GLC Advisors & Co. Formed by Global Leveraged Capital to Provide Financial Restructuring Services

Wed May 27, 2009 12:01am EDT

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Boutique Advisory Firm Brings Together Experienced Restructuring Professionals
from UBS Investment Bank and GLC 
NEW YORK--(Business Wire)--
Global Leveraged Capital (GLC), a private investment and merchant banking firm,
today announced the formation of GLC Advisors & Co. GLC Advisors has been
founded to deliver senior-level, objective advice with a capital markets
perspective to debtors, creditors and other stakeholders of financially
distressed companies. 

GLC Advisors will be led by:

* Thomas M. Benninger, Chairman of GLC Advisors: co-founder and Managing General
Partner of Global Leveraged Capital; formerly Global Head of Restructuring at
UBS, Credit Suisse and Donaldson, Lufkin & Jenrette; 
* Jeffrey H. Gelles, Managing General Partner of GLC Advisors: formerly Managing
Director and Head of Restructuring and Leveraged Finance for Technology, Media,
and Telecommunications (TMT) at UBS; and 
* J. Soren Reynertson, Managing General Partner of GLC Advisors: formerly
Managing Director in the Restructuring and Leveraged Finance Groups at UBS.
Soren was also formerly the Head of European Restructuring for UBS and will be
joining GLC Advisors on June 3, 2009.

Initially, they will be joined by eight professionals, all formerly with the UBS
Restructuring, Leveraged Finance, and/or M&A Groups. 

"As we get ready for what is likely to be the largest restructuring cycle of our
era, there is a real shortage of qualified restructuring advisors," said Thomas
Benninger. Non-investment grade default rates continue their upward trend and
are expected to be near 14 percent by the end of 2009, up sharply from about 1.0
percent in 2007. "Clients are looking for advisors with deep experience and
established track records. The number of professionals with restructuring
experience spanning three or more major economic down-cycles is quite limited,"
added Jeff Gelles. GLC Advisors` senior team members each have over 15 years of
restructuring experience. 

The formation of GLC Advisors reflects an increasing trend of senior investment
bankers leaving diversified investment banks for boutique advisory firms. "In
the restructuring arena, investment banks will struggle to be major players
because of their institutional conflicts, including those arising from their
sales and trading activities," said Benninger. "Through our position as a
specialized firm, GLC Advisors is able to provide objective advice and operate
independent of the significant constraints that are embedded in the bulge
bracket banks," added Benninger. 

GLC Advisors brings a capital markets perspective to its restructuring advisory
assignments. GLC Advisors` professionals possess direct capital markets and
leveraged finance experience, and the firm`s strategic relationship with GLC
further enhances its market-based approach to engagements. "Our experience and
approach enables us to structure market clearing securities, which benefit both
in-court and out-of-court restructurings," said Soren Reynertson. GLC Advisors`
professionals have the advantage of being able to work with the markets group at
GLC to increase the range of options available to their clients, including
assisting clients in executing trading strategies. 

About GLC Advisors & Co., LLC

GLC Advisors & Co. is a boutique financial services firm founded to provide
objective financial restructuring services to companies, creditors, stakeholders
and prospective buyers. The professionals at GLC Advisors bring experience from
AlixPartners, Credit Suisse First Boston, Deloitte & Touche, Donaldson, Lufkin &
Jenrette, Morgan Stanley, PriceWaterhouseCoopers, Salomon Brothers, Smith Barney
and UBS. They have worked through multiple restructuring cycles dating back to
1986 leading more than 125 restructuring transactions involving more than $200
billion of debt and preferred securities. For more information, please visit
www.glca.com. 

About Global Leveraged Capital, LLC

Founded in 2005, Global Leveraged Capital is a private investment and advisory
firm, focused primarily on the middle market. GLC has two core activities: GLC
Merchant Banking (alternative investment fund management) and GLC Advisors & Co
(restructuring advisory firm). GLC currently has approximately $700 million of
assets under management. Through GLC Merchant Banking, GLC is an active
distressed debt investor and originates proprietary investments in senior debt,
junior capital and minority private equity investments, with a focus on
generating attractive risk-adjusted returns regardless of the credit cycles. GLC
maintains offices in New York and San Francisco. For more information please
visit www.glcmerchantbanking.com. 





Sparkpr for GLC Advisors & Co.
Clarissa Horowitz, 415-321-1881
clarissa@sparkpr.com


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