Financing & Restructuring Advisory
Greenhill advises corporations, institutions and governments on a wide range of capital structure, restructuring and financing situations. We offer expert advice, extensive transactional experience and comprehensive services unconflicted by capital markets, trading or research activities.
Comprehensive Capabilities
Greenhill's Financing Advisory & Restructuring practice benefits from the experience of some of the longest serving professionals in the industry. Our track record includes pre-emptive recapitalizations, structuring and advice on public offerings, inter-creditor and shareholder negotiations, acquisitions and sales of distressed companies and assets, debt and equity exchange offers and restructuring and a range of other advisory services for a diverse client base. We strive to reach consensual deals that are in the best interests of our clients and we have an established history of brokering transactions in situations with divisive inter-creditor and shareholder issues.
Financing Advisory
Greenhill advises corporations, institutions and governments on their most critical financing decisions, including large public offerings of equity and debt securities, often for purposes of acquisition financing, rights offerings, strategic alternatives for minority equity positions and multiclass equity structures, private placements and funding alternatives, as well as a wide range of other financing based strategic decisions. Greenhill brings extensive experience negotiating and structuring tailored solutions for our clients with no conflicts from other business activities or product offerings to influence our advice.
Debtor Advisory
Greenhill provides a full range of advisory services to debtors both inside and outside formal bankruptcy. Our goal is to assist debtors by working with all of their stakeholders to implement restructuring plans that balance a pragmatic sharing of value between stakeholders while minimizing corporate uncertainty. We recognize that every situation is unique and that traditional solutions are not always best suited for our clients. Based on our years of experience and wide-variety of previous transactions, we assist debtors with thinking creatively about their options and selecting attributes of different strategic alternatives that can be packaged together into a compelling solution.
Creditor Advisory
Greenhill advises creditors and committees of financially distressed companies both inside and outside formal bankruptcy. Our goal is to help creditors maximize returns from distressed corporate situations and to work with other constituents to achieve that return in a timely manner. We understand that creditors may value the form of consideration and other terms of a restructuring proposal differently, and we work with committees to optimize the returns our clients receive based on their desired outcome.
Distressed M&A
Greenhill frequently combines the experience of its M&A and restructuring professionals in advising either buyers or sellers of distressed assets and/or companies. Greenhill is able to advise a client throughout the entire process, including identification of targets/buyers, participation in a sales process and court proceedings, if necessary. We look to identify creative tactical or strategic solutions to unlock value in every situation. We recognize that executing M&A in distressed situations requires incremental skills that are not always required within traditional M&A transactions. Some of these skills are working with a highly levered acquiror or target, managing the bankruptcy process, performing a valuation that can withstand court scrutiny and managing inherent conflicts of interest among different constituencies.
International Experience
Greenhill has dedicated professionals based in London and Sydney focused on financing and restructuring advisory and a strong track record of successful international restructuring transactions. Combining our international footprint with our independence, experience and analytical advice, we provide a high quality advisory service in major restructuring cases around the world.
Recent Transactions
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America West Holdings
Advised America West Holdings in connection with its merger with US Airways Group, which emerged from Chapter 11 as part of the transaction

General Motors
Advised General Motors in connection with the Chapter 11 of Collins & Aikman, a significant supplier to GM

Evergreen International Aviation
Advised Evergreen on refinancing alternatives for its maturing bank facility, resulting in the successful issuance of $215 million of high yield notes and execution of a new $100 million credit facility

Pension Benefit Guaranty Corporation
Advised the Pension Benefit Guaranty Corporation (PBGC) in United Airlines' bankruptcy proceedings. The PBGC insures the defined benefit pension plans of United Airlines and has asserted a $9.8 billion unfunded pension liability claim against the company

CornerStone Propane, L.P.
Advised CornerStone Propane L.P., one of the nation's largest propane marketers, in connection with its Chapter 11 proceedings, which resulted in a successful stand-alone restructuring

Pegasus Satellite
Advised the Unsecured Creditors of Pegasus Satellite on the sale of the debtor to DirecTV

Maxxim Medical
Advised specialty medical products company, Maxxim Medical, in connection with its Chapter 11 proceedings and sale to Medline and others

Allegiance Telecom, Inc.
Advised Allegiance Telecom, a telecommunications products and services provider, in connection with its Chapter 11 proceedings, including its sale to XO Communications, Inc

Cable & Wireless
Advised Cable & Wireless plc in connection with the Chapter 11 proceedings of its US subsidiary, Cable & Wireless America, including its sale to Savvis Communications for $155 million

Loral Space and Communications Ltd.
Advised Loral with its Chapter 11 proceedings. Advised on the sale of its North American Fixed Satellite Services assets to Intelsat for $1.1 billion

AboveNet, Inc. (Metromedia Fiber Network, Inc.)
Advised Metromedia Fiber Network (now renamed AboveNet), a leading telecommunications company, in connection with its chapter 11 proceedings, including its ultimate standalone financial restructuring

AMR Corporation
Advised AMR, parent of American Airlines, on strategic alternatives and implementation of a historic out-of-court restructuring through which a variety of stakeholder concessions were achieved, averting bankruptcy

Dynegy Inc.
Advised Dynegy Inc., a leading integrated energy company involved in power generation, gas marketing and processing and regulated energy delivery, on restructuring alternatives during a period of significant pending debt maturities and liquidity constraints. The assignment culminated in a successful renegotiation and extension of Dynegy’s credit facilities

Conseco, Inc.
Advised the Official Committee of Unsecured Creditors of Conseco, Inc., a life insurance and annuities company, on the financial restructuring of the Company’s $6 billion of externally held financial indebtedness

RCN Corporation
Advised RCN on the negotiation of an amendment to its $734.4 million bank facility that adjusts and eliminates certain covenants and enables the use of up to $125 million of existing cash and up to $500 million of new secured capital for strategic deleveraging

AT&T Latin America
Advised AT&T Latin America on the restructuring and sale of its South American subsidiaries in Argentina, Brazil, Chile, Colombia and Peru to Telefonos de Mexico for $206.7 million. Also advised ATTLA on the resolution of it US Chapter 11 proceedings

Orius Corp.
Advised Orius Corp, a leader in Telecom Services, on various strategic alternatives, including its ultimate standalone financial restructuring

Mutual Risk Management
Advised MRM, a global insurance, risk management, and financial administration services provider on the restructuring of $350 million of externally held financial indebtedness, and on the sale of certain key subsidiaries. The restructuring plan provided for this indebtedness to be exchanged for a package of cash and new debt and equity securities

Trenwick Group Ltd.
Advised Trenwick, a Bermuda-based specialty insurance and reinsurance underwriting organization on the restructuring of $552 million of externally held financial indebtedness

AT&T Canada
Advised AT&T Canada on a stand-alone financial restructuring

Marconi plc
Advised the official committee of bondholders of Marconi, a leading telecom equipment provider, on the financial restructuring of Marconi's £4 billion of externally held financial indebtedness

WebLink Wireless, Inc.
Advised WebLink, a leading provider of two-way wireless messaging services, on various strategic alternatives, including its ultimate standalone financial restructuring

Ziff Davis Media, Inc.
Advised Ziff Davis Media, Inc., a special interest media company focused on the technology and game markets, regarding its strategic alternatives and, ultimately, with respect to its recapitalisation effectuated through an exchange offer

Adelphia Communications

Advised the Unsecured Creditors of Adelphia Communications representing $14.5 billion of value in Adelphia’s Chapter 11 proceedings. Advised on the sale of Adelphia’s assets to Time Warner and Comcast for $17.6 billion

United Pan-Europe Communications NV
Advised the Committee representing holders of UPC’s Senior Notes and Senior Discount Notes in the negotiations with UPC and its Liberty Media controlled parent company, UnitedGlobalCom, about a proposed balance sheet restructuring and recapitalisation of UPC