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March 19, 2019
Chief Restructuring Officer
1
The A&M Team
Creditors’ Rights Team
Rich NewmanManaging Director
Mark GreenbergManaging Director
Tom HillManaging Director / CRO
▪ 30+ years experience acting
as financial advisor and
CRO, including:
– SourceLink
– Greenfield Energy
– HOVENSA LLC
Chief Restructuring Officers
Brian FoxManaging Director / CRO
▪ 25+ years experience acting
as financial advisor and
CRO, including:
– Performance Sports Group
– Gibson Brands
– GulfMark Offshore
Seth WaschitzDirector
2
Parties Involved in a Company’s Restructuring
Law Firm
▪ Outline legal strategy, options
and provide guidance on Chapter
11 requirements
▪ Draft and file required court
documents, negotiate with
opposing counsel
▪ Represent the debtors in court
The CRO / Financial Advisor
▪ Collaborate with Company
management to develop
achievable plan that can be
executed
▪ Facilitate data and tasks between
debtors and other case
professionals
▪ “Swiss Army Knife” (i.e., whatever
needs to be done)
Investment Bank
▪ Assist clients in raising money in
capital markets
▪ Advise buyers and sellers on
business valuation, negotiation,
pricing and structuring of
transactions, as well as procedure
and implementation
▪ Market debtors’ assets to potential
strategic and financial buyers
The CRO /
Financial
Advisor
Law FirmInvestment
Bank
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When Does a Company Need a CRO
▪ Constituents have lost faith in the ability of management to execute an
operating plan or drive a restructuring process
▪ A management team needs a catalyst to implement operational
improvements
▪ To provide management relief from the restructuring process to focus on the
operations of the business
▪ To increase the speed with which operational improvements can be made
▪ To negotiate relief (e.g., changes to contractual or other business terms) with
third parties, with authority to enter into agreements or approve transactions
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The CRO’s Role
The CRO steps in as an operating manager responsible for leading, developing and
implementing the turnaround plan, allowing management to focus on the business
▪ To provide overall leadership to the restructuring process
▪ To evaluate the “runway” for a restructuring transaction and build consensus
around liquidity enhancement plans to provide additional time for negotiation
▪ To lead a negotiation process to maximize value to stakeholders
▪ To act as an additional fiduciary, with independent reporting to the board
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Current Restructuring Trends
▪ Bankruptcy case timelines have gotten shorter
–More prepackaged and pre-negotiated plans and Section 363 sales
–Desire to reduce bankruptcy fees
▪ Increasing focus on achieving out-of-court solutions
▪ The return to “covenant lite” lending has allowed companies to use liquidity
that could be helpful to fund restructuring process
▪ Alternate funding sources (e.g., private equity, hedge funds, family offices, and
sovereign wealth funds) are aggressively seeking opportunities
–Banks want to remove problem names from their books and are focusing on
maintaining a cleaner portfolio given regulatory requirements
▪ Industries that will continue to see increased bankruptcy activity in 2019
include: Retail, Healthcare (pharmaceuticals), and Energy
▪ ~20% increase in YTD 2019 bankruptcy filings over YTD 2018
Professional Biographies
7
Brian Fox
▪ Brian J. Fox is a Managing Director with Alvarez & Marsal in New York, providing a full range of financial
advisory, operational improvement and interim management services in restructurings and other special
situations, both in court and outside of bankruptcy
▪ Mr. Fox has more than 25 years of experience advising companies and other parties-in-interest, across a wide
variety of industries, including aerospace, defense, manufacturing, mining, shipping, gaming, chemicals, retail
and staffing
▪ Mr. Fox has worked with companies to develop operational improvement programs around customer and
product profitability, working capital reduction and expense reduction. He has assisted companies in the review
and development of cash flow and liquidity forecasts, strategic and operating plans capital structure alternatives
and the development, negotiation and implementation of restructuring transactions
▪ Significant engagements in which Mr. Fox has played a led role include:
– Acting as Chief Restructuring Officer for Gibson Brands
– Acting as Chief Restructuring Officer to Performance Sports Group in its Chapter 11 sale process
– Advising GulfMark Offshore in its pre-packaged Chapter 11 restructuring
– Advising Caesars Entertainment Operating Company in its Chapter 11 restructuring
– Advising Momentive Performance Materials in its pre-packaged Chapter 11 restructuring
– Advising a $1 billion steel company in the enhancement of its financial planning and analysis function
– Acting as restructuring advisor to Xerium Technologies, Inc., in the restructuring of its $625-million
multicurrency credit facilities. The transaction provided full recoveries for creditors and value for existing
shareholders. Following consummation of the transaction, Brian acted as interim Chief Financial Officer
following the departure of the existing CFO
– Advising the senior secured note holders of Milacron LLC with respect to the structuring of a debtor-in-
possession financing and the purchase of substantially all of the assets of the company through a sale
pursuant to Section 363 of the US Bankruptcy Code
▪ Prior to joining A&M, Mr. Fox was a Managing Director with AlixPartners in New York. Previously, he was a
Managing Director at Conway, DelGenio & Gries LLC, a boutique restructuring firm in New York and a Partner
in the restructuring practice at Ernst & Young LLP
▪ Mr. Fox earned a BBA in Accounting from the Hofstra University and an MBA in Finance from Fordham
University. He is a CPA in New York, and is a member of the American Institute of Certified Public Accountants,
the Turnaround Management Association and the American Bankruptcy Institute. He was an author of The
Chief Restructuring Officers’ Guide to Bankruptcy and is a frequent panelist on restructuring topics
Managing Director / Chief Restructuring Officer
Phone: (+1) 212 328 8610
E-mail Address:
8
Tom Hill
▪ Tom Hill is a Managing Director with Alvarez & Marsal in Chicago
▪ He specializes in analyzing, developing and implementing business plans to assist financially
challenged companies
▪ With more than 30 years of financial restructuring and business experience, Mr. Hill has advised
management teams, boards of directors, secured lenders and other creditor groups. Mr. Hill has
served as interim management in many prior instances across industry sectors
▪ Mr. Hill’s diverse restructuring experience has included numerous advisory roles within automotive,
manufacturing, media, retail, steel, service and other specialty industries. Clients include: Allied
Products, Allis-Chalmers, AEI Resources, AM International, Black Box Corporation, Collins &
Aikman, DEC International, Geneva Steel, The Grabill Corporation, Graceway Pharmaceuticals,
Greyhound, Horizon Natural Resources, HOVENSA LLC, Lason, Minneapolis Star Tribune, NS
Group, Peter J. Schmidt, Stampede Meat, Tempel Steel, UPI, Tribune Company, TWA and Walbro
Corp.
▪ Mr. Hill also served as Chief Restructuring Officer and a member of the board of directors of
SourceLink, Inc., a project for which he received the Turnaround of the Year Award from the
Chicago Chapter of the TMA
▪ Prior to opening A&M's Chicago office in 2002, he spent more than 19 years with Big Five public
accounting firms. As a public accounting partner, he assisted audit teams on many engagements,
including Tenneco, USG, Montgomery Ward and Motor Coach Industries
▪ Mr. Hill earned a bachelor's degree in accountancy from the University of Illinois. He is a Certified
Public Accountant, and a member of the American Institute of Certified Public Accountants (AICPA),
the Illinois CPA Society and the Association of Insolvency & Restructuring Advisors. He is also a
member of the Turnaround Management Association (TMA) and has served on its national board
Managing Director / Chief Restructuring Officer
Phone: (+1) 312 601 4226
E-mail Address:
99
Mark Greenberg
▪ Mark Greenberg is a Managing Director at Alvarez & Marsal in New York, where he
provides financial advisory services to creditors and specializes in representing official
committees of unsecured creditors in bankruptcy proceedings. For more than 15 years, Mr.
Greenberg has provided advisory services to debtors, creditors and equity holders in both
bankruptcy and out-of-court restructurings within a variety of industries
▪ Mr. Greenberg has significant client-serving experience involving corporate bankruptcy
reorganizations. In developing and implementing strategies to maximize creditor recoveries,
his responsibilities have included the analysis of business plans, development of cash flow
forecasts, review of financial statements and evaluation of cash management systems. Mr.
Greenberg's bankruptcy expertise encompasses asset sales, intercompany and cross-
border issues, fraudulent conveyances and substantive consolidation. Mr. Greenberg has
successfully negotiated restructuring proposals, debtor-in-possession financing facilities
and plans of reorganization / liquidation
▪ Mr. Greenberg’s notable assignments include: AES Eastern Energy, Calpine, Contoladora
Comercial Mexicana, Edison Mission Energy, Emas Chiyoda, Energy Future Holdings,
Fairmount Chemical, Horsehead, Jenny Craig, Lehman Brothers, Love Culture, M.
Fabrikant & Sons, Montco Offshore, Nellson Nutraceutical, Oreck, Overseas Shipholding
Group, PRC, SageCrest, Scottish Re, Service Net Solutions, Southaven Power, Synergy
Pharmaceuticals, Takata, The Clare at Water Tower, Tintri, Wellington and Wellman
▪ Prior to joining Alvarez & Marsal, Mr. Greenberg was a Managing Director in FTI
Consulting's Creditors' Rights practice. Previously, Mr. Greenberg was a restructuring
advisor at a boutique restructuring firm where he represented debtors and secured lenders.
He also served as a financial analyst at Neuberger Berman. Mr. Greenberg began his
career as an auditor at Ernst & Young
▪ Mr. Greenberg earned a bachelor's degree in accounting from Lehigh University. He is a
non-active Certified Public Accountant (CPA) in New York, a Certified Insolvency and
Restructuring Advisor and is accredited in distressed business valuation
Managing Director – Creditors’ Rights
Phone: (+1) 212 328 8562
E-mail Address:
10
Rich Newman
▪ Richard Newman is a Managing Director with Alvarez & Marsal Creditor Advisory in
Chicago where he provides financial advisory services to creditors and focuses on
representing official committees of unsecured creditors in bankruptcy proceedings. He
specializes in liquidity management, budget planning, cash flow forecasting, business
plan review and formulation of reorganization plans
▪ With more than twelve years of restructuring experience, Mr. Newman has advised
healthy and distressed companies in leveraged recapitalizations, mergers and
acquisitions, and support of interim management roles
▪ Mr. Newman’s notable assignments include: Avaya, Boomerang Tube, Communications
Corporation of America, Chesapeake Corporation, Detroit Public Schools, Endeavour,
Dresser, Inc., Freedom Communications, Getty Petroleum, Global Aviation, Keywell LLC,
Kimball Hill Homes, Kodak, NewPage, Reader’s Digest, Scottish Re, Severstal North
America, Inc., SunEdison, Synergy Pharmaceuticals, Takata, Tintri, Tronox Inc., Union
Carbide and Visteon Corp. Mr. Newman was responsible for business planning, DIP
sizing and bankruptcy preparation at Visteon Corp. He has worked with clients across
various industries, including automotive, energy, media, paper, public sector, retail, steel,
technology and homebuilding
▪ Prior to joining A&M, Mr. Newman spent six years with Citigroup in Washington, D.C.,
where he served as an Associate. He was part of a team responsible for marketing and
investing $200mm in client assets
▪ Mr. Newman earned a bachelor’s degree in economics from George Washington
University and a master’s degree in business administration from The University of
Texas. He passed all three levels of the CIRA exam and received the Kroll Zolfo Cooper /
Randy Waits Award for excellence on the CIRA exam
Phone: (+1) 312 288 4056
E-mail Address:
Managing Director – Creditors’ Rights
1111
Seth Waschitz
▪ Seth Waschitz is a Director at Alvarez & Marsal in New York, where he provides financial
advisory services to companies and their major stakeholders facing complex issues and
specializes in representing official committees of unsecured creditors in bankruptcy
proceedings
▪ For more than 13 years, Mr. Waschitz has provided advisory services to companies,
secured lenders, unsecured creditors and equity holders in M&A, restructuring (in
bankruptcy and out-of-court workouts) and capital raise transactions across a wide range
of industries including airlines, aerospace, media, technology, telecom, business services,
financial services, insurance, paper and packaging, consumer products, gaming,
infrastructure and transportation
▪ Mr. Waschitz’s notable assignments include representing unsecured creditors’ committees
in Gemini Air Cargo, Independence Air, Mesa Airlines, Scottish Re, and Synergy
Pharmaceuticals, advising Cenveo on the purchase of National Envelope via a 363 sale
process, representing the bondholders in the Chapter 9 restructuring of the Southern
Connector Toll Road, representing the Pilot’s Union of United Airlines in contract
negotiations post-merger with Continental Airlines, and advising IFM’s Chapter 11
purchase of the Indiana Toll Road
▪ Prior to joining A&M, Mr. Waschitz spent 11 years with Macquarie Capital in New York,
where he was a Vice President in the Restructuring and Special Situations Group as well
as the Technology, Media and Telecom team. Prior thereto, he was a member of Giuliani
Capital Advisors
▪ Mr. Waschitz graduated cum laude from Boston University’s School of Management with a
bachelor’s degree in Business Administration with a dual concentration in Finance and
Business Law. He is also a member of the Turnaround Management Association (TMA)
Phone: (+1) 212 763 9623
E-mail Address:
Director – Creditors’ Rights
0000
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