GENERAL INFORMATION



Turnaround Management Association

Webinar Program

Tuesday, November 17, 2009, 12:00 p.m. – 1:00 p.m. Eastern

“The 2010 Credit Market: Will the Squeeze Continue?”

Moderator: Dave Gozdecki, GE Commercial Finance

Panel: Arnie Dratt, Hilco; Gary Holtzer, Weil, Gotshal & Manges, LLP; Jason Perri, Apollo Capital Management; Robert Podorefsky, GE Capital; David Resnick, Rothschild

Join this panel for an enlightening conversation, which will discuss the outlook for the credit markets in 2010. Hear views on the themes that have affected the credit markets. Panelists will discuss timely topics which are impacting the supply and cost of capital, factors affecting a companies’ ability or inability to restructure its debt, lender expectations on what are acceptable credit structures and pricing returns, economic impact on asset values and the corresponding effect on the restructuring/refinancing process, and how the credit squeeze has impacted the negotiation process and enforcement strategies during the restructuring and bankruptcy process.

Moderator

Dave Gozdecki is a managing director of GE Capital in the restructuring financing group, specializing in providing financing in turnaround and restructuring situations to mid-size and large companies in the U.S. and Canadian markets. He has approximately 25 years of business experience, with 20 years of financial experience lending to companies in financial distress. Gozdecki’s experience encompasses various manufacturing industries, automotive, steel and forging operations, consumer products and retail, among other industries. Prior to joining GE, Gozdecki was employed by ABN AMRO/LaSalle Business Credit, Fleet Capital Corporation, The Northern Trust Company, Brunswick Corporation and USG Corporation.

Panel

Arnold H. Dratt is CEO of Hilco Appraisal Services. His background includes 18 years of experience in the business advisory, turnaround and reorganization field. He co-founded The Dratt-Campbell Company in 1991 to provide on-site turnaround assistance and debt restructuring services. His group managed the sale of many distressed businesses in various processes, including Chapter 11, assignments for the benefit of creditors, statutory state receiverships and out-of-court going concern investment banking-type transactions. Dratt joined Hilco in 2003 as executive vice president of parent company Hilco Trading, LLC. In this capacity, he works closely with Hilco's industrial liquidation units in the U.S., Canada and Mexico, and the UK. In 2006, Dratt was also appointed CEO of Hilco Appraisal Services.

Gary T. Holtzer is a partner in the business finance and restructuring department of the New York office of Weil, Gotshal & Manges LLP, where he is also a member of the firm's management committee. He practices in all areas of domestic and international restructurings, crisis management, corporate governance, financings and acquisitions involving distressed situations. Holtzer’s lead role in company side restructurings includes, among others, General Growth, Nortek, Pilgrim's Pride and Vertis Holdings, Inc. He also regularly represents lenders and other parties in financings and acquisitions involving troubled companies, including in, among others, Sea Containers, Calpine, Montgomery Ward, Kmart and Comdisco.

Jason L. Perri is a senior principal of Apollo Management’s Strategic Value Fund (SVF).  As the flagship hedge fund strategy under Apollo’s $12 billion capital markets division, SVF and its affiliates manage approximately $1.7 billion, and Perri focuses on stressed and distressed credit investments throughout the capital structure.  He is also involved in sourcing and structuring new issue and secondary opportunities for Apollo’s Credit Opportunity Funds.  Previously, Perri was a principal at H.I.G. Capital, focusing on distressed debt investments.  He began his career at The Blackstone Group working on complex restructurings, reorganizations and bankruptcies.  

Robert Podorefsky is senior vice president in the interest rate management group of GE Capital. In his role, Podorefsky provides corporate borrowers with a perspective on how risks in the global financial markets may impact their business. He is the creator and author of , a website focused on U.S. interest rates that is geared to helping the corporate borrower manage interest rate risk. Previously, Podorefsky was the chief interest rate strategist for the global rates group at Bank of America and was a senior member of the global markets team at UBS, helping institutional investors enhance their investment yields using various types of financial instruments. Podorefsky began his career 25 years ago at Chemical Bank, advising large U.S. corporations on managing foreign exchange risks.

David L. Resnick is managing director and co-head of investment banking of Rothschild Inc., where he also leads the firm’s global restructuring practice. Resnick has represented a diverse group of companies, secured and unsecured creditors and official committees on both in-court and out-of-court restructurings. He has extensive experience advising companies on complex financial advisory assignments, such as recapitalizations, spin-offs and acquisitions of companies in bankruptcy. Previously, Resnick worked for Peter J. Solomon Company, where he founded and headed the restructuring group from 1996-2000.

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