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GLC Advisors formed to provide financial restructuring services

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Global Leveraged Capital, a private investment and merchant banking firm, has formed GLC Advisors to deliver advice with a capital markets perspective to debtors, creditors and other st

Global Leveraged Capital, a private investment and merchant banking firm, has formed GLC Advisors to deliver advice with a capital markets perspective to debtors, creditors and other stakeholders of financially distressed companies.

Thomas M. Benninger is the chairman of GLC Advisors. He is the co-founder and managing general partner of Global Leveraged Capital and was formerly global head of restructuring at UBS, Credit Suisse and Donaldson, Lufkin & Jenrette.

Jeffrey H. Gelles is managing general partner of GLC Advisors. He was formerly managing director and head of restructuring and leveraged finance for technology, media, and telecommunications at UBS.

J. Soren Reynertson is also managing general partner of GLC Advisors. He was formerly managing director in the restructuring and leveraged finance groups at UBS. Soren was also formerly the head of European restructuring for UBS and will be joining GLC Advisors on 3 June.

Initially, they will be joined by eight professionals, all formerly with the UBS restructuring, leveraged finance, and/or M&A groups.

‘As we get ready for what is likely to be the largest restructuring cycle of our era, there is a real shortage of qualified restructuring advisors,’ says Benninger.

Non-investment grade default rates continue their upward trend and are expected to be near 14 per cent by the end of 2009, up sharply from about 1.0 per cent in 2007.

‘Clients are looking for advisors with deep experience and established track records. The number of professionals with restructuring experience spanning three or more major economic down-cycles is quite limited,’ says Gelles.

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