their successfully completed Chapter 11
bankruptcy cases; also Yukos Oil Company
in its U.S. Chapter 11 and Chapter 15 cases.
He was counsel for the Town of Mammoth
Lakes, California in its Chapter 9 case.
Samaritan Hospital, Los Angeles. He also
is a former commissioner of personal
and small business bankruptcy advisory
commission of the California Board of Legal
Specialization and a board member of
Public Counsel.
36
Bob Medlin is a Senior Managing Director
and Southwest regional leader in FTI’s
Corporate Finance (“CF”) practice,
resident in Dallas. He also co-leads FTI’s
CF municipal initiative. He has 40 years
of experience specializing in interim
management; workouts and turnarounds;
performance improvement; corporate
Bob Medlin
Senior Managing Director
FTI Consulting
finance; mergers and acquisitions;
restructuring and bankruptcy consulting;
litigation support services; investigative
accounting services; and financial,
accounting and tax consulting. Mr. Medlin
has extensive experience working with
borrowers, debtors, lenders and other
creditor and equity groups. He has served
Manny Grillo is a partner at Goodwin
Procter LLP and chairs its Financial
Restructuring Practice. He is also a member
of its Debt Finance Practice and co-leader
of its Municipal Bankruptcy Group. Mr.
Grillo represents secured and unsecured
creditors, Chapter 11 debtors and borrowers,
as well as both sellers and purchasers in
distressed mergers and acquisitions. His
practice encompasses both out-of-court
debt restructurings and the rehabilitation
and liquidation of financially distressed
businesses under Chapter 11 of the
Bankruptcy Code. Mr. Grillo regularly
advises banks, hedge funds, sponsors
Manny Grillo
Partner
Goodwin Procter LLP
and other financial institutions regarding
insolvency and restructuring matters in
complex financings and securitizations. He
negotiates distressed financing transactions
including debtor in possession loans on
behalf of both lenders and borrowers
and litigates contested confirmation and
financing matters as well as avoidance
actions and lender liability claims. Mr. Grillo
frequently speaks on a range of topics at
industry events and he is regularly called up
upon by the media for industry commentary.
Mr. Grillo earned his J.D. from Fordham
University School of Law, and his B.S.F.S
from Georgetown University.
37
in numerous interim management and
trustee roles. He has worked extensively
in the municipal and non-profit space,
most recently in connection with Jefferson
County, City of Houston, City of Chicago,
City of Philadelphia, Town of Mammoth
Lakes, City of San Bernardino and City of
Detroit. He graduated from the University
of Georgia (BBA in accounting) and is a
Certified Public Accountant (“CPA”) licensed
in Alabama, Georgia and Texas. He is
also a Certified Insolvency Restructuring
Advisor (“CIRA”) and Certified Turnaround
Professional (“CTP”). He is a member of
the American Institute of Certified Public
Accountants and Texas Society of Certified
Public Accountants. He is a past board
member of the American Bankruptcy
Institute (ABI), Association and of Insolvency
& Restructuring Advisors (“AIRA”),
and Dallas Chapter of the Turnaround
Management Association (”TMA”). He is
also a past member of the Texas Litigation
Services Steering Committee. In 2009, AIRA
selected Bob as the recipient of the Emanuel
M. Katten Award.
Timothy S. Travers is currently Chief
Executive Officer and a member of the
Board of Directors of Financial Guaranty
Insurance Company. Mr. Travers also serves
as a Director of FGIC Corporation, as well as
the Chairman and Chief Executive Officer of
FGIC UK Limited. Since joining the company
in 2003, Mr. Travers has also held various
positions with FGIC, including Executive
Vice President and Chief Restructuring
Officer including Chief Underwriting
Tim Travers
Chief Executive Officer
Financial Guaranty Insurance Company (FGIC)
Officer, Senior Managing Director of FGIC’s
International businesses as well as Global
Utilities. Prior to joining FGIC Mr. Travers
held various positions at Ambac Assurance
Corporation, most recently Managing
Director-European Structured Finance
and Securitization. He served as Ambac’s
Managing Director-Global Utilities from
1993 through 2002. Mr. Travers received a
BS from New York University’s School of
Business and Public Administration.
38
Panels
Operational RestructuringHow to Restructure a 100-Year-Old Legend
Kodak was an industry leader in the technology world throughout most of the last
century. When it filed for Chapter 11 protection in 2012, it wasn’t necessarily clear that
the company could even survive. But thanks to a dedicated management team, clear-
thinking stakeholders and top-notch legal and financial advisors, Kodak successfully
emerged last summer, poised as a thriving growth business ready for the next century.
This panel includes the senior advisors that led Kodak through the restructuring process.
The panelists will discuss how they helped a 100 year old Company to reinvent itself in
many respects, including in strategic positioning and all aspects of its operations. The
discussion will focus on many of the complicated and interesting challenges faced during
the restructuring and key lessons learned from the experience.
Alan Holtz has been a Managing Director in
AlixPartners’ Turnaround and Restructuring
Services group since 2006, primarily
focused on mid-market companies
(under $1 billion). He co-leads the group’s
Transformation and Restructuring Advisory
practice from the New York office, where
he is also the Local Market Leader. For
over 25 years, Alan has advised clients on
all aspects of the financial restructuring
process, including business planning and
analysis, cash management, operational
improvement, creditor information
management, valuation and the structuring
Alan D. Holtz
Managing Director
Alix Partners
(Moderator)
and negotiation of plans of reorganization.
Alan has provided these services to
companies and their management and
directors, and also to financial institutions
and creditors’ committees, across a wide
variety of industries.
Prior to joining AlixPartners, Alan spent 22
years at a “Big 4” accounting and consulting
firm and its restructuring division
successor. Alan received a bachelor’s
degree in economics from the Wharton
School at the University of Pennsylvania.
39
Andy Dietderich is a general practice
partner and head of the Firm’s multi-
disciplinary Reorganization and Bankruptcy
Group. His broad practice focuses on
corporate reorganization assignments that
combine traditional restructuring advice
with the valuable M&A, finance, regulatory,
corporate governance, compensation and
benefits, tax and litigation experience of
Sullivan & Cromwell.
Andrew Dietderich
Partner
Sullivan & Cromwell LLP
Andy has played a leading role helping
clients navigate many of the most
successful corporate reorganizations in
recent years, including Kodak, Fiat/Chrysler,
General Growth Properties, CIT, The
Weinstein Company and Simmons Bedding.
In addition to advising companies (including
Chapter 11 debtors as well as companies
reorganizing under non-US laws), Andy
regularly counsels directors of companies
Alan has been involved in dozens of major
restructurings and out-of-court workouts.
Recent clients include: Nebraska Book
Company, Media General, the Official
Creditors’ Committees of Residential
Capital and of (Chicago) Tribune Company,
The Newark Group, and White Birch Paper,
in a cross-border Canadian restructuring.
Previously, he led a team at Remy
International, a Tier 1 automotive supplier
that restructured through a landmark
59-day prepackaged Chapter 11. The
Turnaround Management Association has
recognized Alan and the AlixPartners team
with its Transaction of the Year award for
the successful Remy restructuring and with
its Large Turnaround of the Year award for
Nebraska Book.
Highlights of Alan’s prior experience include:
Barney’s, Brooks Fashion Stores, Dana,
Eastern Air Lines, Enron, KB Toys, National
Amusements, Payless Cashways, Pillowtex,
Popeye’s, U.S. Concrete, and USG. Alan has
been included on Turnaround and Workouts’
“People to Watch” list and was named
“Turnaround Consultant of the Year” by
M&A Advisor. He is past chairman and past
president of the Association of Insolvency
and Restructuring Advisors and is a
Certified Public Accountant and a Certified
Insolvency and Restructuring Advisor.
Alan is also a member of the American
Bankruptcy Institute, the Turnaround
Management Association and the American
Institute of Certified Public Accountants. He
sits on the board of Newark Public Radio -
WBGO and is a frequent speaker and author
on the subject of corporate restructuring.
40
in financial distress as well as creditors
acquiring assets or businesses as going
concerns.
Andy joined the Firm in 1996 and was
elected partner in 2003. He is a graduate
and active alumnus of Harvard Law School
(J.D. magna cum laude 1995) and Harvard
College (A.B. magna cum laude and Phi
Beta Kappa 1991).
Mr. Hart is a Director in the Restructuring
Group. Prior to joining Lazard in 2008,
Mr. Hart was a Managing Director and
partner in the distressed investment funds
associated with Eos Partners. He joined
Eos in 2006 from Merrill Lynch, where he
was a Vice President in the firm’s principal
investments area and focused primarily on
distressed investment opportunities. He
previously worked as an Associate in the
firm’s Financial Sponsors and Mergers &
Acquisitions groups. Earlier in his career he
was involved in the mortgage- and asset-
backed securitization markets in various
capacities.
Over the past twelve years Mr. Hart has
participated in a wide variety of in-court
and out-of-court restructurings in the U.S.,
Canada, Mexico, U.K., and continental
Europe, on both a principal and advisory
basis. He has also been involved in
leveraged loan, high yield bond, and public
equity issuances; mezzanine and private
Matthew Hart
Director, Restructuring Group
Lazard
equity investments; and M&A transactions.
His publicly-disclosed advisory clients since
joining Lazard include Lehman Brothers,
U.S. Department of the Treasury (General
Motors, Chrysler), Allied Pilots Association
(American Airlines), Eastman Kodak,
Nortel Networks, Liberty Media (SiriusXM),
Cooper-Standard Automotive, White Birch
Paper, LNR Property Corp., OGX Petróleo
e Gás Participações (“OGX”), Satelites
Mexicanos (“SatMex”) and certain lenders
of Quiznos Corp.
Mr. Hart is a Certified Insolvency &
Restructuring Advisory (CIRA), a Chartered
Financial Analyst (CFA) and holds
FINRA Series 7 and 63 licenses. He is a
member of the Association of Insolvency
& Restructuring Advisors, the American
Bankruptcy Institute, the CFA Institute and
the New York Society of Securities Analysts.
University of Michigan, A.B. in Economics;
University of Chicago, M.B.A. in Finance &
Accounting.
41
Jim Mesterharm co-leads the firm’s
Turnaround & Restructuring Services
practice in North America and specializes
in developing financial and operating
strategies for underperforming and troubled
companies. He has significant expertise in
interim crisis management, cost reduction
plan development and implementation,
cash management, capital structure
refinancing, and business plan development
for acquisition and restructuring purposes.
Jim has served in senior management
positions in turnarounds such as Chief
Restructuring Officer, Chief Operating
Officer and Chief Financial Officer. He has
also served as a senior advisor evaluating
restructuring alternatives. Jim was
recognized by Turnarounds & Workouts,
making their list of “People to Watch –
2005, Business Professionals Making Their
Mark”, was named “2010 Global Turnaround
Consultant of the Year” by the Global M&A
James Mesterharm
Co-Head TRS Americas, Managing Director
AlixPartners
Network, and he was part of the team
awarded the “2011 Transaction of the Year
Award” from the Turnaround Management
Association related to his work on General
Growth Properties.
Prior to joining AlixPartners, Jim was a
manager in the Financial Advisory Services
practice of Ernst & Young. He graduated
from Northwestern University’s J.L. Kellogg
School of Management with an MBA
in finance, strategy and organizational
behavior, and holds a Bachelor of Science
degree in accounting and management
from Purdue University. Jim is a member of
the Turnaround Management Association,
and is a non-practicing Certified Public
Accountant. Jim has been a guest lecturer
on restructuring topics at Northwestern
University’s J.L. Kellogg School of
Management.
42
Jason New is a Senior Managing Director
of The Blackstone Group and Head of
Special Situation Investing for GSO Capital
Partners. Mr. New focuses on managing
GSO’s public investment portfolio with
a specific emphasis on stressed and
distressed companies and on sourcing
direct special situation investment
opportunities. Mr. New is a member of the
GSO Investment Committee. Before joining
GSO Capital in 2005, Mr. New was a senior
member of Credit Suisse’s distressed
Jason New
Senior Managing Director, GSO Capital Partners
The Blackstone Group
finance group. Mr. New joined Credit Suisse
in 2000 when it acquired Donaldson,
Lufkin & Jenrette (“DLJ”), where he was a
member of DLJ’s restructuring group. Prior
to joining DLJ in 1999, he was an associate
with the law firm Sidley Austin LLP where
he practiced law in the firm’s corporate
reorganization group. Mr. New received a
JD from Duke University School of Law and
a BA, magna cum laude, from Allegheny
College.
43
Sponsors
Platinum Sponsor
Gold Sponsors
Silver Sponsors
Media Sponsors
44
Conference Committee
Conference Co-Chairs
Daniel Hung
Olivier Jacque
Edward Linden
Yinyin Wu
Panel Managers
Phil Barkhorn - Distressed Private Equity
E. Barclay Nihill - Distressed Private Equity
Samuel Matalon - Case Study
Matthew Pietroforte - Case Study
Michael Cohn - Distressed Hedge Funds
Christian Colli - Distressed Hedge Funds
Matthew Neitzke - Distressed Hedge Funds
Lev Breydo - Legal Restructuring
Brian Krivoy - Legal Restructuring
William Evarts - Financial Restructuring
Kathryn Hagy - Financial Restructuring
Marc Fritze - Operational Restructuring
Kamran Mahmood - Operational Restructuring
Paul Sipio - Operational Restructuring
Operations Team
Neha Begwani - Operations Director
Alexander Burdulia - Operations
Marketing Team
Eugene Dayanghirang - Marketing
Christopher Mayerfeld - Marketing
When failure is not an option.
Partner with us.
Our professionals have a long and successful track record helping companies resolve urgent situations, implement rapid change and retain maximum value.
There’s a reason we’re widely sought a�er in the industry we pioneered: We get results.
It’s a difference that matters.
Enterprise Improvement • Financial Advisory Services
Information Management Services • Turnaround & Restructuring
www.alixpartners.com
The Corporate Finance/Restructuring practice of
FTI Consulting is proud to sponsor the
10th Annual Wharton Restructuring and Distressed Investing Conference
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Schulte Roth & Zabel’s Business Reorganization Group represents
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See how our top-ranked practice can deliver innovative yet practical
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Notes
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