Gleacher Partners

Telewest Communications plc

Gleacher Partners provided financial and strategic advice to the Telewest Board of Directors in terms of restructuring approximately $9 billion of obligations, including the implementation of a plan of reorganization negotiated with the bondholders’ committee and Liberty Media.

Gleacher Partners assisted the $4.4 billion Arthur Andersen partnership throughout its reorganization and advised the Company on various strategic alternatives including a potential restructuring and several sale transactions.

Magellan Health Services

Gleacher Partners provided strategic and financial advice to Magellan Health regarding restructuring alternatives for $1.5 billion of obligations. In addition, Gleacher Partners assisted Magellan Health in securing over $400 million of debt and equity commitments and advised Magellan Health during its Chapter 11 proceedings.

Level 3 Communication

Gleacher Partners advised Level 3 on strategic options related to managing its debt obligations. In total, approximately $1.7 billion of principal value of debt was removed from Level 3’s balance sheet at a cost of $721 million.

Gleacher Partners advised Insilco in the sale of substantially all of its assets through multiple auctions in bankruptcy in connection with a restructuring of its $500 million of obligations.

Keystone Consolidated Industries

Gleacher Partners provided financial and operational advisory services to Keystone's management and Board of Directors and assisted the Company throughout its restructuring of $300 million of obligations.

Gleacher Partners advised the Board of Directors and management of IFCO Systems NV on the restructuring of its $350 million of net debt obligations.

Federated Department Stores

Gleacher Partners served as the financial advisor to the Secured Creditors Committee which represented the Bank Syndicate in the restructuring of $1.9 billion of claims. Gleacher Partners provided financial and general advisory services across all phases of the bankruptcy including the negotiation of a resolution to the Bank Syndicate’s claims.

Bidermann Industries

Gleacher Partners provided strategic and financial advice to the Senior Lenders of Bidermann Industries and evaluated various restructuring and strategic alternatives for its $400 million of secured claims.

Gleacher Partners provided financial and strategic advice to the Senior Lenders’ lead counsel regarding the Senior Lender’s $350 million of claims after Liberty House filed for Chapter 11 bankruptcy. Gleacher Partners served as an advisor throughout the bankruptcy and assisted the Senior Lenders in negotiating an acceptable plan of reorganization.

American Pad and Paper

Advised APP on all aspects of its Chapter 11 proceedings. Assisted with the sale of substantially all of the company’s assets, including the sale of its WilliamHouse Envelopes and AMPAD business units.

Advised Budget on all aspects of its Chapter 11 proceedings. This pre-arranged Chapter 11 filing was predicated on the sale of Budget to Cendant Corp., subject to a section 363 auction, and followed a full sale process. The transaction was noteworthy for its ability to maintain and refinance $2.8 billion of off-balance sheet fleet financing.

Advised Builders Transport on all aspects of its Chapter 11 proceedings including the sale of substantially all of the company’s assets.

Business Express Airlines

Advised Business Express on all aspects of its Chapter 11 proceedings. The plan of reorganization was completed through the sale of the company to management and a private equity firm, including a substantial equity investment.

Advised C&A on all aspects of its Chapter 11 proceedings including the sale of substantially all of the company’s assets to numerous buyers. The engagement included complex and protracted negotiations with Ford, GM and Chrysler, the company’s primary customers.

Guaranty Reassurance Corp.

Advised GRC with the restructuring and divestiture of its portfolio companies which resulted from the seizure by regulators of the Guarantee Security Life Insurance Company. Assisted with the restructuring and sale of nine companies ranging from an airline to a women’s retail chain.

Advised Owens Corning on all aspects of its Chapter 11 proceedings. The plan of reorganization resulted in the restructuring of approximately $13 billion of obligations, including asbestos liabilities. The transaction was noteworthy for several reasons including (i) the litigation of major substantive consolidation issues, (ii) the structuring and implementation of a $2.2 billion rights offering, and (iii) the ability to structure and emerge from Chapter 11 with an investment grade credit rating.

Advised Prime Succession on all aspects of its Chapter 11 proceedings. The stand-alone plan of reorganization restructured approximately $225 million of debt obligations and was completed through the conversion of debt to equity.

Advised WorldCom on all aspects of its Chapter 11 proceedings. The plan of reorganization resulted in the restructuring of approximately $35 billion of debt obligations. The transaction was noteworthy for the speed of the proceedings, 15 months, despite numerous complex issues such as substantive consolidation.