Turnaround Management Association
Webinar Program
Tuesday, April 7, 2009, 12:00 p.m. – 1:00 p.m. Eastern
“Distressed Funding in the Capital Markets: Have the Credit
Markets Begun to Thaw?”
Hear from a panel of experts who will offer their insight on:
· The current state of the credit markets - who is lending into “normal” or distressed deals? What types of deals are getting executed? What are the terms and conditions? What is the current pricing? What are the typical covenant thresholds?
· Restructuring deals in the current environment - how are current lenders reacting to stressed/distressed deals? Other “workout” elements to consider?
· DIP and exit financings
· Changes to the typical capital structure (i.e., decreased leverage/higher equity participations)
· The role of private equity and distressed debt investors - are they deploying capital?
· Projections for recovery. When will we reach the bottom?Which industries are seeing signals of life? Other signals that the credit markets have begun to thaw.
Moderator
Kevin M. Carmody is a managing director of AlixPartners, LLP. He specializes in complex corporate restructurings and reorganizations for underperforming companies. He has experience advising senior management teams, boards of directors, senior secured lenders and other creditors and has helped them successfully navigate through complex issues, develop comprehensive turnaround strategies, and strengthen the overall business enterprise. He has led crisis management teams, developed cash forecasting models, created business plans, recapitalized balance sheets, valued companies and individual business segments to support M&A strategies, negotiated stakeholder settlements and testified as an expert witness in federal and state courts.
Panel
Colin P. Cross is a managing director of Crystal Capital Fund Management. Previously, Cross was a managing director of Back Bay Capital Funding LLC. He established Back Bay’s Chicago office and was responsible for originating and structuring new investments for the business. Cross had previously co-founded Heller Investments, Inc., the direct equity subsidiary of Heller Financial, Inc. Prior to 1989, Cross served for 10 years as a commercial lender and originations manager with Heller Financial, Inc. and BankBoston, N.A. Cross has served as director or board chairman of Color Spot Nurseries, United Fixtures, Kroy, Crown Textiles, EWI, Inc., American Specialties, Harter Corporation and Jupiter Industries.
Jeffrey S. Kolke is a senior vice president of GE Commercial Finance, where he is responsible for origination to corporations and intermediaries to support their strategic initiatives. Through structured secured debt products, Kolke facilitates recapitalizations, mergers, acquisitions, restructuring and many other corporate strategies. These products include senior cash flow, asset based, second lien and mezzanine. Kolke joined GE Plastics in 1997 as a national account manager serving the automotive industry. In 2002, Kolke joined GE’s corporate lending group, originating more than $1B in asset-based and cash flow facilities within the chemical and plastics industry.
Jeff J. Marwil is a partner in the bankruptcy and restructuring group of Proskauer Rose LLP. He has 22 years of experience in the bankruptcy, workout and corporate restructuring area, providing strategic advice to upper-tier companies in distress and solving challenging legal and business issues. Marwil’s current focus in on hedge funds in distress, including hedge fund restructurings, wind-downs and liquidations. He represents the hedge funds, the managers/advisers and fund-of-fund and pension plan investors in hedge fund restructurings, wind-downs and complex litigation matters. Marwil also has long-terms and extensive experience representing public and private companies in restructuring complex capital structures and reorganizing their financial affairs and business operations.
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