1

2

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

3

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

4

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

5

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

6

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.

7

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.

8

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.

9

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.

10

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

11

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.

12

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.

13

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.

14

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.

15

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.

16

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,

17

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.

18

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.

19

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

©2014 FTI Consulting, Inc. All rights reserved. CRITICAL THINKING AT THE CRITICAL TIME™

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The Wharton Restructuring

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The contents of these materials may constitute attorney advertising under the regulations of various jurisdictions.

Schulte Roth & Zabel’s Business Reorganization Group represents

lenders, sponsors, investors and other interested parties in all facets

of complex restructuring transactions — both in and out of court. By

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and investment objectives.

See how our top-ranked practice can deliver innovative yet practical

solutions for your complex business reorganization or debt

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Schulte Roth & Zabel LLP

919 Third Avenue, New York, NY 10022

+1 212.756.2253 | adam.harris@srz.com

Complexity. Clarified.

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We Speak Your Language.At Jones Day, swiftly responding to a restructuring matter with the most effective team, strategy, and experience is our language. Acting as one firm worldwide, our 110 restructuring lawyers work across offices and practices to provide a full range of restructuring-related services to borrowers/debtors, creditors, and other parties in complex restructurings, out-of-court workouts, chapter 11 cases, and other matters involving financially distressed entities around the globe. For a law firm fluent in distressed-related resources all over the world, speak with Jones Day.

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MILLER BUCKFIREA Stifel Company

LEADING RESTRUCTURING INVESTMENT BANK

601 Lexington Avenue, New York, NY 10022Telephone: 212-895-1800www.millerbuckfire.com

Engaged: October 2013

Currently advising Excel Maritimeon its chapter 11 restructuring

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Currently advising the trustee for theliquidation of Lehman Brothers, Inc.on the sale of its remaining securities

City of DetroitAggregate liabilities of

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Engaged: January 2013

Aggregate indebtedness of

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Engaged: August 2012

Aggregate indebtedness of

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Notes

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