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

21-Jan-01
$225 million (liabilities)
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Target: 

RBX Corp.

Advised RBX Corp., a leading manufacturer of rubber products in the US, in connection with its Chapter 11 proceedings and financial restructuring

05-Mar-01
$1.1 billion (liabilities)
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Target: 

US Office Products Company

Advised the Official Committee of Unsecured Creditors in connection with the Chapter 11 proceedings of US Office Products Company

03-Jul-01
$309 million
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AMRESCO

Advised AMRESCO, a specialty finance company, on its sale to NCSI pursuant to Section 363 of the Bankruptcy Code

16-Jul-01
$982 million
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Sterling Chemicals

Advised Sterling Chemicals in connection with its Chapter 11 proceedings

21-Sep-01
$1.1 billion
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RCN Corporation

Advised RCN, the nation’s largest cable overbuilder, in a tender offer for up to $1.1 billion in face value of public indebtedness

11-Oct-01
$1.3 billion
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Regal Cinemas, Inc.

Advised Regal Cinemas, the largest theatre chain in the United States, on its prepackaged bankruptcy plan and acquisition by The Anschutz Corporation

14-Oct-01
$4.5 billion (Liabilities)
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Bethlehem Steel Corporation

Advised Bethlehem Steel Corp., the United States third largest steel producer, in connection with its Chapter 11 proceedings and eventual sale to International Steel

18-Jan-02
$520 million
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Thus plc

Advised THUS plc on its underwritten £275 million open offer, £90 million bank loan and demerger from its parent, ScottishPower

06-May-02
$1.4 billion
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Target: 

Pegaso Telecommunications

Advised Pegaso, Mexico’s No. 2 wireless provider, on its financial restructuring and subsequent sale of 65% stake to Telefonica for $1.36 billion

15-May-02
$230 million
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Target: 

Completel Europe NV

Advised Completel, an alternative telecom operator, on a balance sheet restructuring and recapitalisation agreement involving an exchange offer for €255 million in face value of public bonds (debt/equity swap), €30 million in new capital from two major shareholders and €8 million from certain bondholders

30-May-02
$NA
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Target: 

American Commercial Lines

Advised American Commercial Lines, an operator of barges, towboats and shipyards, on its out of court restructuring

24-Jul-02
$5.4 billion
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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

09-Aug-02
$17.6 billion
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Target: 

Adelphia Communications

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Acquiror: 
Time Warner Inc. and Comcast Corp.

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

12-Aug-02
$450 million
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Target: 

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

23-Aug-02
$650 million
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Target: 

WebLink Wireless, Inc.

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

29-Aug-02
$6.2 billion
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Target: 

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

15-Oct-02
$3.2 billion
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Target: 

AT&T Canada

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

08-Dec-02
$552 million
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Target: 

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

16-Dec-02
$350 million
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Target: 

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

13-Jan-03
$464 million (Liabilities)
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Target: 

Orius Corp.

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

19-Feb-03
$110 million
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Target: 

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

13-Mar-03
$734 million (Bank Facility)
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Target: 

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

21-Mar-03
$6.1 billion
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Target: 

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

04-Apr-03
$6.1 billion
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Target: 

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

25-Apr-03
$20.8 billion
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Target: 

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

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