Independence.  Integrity.  Intelligence.


​Company: PHI Inc.

Dates of assignment: 2019       Company Liabilities:  $700MM

​Provided litigation support to Official Creditors Committee in their objection to the terms of engagement of the company's investment banker:

  • ​Provided analysis of market terms of company-side banker engagements and expert testimony in Court
  • The judge ruled in favor of the company but only after significant concessions were given by the company's banker, Houlihan Lokey​, on the financial terms of their engagement

​Company: Breitburn Energy Partners

Date of assignment: 2016         Company Liabilities:  $3BN

Provided expert testimony in support of motion to form equity committee in Breitburn's Chapter 11

  • Assignment included a general "top down" valuation of the E&P company based on market comparable, together with Court testimony as an expert on valuation
  • The Court approved the motion and appointed an equity committee

Confidential

​Company: Evergreen Airlines

Dates of assignment: 1992 - 1996         Liabilities Restructured:  $800MM

​Adviser to the unsecured bondholder group in the successful out of court restructuring including a 98% recovery top bondholders

​Company: David's Bridal

Dates of assignment: 2018 - 2019     Company Liabilities:  $800MM

Provided litigation support to group of lenders in their objection to the terms of engagement of the company's investment banker:

  • ​Provided analysis of market terms of company-side banker engagements for use in litigation objection
  • Company's banker, Evercore, agreed to an overall cap on fees at the Delaware hearing

​Company: 2080

Dates of assignment: 2016 - 2017        Company Liabilities:  $400MM

​Acted as consultant to the Board of Directors of a privately held U.S. services business. Role is as additional financial restructuring advisor supporting the Board in the restructuring of the company's debt.

​Company: Ainda Energia y Infraestructura

Date of assignment: 2017        Company Value:  $200MM+

​Advised a large Mexican corporation in its successful negotiation and acquisition of a minority  interest in Ainda, the manager of a publicly quoted (CKD) Mexican infrastructure fund

  • ​assignment included a broad review of energy and infrastructure market in Mexico including an understanding of the implications of Mexico's Energy Reform Act
  • provided initial advice to the company's Board of Directors on strategic issues related to the acquisition
  • assisted in due diligence

​Company: TAK Communications

Dates of assignment: 1992 - 1995        Liabilities Restructured:  $100MM

​Advised the secured lender group in this prolonged Chapter 11 case

​Company: SCI Television

​Dates of assignment: 1992 - 1993          Liabilities Restructured:  $925MM

Advised the unsecured creditors in a contested confirmation hearing  - ​obtained significant additional value to unsecured through aggressive negotiation

Confidential

​​Company: Eólica Del Sur/Mareña

Dates of assignment: 2016 - 2018        Company Liabilities:  $800MM company; Client investment $400MM+

​Acted as adviser to Promotora DMP ("Promotora") and its shareholders, Macquarie's Mexican Infrastructure Fund and Mitsubishi, with respect to the Eólica del Sur/Mareña wind farm project in southern Mexico.

​​​Company: Slimfast

Dates of assignment: 2018      Company Value:  $350MM

​Provided full due diligence support, including development of full operating model, in final round bid by a family fund for this US based consumer products company

​Company: C&J Energy Services

Date of assignment: 2016        Company Liabilities:  $1.4BN

​Provided expert testimony in efforts to form equity committee in C&J's contentious Chapter 11

  • The Court denied the motion and objection and criticized the basis of the valuation provided, approving the $700MM plan valuation provided by Evercore
  • 1 month later the company emerged from Chapter 11 and traded  immediately at a valuation of $2.5BN, the value we had placed on the company during testimony​​

​Company: New Valley

Dates of assignment: 1991 - 1993             Liabilities Restructured:  $900MM

​Adviser to the official Unsecured Creditors Committee in Western Union/New Valley’s highly contentious case, resulting in the sale of the company to First Data and full recovery to bondholders

​​​​Company: Borusan (Ongoing)

Dates of assignment: 2024-25

Assisting Borusan, a $2.5bn steel pipe US business owned by the the Turkish family group Borusan Holdings, in its M&A search for a suitable US acquisition in the middle market steel based manufacturing businesses

​​​Company: Pearl Holdings Acquisition Corp (PHAC)

Dates of assignment: 2021 - Current

Special Purpose Acquisition Company (SPAC) set up in 2021 to pursue potential US and international acquisitions in the consumer products and health care sector

Appointed as Chief Financial Officer in 2021

Company was IPO'd at the end of 2021 with Morgan Stanley leading the $200MM offering

Duties have included:

  • Preparation of quarterly 10Q and annual 10K filings with SEC
  • ​Co-ordination with Skadden on all public filings
  • Review and financial analysis of investment opportunities
  • Preparation of all proxy filings (3) relating to the continued activity of the SPAC
  • SPAC is currently de-listed but still searching for acquisition opportunities

Company: Confidential

Dates of assignment: 2019    Company Liabilities:  $1,000MM

​Advised a private equity firm in the potential acquisition of a large Latin American agri-business that was part of a Chapter 11 proceedings in the U.S

Confidential

​​Company: Town & Country

Dates of assignment: 1993 - 1994         Liabilities Restructured:  $150MM

​Adviser to the Bondholder Committee of in the successful out-of-court restructuring of this jewelry manufacturer

​​​Company: HMB Holdings re Half Moon Bay Litigation

Dates of assignment: 2022 - 2024

  • Appointed in November 2021 as expert witness in the High Court of Justice of Antigua and Barbuda in the dispute between HMB Holdings and various parties relating to claims arising from the compulsory acquisition by the Antiguan government of the Half Moon Bay hotel property in 2002
  • Delivered in late 2022 a comprehensive report on issues related to the viability and presentation of certain bank claims in the case
  • Court testimony successfully completed June 2024

Company: Woolford

Date of assignment: 2017      Company Value:  $120MM

​Provided full due diligence support, including development of full operating model and negotiation support, in final round bid by a family fund for this Austria based luxury products business

​​Company: Waitr Inc.

Dates of assignment: 2020 - 2022          Company Liabilities:  $135MM

​​Advised a private equity firm on its loans to the publicly-listed food delivery service

  • Provided due diligence on the company's business plan and
  • strategic advice on a restructuring of the debt to include a cash pay down from the proceeds of an ATM offering, amendments to the loan agreement and an exchange of part of the debt to equity at an attractive discount to market value

​​​Company: Manufacturing Company (Confidential) - Current

Date of assignment: 2025 (Ongoing)       Company Liabilities:  $35MM

​Acting as the company's investment banker in the recapitalization of the company in an out-of-court transaction

  • Very short time frame in which to assess strategic options for company in face of imminent debt default
  • Assisting the company's Independent Restructuring Committee in its evaluation of options and on the new money financing proposal provided by an existing group of insider shareholders
  • Working with all parties to negotiate a complex cross-collateral situation eventually leading to a buy-out of one of the senior lenders and a $20MM new money investment by the insider group
  • Also assisting in the evaluation of in-court options prior to the out-of-court resolution

​​​​Company: Rubio's Restaurants

Company Liabilities:  $85MM

Dates of assignment: 2020 - 2021

Acted as the company's investment banker in its fast pre-packaged Delaware Chapter 11 case

  • Provided initial strategic framework for continued involvement of the equity sponsor and recapitalization of the business in the face of COVID-19 shutdown
  • assisted in the development of the company's business plan
  • assisted in the final development of the Chapter 11 plan including sizing the equity infusion from the sponsor, providing expert testimony on the DIP financing from Golub and providing a full valuation report in support of the filed Plan
  • The case was confirmed and became effective on December 31, 2020, less than 10 weeks after the initial filing of Chapter 11

​Company: Carmike Theaters

Dates of assignment: 2000 - 2002.        Liabilities Restructured:  $600MM

​Adviser to Carmike Theaters,  a publicly-listed movie theater operator, in its Chapter 11 case

  • ​Assisted the company in developing detailed theater-level business plan
  • ​Negotiated successful Chapter 11 plan in which old equity retained unimpaired interest in company while achieving significant reduction in debt

Company: Molycorp Inc.

Dates of assignment: 2015 - 2017      Company Liabilities:  $1.7bn company; Client investment $500MM+

​Acted as adviser to Molibdenos y Metales ("Molymet") with respect to its equity and debt interests in Molycorp, the leading rare earths producer and processor. Assignment is to advise Molymet on its investment in Molycorp in the context of a possible restructuring of Molycorp.

​Company: Drypers

Dates of assignment: 2000 - 2002        Liabilities Restructured:  $180MM

Adviser to Drypers, a branded and private label diaper manufacturer in its sale in Chapter 11;

  •  ​​Successful multiple §363 sales of regional businesses in Chapter 11 auction

​Company: Mexican Steel Manufacturer

Date of assignment: 2000       Liabilities Restructured:  $500MM

Adviser to Mexican steel slab manufacturer and subsidiary of a major steel corporation, in the restructuring of $500 million of debt

  • ​​Successful re-negotiation of export-credit loans, avoiding a broader complication at group debt level

​​Company: BCP Telecom, Brazil

Dates of assignment: 2000 - 2002.         Liabilities Restructured:  $1.5bn

​Adviser to Citibank as agent for the bank group of BCP Telecom, the largest wireless phone provider in Sao Paolo, Brazil, in the restructuring of $1.5 billion of debt

  • ​Successful out-of-court renegotiation for bank debt giving control of company to banks.   Worked within Brazilian legal system to restructure holdings, and negotiated sale to American Movil on behalf of bank group as new owners 

​Company: Barneys New York

Dates of assignment: 1995 - 1998            Liabilities Restructured:  $800MM

​Adviser to Barney’s Inc, the specialty luxury retailer, in its highly contentious Chapter 11 case

  • ​Successful negotiation of DIP financing
  • ​​Negotiated sale agreement with European buyer
  • Distressed fund creditors blocked sale and eventually took control through stand alone plan

​Company: Paragon Trade Brands

Dates of assignment: 1996 - 1998.        Liabilities Restructured:  $350MM

​Adviser to Paragon Trade Brands, a private label diaper manufacturer in its bankruptcy proceedings initiated in January 1998 by the loss of a patent infringement case with P&G

 • Advised company in evaluation of alternatives in face of large patent dispute. Sold company to Wellspring Capital

​Company: Telemundo Inc.

​Dates of assignment: 1994 - 1995         Liabilities Restructured:  $500MM

Adviser to Telemundo Inc, the U.S. based Hispanic TV network in its Chapter 11 case

 • Company transferred to creditor group led by Apollo 
 • Reliance (old equity) retained significant interest through negotiated rights issue

​Company: Franklin Mint

Dates of assignment: 1992 - 1996          Liabilities Restructured:  $500MM​

Adviser to Franklin Mint, the US specialist collectibles distributor, in the successful renegotiation of its bank lines
  • ​​Developed intensive analysis of company’s direct marketing model to support company’s financial projections

​Company: Envirodyne

​Dates of assignment: 1992 - 1994          Liabilities Restructured:  $600MM

Adviser to the Official Committee of Bondholders in Envirodyne’s highly contentious Chapter 11 case

  • ​​Provided significant litigation support to defeat attempt by small minority of out-of-money creditors to derail confirmation

Company: Olympia & York

Dates of assignment: 1992 - 1995          Liabilities Restructured:  $2bn Debtor; $600MM+ Client

​Adviser to Citibank in the Olympia & York Chapter 11 case, resulting in significant recovery of value by Citibank

  • ​​Involved development of complex inter company claim model with property-by-property valuation

​Company: Kloster Cruise Lines

Dates of assignment: 1992 - 1994          Liabilities Restructured:  $800MM

​Adviser to the unsecured bondholders of Kloster Cruise Lines, owner of Norwegian Cruise Lines, in this successful out-of-court negotiation of the cruise liner operator’s debt

Company: Tracor

Dates of assignment: 1991 - 1993.          Liabilities Restructured:  $500MM​

Adviser to the Official Unsecured Creditors Committee of Tracor Inc in this defense contractor’s Chapter 11 case

​Company: Loewen Group

Dates of assignment: 2000 - 2003         Liabilities Restructured:  $3.0bn

​Adviser to Loewen Group, the second largest US funeral home and cemetery consolidator, in its joint U.S. Chapter 11 and Canadian CCAA reorganization process.  Largest bankruptcy filing in 2000, with over $3bn claim

  • Arranged $500MM DIP financing

  • Conducted multiple asset sales through innovative court approval process
  • Helped craft mediation process among three contentious groups of bondholders
  • Assisted in negotiating highly contentious reorganization plan, including providing expert testimony at contested confirmation hearing on valuation

​Company: Laidlaw

Dates of assignment: 2000 - 2002      Liabilities Restructured:  $3bn

Adviser to Laidlaw, the largest U.S. school and transit bus operator, in its out-of-court restructuring of $3 billion of debt

  • ​​Successful completion of complex cross border US/Canada Chapter 11/CCAA

Company: Polymer Group

Dates of assignment: 1999 - 2001       Liabilities Restructured:  $1.1bn

Adviser to Polymer Group, a major U.S.-based non-woven manufacturer, in its pre-negotiated plan and Chapter 11 filing

  • ​​Successfully confirmed plan of reorganization based on new rights issue/equity injection from Matlin Patterson

Company: Acme Metals

Dates of assignment: 1999 - 2002          Liabilities Restructured:  $450MM

​Adviser to Acme Metals,  this Chicago-based steel maker and steel product fabricator in its Chapter 11 reorganization. Advised company over 3-year contentious restructuring

  • ​Obtained DIP financing in difficult steel market
  • ​Successful sale of Alpha Tube, its fabricating subsidiary through ｧ363 sale and sale of core of business to ISG

​Company: Crown Cork & Seal

Dates of assignment: 2000 - 2001      $3.0bn Refinancing assignment

​Advised Crown Cork & Seal, the world’s largest packaging group, in its refinancing of over $3 billion of debt.

  • ​​Ran successful competitive financing process (in conjunction with Jeffries) to obtain significant savings to company in interest costs from competitive bidding from financing sources

​Company: Fleetwood Enterprises

Dates of assignment: 2008 - 2009          Liabilities Restructured:  $400MM client

Adviser to Fleetwood Enterprises, the RV manufacturer in its Chapter 11 restructuring and sale

  • Broad strategic review of alternatives in very narrow time frame
  • Complet​​ed multiple sales of each of the three parts of the business in an extremely difficult operating environment

​Company: Flexsol Packaging

Dates of assignment: 2008 - 2009      Liabilities Restructured:  $100MM client

Adviser to Flexsol, the plastic packaging company in the restructuring of $100MM of first and second lien debt

  • ​​Achieved sale of company to strategic buyer through out-of-court agreement with lender group

​Company: Environmental Systems Products

Dates of assignment: 2007 - 2008 Liabilities Restructured:  $100MM

Adviser to Environmental Systems Products, the CT based auto emissions testing company, in its $260MM out-of-court recapitalization

  • ​​Achieved out-of-court restructuring with lender group, with some recovery for old equity owners

​Company: Grupo Parisina, Mexico

Dates of assignment: 2008 $100MM Acquisition assignment

Adviser to Grupo Parisina, a Mexican retailer, in its effort to acquire a US retail business in bankruptcy:

Assignment included analysis of potential strategies for acquisition.   Offer made to company, but acquisition not pursued as company restructured through its own stand-alone plan

​Company: Tower Automotive

Dates of assignment: 2005         Liabilities Restructured:  $1.6bn company;  200MM+ client

​Adviser to Metalsa, Tower’s Mexican JV partner, in Tower Automotive’s Chapter 11 process

​Company: Grupo TMM, Mexico

Dates of assignment: 2003 - 2004           Liabilities Restructured:  $2.0bn company

​Adviser to Grupo TMM, the Mexican transportation group in its successful out-of-court debt renegotiation:

  • Successful complex Mexican cross-border restructuring with US bondholders (99.5% acceptance), giving company 3 year breathing room to sell its railroad ownership and settle significant litigation with the Mexican government
  • Transaction awarded TMA’s 2004 “Best Middle Market Restructuring”

​Company: Burlington Industries

Dates of assignment: 2002 - 2003      $500MM sale assignment

​Adviser to Burlington Industries in its successful §363 sale in Chapter 11 to WL Ross & Co.

Company: Tishman DC Portfolio

Dates of assignment: 2010 - 2011         Liabilities Restructured:  $500MM client

Adviser to Bank of Nova Scotia as Agent for the lenders under a $500MM credit facility in the Tishman DC Portfolio real estate restructuring

Assignment included

  • Full valuation work on commercial office portfolio
  • Development of new money strategy to position bank group in negotiation
  • Negotiation of par plus full contract interest recovery for bank group though aggressive positioning with company sponsors

​Company: General Growth Properties (GGP)

Dates of assignment: 2010 - 2012        Liabilities Restructured:  $30.0bn company; $2.6bn client

Acted as adviser to EuroHypo as Agent for the bank lenders under the $2.6bn 2006 Credit Agreement to GGP in this largest real estate Chapter 11 case.  Assignment included:

  • Developing a comprehensive financial model ahead of company's own model
  • Analyzing complex intercompany relationships and debt priority
  • Valuing the business
  • Understanding legal and negotiating positions of other parties
  • Negotiating par plus default rate interest recovery for bank group

​Company: NewPage

Dates of assignment: 2010 - 2012        Liabilities Restructured:  $3.0bn company; $200MM+ client

​Acted as adviser to Stora Enso, with respect to its equity, debt and other interests in NewPage, the largest North American coated paper manufacturer. Assignment included:

  • ​Advising Stora on pre-bankruptcy positioning and claim risk assessment
  • Monitoring of NewPage's operating results on a monthly basis
  • Providing valuations of both NewPage and of specific assets in which Stora retained an interest
  • ​Leading negotiations to settle leveraged lease and lbo litigation dispute in one global settlement

Assignment Experience:

Set out below are selected examples of transactions (together with broad outlines of the activities involved with each assignment) in which Mr. Lewis has been actively involved, either as lead restructuring banker for the Company, or as adviser to a constituent with a major interest in the situation.​