SPAC Sponsored By Greenhill Announces Further Progress Toward Acquisition Of Iridium With Warrant Restructuring

NEW YORK, July 29, 2009 – Greenhill & Co., Inc. (“Greenhill”) (NYSE: GHL) today announced that GHL Acquisition Corp. (“GHL Acquisition”) (NYX: GHQ, GHQ.U and GHQ.WS), the special purpose acquisition company sponsored by Greenhill, has entered into agreements with certain warrantholders as a result of which approximately 26.8 million warrants issued by GHL Acquisition, including 4.0 million warrants held by Greenhill, will be repurchased or restructured upon closing of its acquisition of Iridium