Top quotes from Restructuring Summit on Wednesday

NEW YORK (Reuters) - Following are notable quotes from the third day of the Reuters Restructuring Summit.

MICHAEL FINEMAN, PORTFOLIO MANAGER AND SENIOR ANALYST AT THIRD AVENUE MANAGEMENT

"We are far more excited than we've ever been as it relates to distressed opportunities. And I think the list of companies and industries is going to grow."

TONY ALVAREZ II, CO-CEO AND MANAGING DIRECTOR OF ALVAREZ & MARSAL

"If there's a lesson to be learned: act now. Corporate boards, PE owners: rock and roll now. Fix your problem, reduce your overhead, combine with the right strength. Be stronger."

ANTONIO ALVAREZ III, MANAGING DIRECTOR AND LEADER OF EUROPEAN PRACTICE AT ALVAREZ & MARSAL

"We're predicting and gearing up for a rash of distress that we've never seen before across our history. I think this will be the most rigorous cycle we've yet to see."

MICHAEL PSAROS, CO-FOUNDER, MANAGING PARTNER, KPS CAPITAL PARTNERS LP

"I believe we will not see the L in LBO for years and years and years."

"I have never been this excited. While all New York is funereal ... we have never been so excited. This is our time."

"We've seen a lot of these deals get funded over the summer. As a fiduciary it is incomprehensible to me on every level that some of these companies got funded. These companies literally should not exist and will not exist in a short amount of time."

NINA KAMPLER, EXECUTIVE VICE PRESIDENT, STRATEGIC RETAIL AND CORPORATE SOLUTIONS, HILCO REAL ESTATE

"The sea change that we are only in the beginning of in the retail landscape is much, much, much, deeper than anybody I have heard of guess."

"The shock is not that this has been happening. I think the surprise, if there is any, is the inability of the landlords to respond to this in an intelligent way that could mitigate some of these horrific consequences.... The landlords have not gotten up as a group and said, hey, you know what, real estate is overvalued, we're charging too much rent, we were borrowing too much against it."

"There will be great malls all over the country that continue to be wonderful, great, new and exciting but a lot of this is going to go away, because America was over-retailed and over-malled to begin with."

(For summit blog: summitnotebook.reuters.com/)

(Reporting by Chelsea Emery; Editing by Gary Hill)