Panels

Distressed Hedge Fund Panel - Where is Value Today?

Like all asset classes over the past several years, credit markets have been especially volatile given the fears of a double-dip recession and impending troubles in Europe. Where do portfolio managers see value today? Are they focused in the US or are they casting a wider net? Similarly, how do they perceive the relative trade-off in today’s capital structure – are investors being compensated to move down into sub debt or are our managers focusing on opportunities in senior secured issues? How has the distressed market changed over the past few years as more and more hedge funds enter the space and new capital floods in? Has this dynamic dampened returns or has it created more opportunity? Finally, where does each see the market over the next one/two/five years, and what investment opportunities do managers see available during those time frames that aren’t clear today?

Moderator:

John A. McKenna, Jr. - Managing Director, Miller Buckfire

Panelists:

Steve Moyer - Senior Vice President, Portfolio Manager and Analyst, Distressed Debt Group, PIMCO
Michael A. Weinstock Co-founder and Co-Portfolio Manager, Monarch Alternative Capital LP
Michael Schwartz - Partner and Head of Research, Normandy Hill Capital
Samuel M. Greene - Partner, Centerview Partners

Financial Restructuring Panel – Impact of the European Debt Crisis

The sovereign debt crisis in Europe continues to undermine a global recovery and destabilize credit markets. 2012 brought controversial rescue packages in Greece, Portugal and Ireland and raised a host of issues for restructuring professionals trying to navigate a web of regulations and lending complexities. Panelists will assess the gravity of the crisis, discuss specific restructuring cases from 2011 and opine about the year to come in Europe and the potential impacts in the US.

Moderator:

William J. Nolan - Senior Managing Director, FTI Consulting

Panelists:

Edward I. Altman - Max L. Heine Professor of Finance, Stern School of Business, New York University
Anthony Princi - Partner, Morrison Foerster
Shaun O’Callaghan - Senior Managing Director, FTI Corporate Finance
Mark B. Cohen - Managing Director and Head, Restructuring & Workout Global Lending Group, Deutsche Bank
Jed Hart - Senior Managing Director, Centerbridge Capital Management

Panel Sponsor:

FTI

Operational Restructuring Panel - Industries in Transition – Recalibrating for the Digital Age

The first decade of the 21st century has brought about a true digital revolution, completely changing the way we conduct our daily lives. We communicate in ways unimaginable to prior generations, shop from our sofas and pay our bills without postage stamps. Institutions like the daily newspaper, corner bookstore and U.S. Postal Service are waning, and their ultimate demise is potentially on the horizon. This panel will focus on some of the successful operational and strategic actions being taken by companies navigating through this difficult environment, including transition to digital, whole enterprise restructuring and globalization.

Moderator:

Alan D. Holtz - Managing Director, AlixPartners

Panelists:

Bryan Eshelman - Executive Vice President, Charming Shoppes, Inc.
Neil Heyside - Managing Director, CRG Partners
Ryan Mathews - Founder and CEO, Black Monk Consulting
John M. Eggemeyer - Co-Founder and Chief Executive, Castle Creek Capital LLC and Castle Creek Financial LLC

Panel Sponsor:

AlixPartners

Legal Restructuring Panel  – Chapter 7-Eleven: The Increasing Use of Asset Sales as a Means of Effectuating a Reorganization

This panel will explore the legal and business implications of the increasing use of asset sales within a Chapter 11 filing to effectuate a reorganization. Questions that will be considered: What are the strategies and incentives of debtors, creditors, and other players involved? Who benefits, and at what expense? How does the increasing use of assets sales affect the other alternatives to achieve reorganization? What is the judicial reaction to the use of asset sales?

Moderator:

Marcia L. Goldstein - Partner, Weil, Gotshal & Manges LLP

Panelists:

Michael L. Cook - Partner, Schulte Roth & Zabel LLP
Edward O. Sassower - Partner, Kirkland & Ellis LLP
Damian S. Schaible - Partner, Davis Polk & Wardwell LLP
The Honorable Kevin Gross - Chief Judge, United States Bankruptcy Court for the District of Delaware

Panel Sponsor:

Weil, Gotshal  & Manges LLP

Distressed Private Equity Panel - Investing in an Uncertain World

The economic downturn has created unprecedented opportunities in the distressed debt market, leading distressed and turnaround investors to raise record amounts of capital in recent years. Investors must now determine which struggling companies to invest in against the backdrop of a prolonged global recession, decrease in credit availability and government involvement in private industry, combined with a host of institutional and economic obstacles preventing lenders from restructuring debt agreements. This panel will focus on the performance of recent distressed investments, ways in which distressed private equity firms can preserve and grow value for their portfolio companies within the current economic cycle, as well as the lenders’ perspectives on restructuring in the current environment. Finally, panelists will offer insights concerning the future of distressed private equity investing, including expectations for returns amid increased competition and government regulation.

Moderator:

George Varughese - Managing Director, Alvarez & Marsal

Panelists:

Victor Vescovo - Partner, Chief Operating Officer & Managing Partner, Insight Equity
Anthony G. Polazzi - Managing Director, Sun Capital Partners
Gregory L. Segall - Chairman, President and CEO, Versa Capital Management
David Robbins - Managing Director, Bayside Capital
J. Scott Victor - Managing Director, SSG Capital Advisors
Eric Mendelsohn - Managing Director, Lazard Freres & Co. LLC

Panel Sponsor:

Alvarez & Marsal

Case Study Panel - Restructuring of Lee Enterprises Inc.

The restructuring of Lee Enterprises Inc. ("Lee") was a unique and complex transaction that successfully extended all maturities in the company’s capital structure through a pre-packaged Chapter 11 bankruptcy process and allowed shareholders to retain a majority of the company’s equity. Lee, the owner and operator of 52 daily newspapers in 23 states, had approximately $1.0 billion of secured debt maturing in April 2012. This panel will discuss the various strategic and financial perspectives of the key participants including the company, its financial and legal advisors and key lenders.

Moderator:

Flip Huffard - Senior Managing Director, Blackstone

Panelists:

Matthew Glowasky - Vice President, Monarch
Carl G. Schmidt - Vice President, Chief Financial Officer and Treasurer, Lee Enterprises Inc.
Mark B. Cohen - Head of Restructuring & Workout, Global Lending Group, Deutsche Bank
Paul Procyk - Senior Vice President, Prudential Capital Group

Panel Sponsor:

Blackstone


PlatinumGoldSilver
Alvarez & Marsal AlixPartnersFTIBlackstoneWeil LazardSSG Capital AdvisorsVersaCenterview PartnersMiller Buckfire
Media and Other Sponsors
Wharton Private Equity NetworkAIRAThe DealDebtwireHF ObserverKekstTMA PhiladelphiaSpecial Situations MonitorBloomberg BriefsDow Jones Bankruptcy Review