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Wharton Restructuring and Distressed Investing Conference 2014

Then & Now: Lessons of the Market Cycle

The Union League of Philadelphia - Friday, February 21, 2014

Panels

Distressed Private Equity

Distressed 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.

Panelists:

Adam C. Harris - Partner, Schulte Roth & Zabel LLP (Moderator)
Adam C. Harris
Adam C. Harris
Partner
Schulte Roth & Zabel LLP
(Moderator)

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 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 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.

Newton Glassman - Founder and Managing Partner, Catalyst Capital Group
Newton Glassman
Newton Glassman
Founder and Managing Partner
Catalyst Capital Group

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).

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.

Alexander D. Greene - Managing Partner and Head of US Private Equity, Brookfield Asset Management
Alexander D. Greene
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.

Blake O’Dowd - Senior Managing Director, Lazard Restructuring Group
Blake O’Dowd
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.

David Robbins - Managing Director, Bayside Capital
David Robbins
David Robbins
Managing Director
Bayside Capital

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 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.

Greg Segall - Chairman and CEO, Versa Capital Management
Greg Segall
Greg Segall
Chairman and CEO
Versa Capital Management

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 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, 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.


Case Study

The 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.

Panelists:

Marc D. Puntus - Partner, Centerview Partners (Moderator)
Marc D. Puntus
Marc D. Puntus
Partner
Centerview Partners
(Moderator)

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-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, 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.

Kenneth H. Eckstein - Partner, Kramer Levin Naftalis & Frankel LLP
Kenneth H. Eckstein
Kenneth H. Eckstein
Partner
Kramer Levin Naftalis & Frankel LLP

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 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 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 - Partner, Morrison & Foerster
Todd Goren
Todd Goren
Partner
Morrison & Foerster

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, 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.

Dan Kamensky - Partner, Paulson & Co.
Dan Kamensky
Dan Kamensky
Partner
Paulson & Co.

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 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.

Ray C. Schrock, P.C. - Senior Partner, Kirkland & Ellis LLP
Ray C. Schrock, P.C.
Ray C. Schrock, P.C.
Senior Partner
Kirkland & Ellis LLP

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.

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 & 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 H. Wofford - Partner, Ropes & Gray
Keith H. Wofford
Keith H. Wofford
Partner
Ropes & Gray

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. In addition, he regularly appears in litigation both in bankruptcy courts and other venues. In addition, he has represented a major energy trading concern with respect to the renegotiation or settlement of trading relationships (encompassing physical and financial trades) with several debtor counterparties (including Enron Corp., Bethlehem Steel Corporation, Mirant Corp. and others).

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.”
  • 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.


Distressed Hedge Funds

Where 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.

Panelists:

Kevin Carmody - Partner, Recovery & Transformation Services Practice, McKinsey & Company (Moderator)
Kevin Carmody
Kevin Carmody
Partner, Recovery & Transformation Services Practice
McKinsey & Company
(Moderator)

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.

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 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.

Arthur Kaz - Managing Partner, Greenbriar Asset Management
Arthur Kaz
Arthur Kaz
Managing Partner
Greenbriar Asset Management

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 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.

Patrick J. Nash Jr., P.C. - Partner, Restructuring Group, Kirkland & Ellis LLP
Patrick J. Nash Jr., P.C.
Patrick J. Nash Jr., P.C.
Partner, Restructuring Group
Kirkland & Ellis LLP

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 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.

Amit Pardasani - Partner and Portfolio Manager, Owl Creek Asset Management
Amit Pardasani
Amit Pardasani
Partner and Portfolio Manager
Owl Creek Asset Management

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 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.

Jim Schaeffer - Head of US Leveraged Finance and Portfolio Manager, Aegon USA Investment Management
Jim Schaeffer
Jim Schaeffer
Head of US Leveraged Finance and Portfolio Manager
Aegon USA Investment Management

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, 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.

Morgan Suckow - Managing Director, Miller Buckfire
Morgan Suckow
Morgan Suckow
Managing Director
Miller Buckfire

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 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.


Rethinking 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.

Panelists:

Marcia L. Goldstein - Partner, Weil, Gotshal & Manges (Moderator)
Marcia L. Goldstein
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 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 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.

Donald S. Bernstein - Partner, Co-Head Insolvency and Restructuring Practice Group, Davis Polk & Wardwell LLP
Donald S. Bernstein
Donald S. Bernstein
Partner, Co-Head Insolvency and Restructuring Practice Group
Davis Polk & Wardwell LLP

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 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.

Elliot Ganz - Executive Vice President & General Counsel, LSTA
Elliot Ganz
Elliot Ganz
Executive Vice President & General Counsel
LSTA

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 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”.

Jay Goffman - Partner, Global Head of Corporate Restructuring, Skadden, Arps, Slate, Meagher & Flom LLP
Jay Goffman
Jay Goffman
Partner, Global Head of Corporate Restructuring
Skadden, Arps, Slate, Meagher & Flom LLP

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 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.

Richard Levin - Partner, Chair of Restructuring Practice, Cravath, Swaine & Moore LLP
Richard Levin
Richard Levin
Partner, Chair of Restructuring Practice
Cravath, Swaine & Moore LLP

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 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 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.


Financial Restructuring

The 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 J. Nolan - Senior Managing Director, FTI Consulting (Moderator)
William J. Nolan
William J. Nolan
Senior Managing Director
FTI Consulting
(Moderator)

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 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 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.

Jamie Baird - Managing Director, Restructuring & Reorganization, The Blackstone Group
Jamie Baird
Jamie Baird
Managing Director, Restructuring & Reorganization
The Blackstone Group

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, 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.

Bruce Bennett - Partner, Jones Day
Bruce Bennett
Bruce Bennett
Partner
Jones Day

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 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 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.

Zack Clement - Partner, Fulbright & Jaworski LLP
Zack Clement
Zack Clement
Partner
Fulbright & Jaworski LLP

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 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.

Manny Grillo - Partner, Goodwin Procter LLP
Manny Grillo
Manny Grillo
Partner
Goodwin Procter LLP

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 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.

Bob Medlin - Senior Managing Director, FTI Consulting
Bob Medlin
Bob Medlin
Senior Managing Director
FTI Consulting

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 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 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.

Tim Travers - Chief Executive Officer, Financial Guaranty Insurance Company (FGIC)
Tim Travers
Tim Travers
Chief Executive Officer
Financial Guaranty Insurance Company (FGIC)

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 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.


Operational Restructuring

How 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.

Panelists:

Becky Roof - Managing Director, AlixPartners (Moderator)
Becky Roof
Becky Roof
Managing Director
AlixPartners
(Moderator)

Becky possesses an extensive background in providing interim management and advisory services to underperforming companies in a broad array of industries, including technology, healthcare, pharmaceutical, hospital, retail, consumer, homebuilding, automotive, energy services, chemical, grocery, manufacturing, machining, and distribution. She has led numerous engagements requiring difficult and rapid actions in the areas of aggressive cash management, liquidity stabilization, cost reductions, business plan development and measurement, asset sales, strengthening of the finance and public reporting functions, lender, customer, and creditor negotiations, and complex out-of-court and in-court restructurings.

Becky is experienced in partnering with senior management to identify KPIs and business drivers, resulting in the development of asset optimization programs and implementation and measurement of operation improvement initiatives.

Becky has led teams from both interim management C-level officer roles and as an advisor. A few highlights include:

  • CFO of Eastman Kodak Company
  • Interim CFO of Virtual Radiologic, a national provider of teleradiology and onsite radiology services
  • CAO and CRO of Taro Pharmaceuticals, an international generic drug manufacturer
  • CFO for Allegheny General Hospital
  • CFO for United Companies Financial Corporation, a multi-billion subprime lender and mortgage servicer
  • Global Controller of LyondellBasell Industries N.V., the 3rd largest chemical company globally

Becky is a frequent industry speaker and lecturer at various universities. She is on the advisory board of Texas Wall Street Women, and is past-treasurer and a past member of the Executive and Management Committees of the American Bankruptcy Institute. She is a fellow of the American College of Bankruptcy and is a member of the Turnaround Management Association and the American Institute of Certified Public Accountants. She is a CPA (licensed in Texas*), CMA, and CIRA, and graduated from Trinity University with a B.S. in Business Administration and B.A. in Geology. She was named a Women Leader in Consulting by Consulting Magazine in 2013.

Andrew Dietderich - Partner, Sullivan & Cromwell LLP
Andrew Dietderich
Andrew Dietderich
Partner
Sullivan & Cromwell LLP

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.

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 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).

Matthew Hart - Director, Restructuring Group, Lazard
Matthew Hart
Matthew Hart
Director, Restructuring Group
Lazard

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 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.

James Mesterharm - Co-Head TRS Americas, Managing Director, AlixPartners
James Mesterharm
James Mesterharm
Co-Head TRS Americas, Managing Director
AlixPartners

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 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.

Jason New - Senior Managing Director, GSO Capital Partners, The Blackstone Group
Jason New
Jason New
Senior Managing Director, GSO Capital Partners
The Blackstone Group

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 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.

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