Alvarez & Marsal launches Global Power and Utilities Group


March 28, 2003 -- With an increasing number of energy companies facing distressed situations, Alvarez & Marsal (A&M), a worldwide corporate restructuring, crisis management and creditor advisory firm, announced it has launched a new Global Power and Utilities Group, established to focus on serving the specific needs and interests of this sector.

Headed by power industry veterans, Gerald K. Lindner, Alan R. Rosenberg and Gordon Travers, all Managing Directors at A&M, the group will provide workout, restructuring and bankruptcy advisory and operating services to power companies, utilities, and unregulated utility subsidiaries, as well as bank lenders, bondholders and other stakeholders of companies in this area.

"The California energy crisis, the collapse of majors players such as Enron, supply and demand imbalances and the liquidity crisis facing independent power companies have caused the entire industry to undergo a fundamental structural transformation," said Bryan Marsal, co-founder of A&M. "With many companies already involved in the restructuring process and more likely to follow, there is an unprecedented demand for senior industry expertise to help companies and creditors successfully navigate these situations."

Gerald K. Linder has had a long and distinguished career in the independent power industry, having previously held senior executive management and operating positions at Fluor Corporation, GE Power Systems and Hadson Power Systems/LG&E, a leading developer and owner of independent power projects.

He also has served as the general partner of LCRW, a power-focused, private equity partnership formed by Chase and Westinghouse, and on the Executive Committee and Board of the National Independent Energy Producers Association, a leading independent power trade association.

Prior to joining A&M, he was Senior Strategic Advisor to AEP Resources, the independent power subsidiary of American Electric Power Company, and also co-founded and headed Opus Energy, which served as an investment platform and advisor to a number of leading private equity firms in connection with power-related investment activities in the US and offshore.

Alan Rosenberg's career spans 18 years at major money center banks, most recently with Bank of America Securities, where he served as Head of its European Power and Energy Group and Global Head of Power Project Finance & Asset-Based Advisory Services. As Head of the European Power and Energy Group, Rosenberg developed an M&A team and expanded BofA's corporate finance franchise for European and American energy and power clients within local markets and on a trans-Atlantic basis. As Global Head of Power Project Finance, he had direct responsibility for all origination and execution of BofA's structured advisory, asset-based M&A and project lending businesses in the power industry. As one of the leading financial institutions in the industry, his team of 45 professionals, located in North America, Europe, Asia, and Latin America closed in excess of $10 billion of transactions annually.

Gordon Travers joined A&M from Opus Energy, which he co-founded with Gerald Lindner. Prior to that, he practiced finance and energy law for over 20 years. Over the course of his career, Gordon has led many notable financing and restructurings for power projects and utilities on behalf of leading money center banks, including the bank debt restructurings of Consumers Power Company, LILCO and Valero Energy Corporation, and new money project financings for projects sponsored by such companies as Duke, Transco (now Tractebel), El Paso Energy and AEP Resources.

A&M's Global Power & Utilities Group will also include Senior Managing Director Joseph Bondi, currently serving as Chief Restructuring advisor to PG&E's National Energy Group; Managing Director Ray Dombrowski, who prior to joining the firm served as Senior Vice President and Chief Financial Officer of Ogden Corporation, a leading alternative energy and independent power company; and Dean Swick, a Managing Director in the firm's Houston office, who has extensive experience in the upstream, midstream, downstream and oilfield service sectors of the energy industry.

About Alvarez & Marsal

Founded in 1983, Alvarez & Marsal is a global corporate restructuring, crisis management and creditor advisory firm. A&M's senior professionals are dedicated to solving complex business, financial and operational problems in order to unlock and realize maximum value for corporate owners and stakeholders.

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