Transcript Presentation to the Commission on Streamlining Government

Presentation to the
Commission on Streamlining Government
State of Louisiana
L E A D E R S H I P  P R O B L E M SO L V I N G  V A L U E C R E A T I O N
Crisis Management and Operational Restructuring
Sandra Crayton, Managing Director
Bill Roberti, Managing Director
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
August 18, 2009
Presentation Overview
I.
The Case for Restructuring
II.
State of Louisiana Case Studies
III.
Alvarez & Marsal Capabilities
IV.
Appendices:
•
Presenter Biographies
•
Alvarez & Marsal Firm Overview
•
Representative Client Case Studies
•
Representative Client List
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
2
Streamlining Government – A Platform for Change
I. The Case for Restructuring
Like all states, Louisiana is challenged to meet significant budget crises given the economic conditions. The
2010-11 budget reflects aggressive cuts to address the loss of $1.3 billion in the tax base. The hardship of
the current economy is evident in decreased tax revenues and reflecting the negative financial situations
faced by citizens and businesses .
Engaging a partner with experience restructuring organizations comparable in complexity and scale provides
the State with executive guidance and operational leadership. A&M believes the scope of the restructuring
includes:
 Provide restructuring leadership at a critical juncture where Louisiana faces internal and external
challenges and financial and operational issues
 Rapidly build a robust fact base to include:
 Near-term opportunities to improve its operational and financial state
 Financial analysis that describes the alignment between statutory requirements, costs and revenues
 Near-term operational and financial prospects
 Formulate a comprehensive program of Restructuring Initiatives that includes:
 Assessment of costs associated with delivering statutory requirements (evaluating operating, fixed,
personnel and capital costs)
 Assessment of scope and size of government
 Detailed plans to optimize customer service to citizens improving efficiency and effectiveness
 Timing, resources and anticipated impact of plan
 Overlay the identified Restructuring Initiatives into State strategic plans and legislative authority
to create a revised strategy
 A&M’s
Work closely
with management
and stakeholders
bestpublic
addresssector
non-core
operations andprovides
execute the
experience
restructuring
commercialtoand
organizations
strategic and operational plan
us with the vision of how to address crisis situations, drive change, and realize
unprecedented value to leadership and the public.
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3
The Current Economic Crisis Presents Significant
Challenges and Limited Opportunities for States
I. The Case for Restructuring
THE CONTINUED
FEDERAL STIMULUS FUNDING
DETERIORATION IN THE ECONOMY
OFFSETS NEEDS FOR
MORE DRAMATIC ACTIONS IN THE SHORT TERM WITH FUNDING
GDP
PRIMARILY AVAILABLE TO SUPPORT
5%
SOURCE:
Announced
0%
2009-2011
RECOVERY.GOV
Made
Available
Paid Out as of
Aug 2009
Total Funding
$3,328,973
$2,261,756
$555,561
Education
$1,284,692
$840,056
$25,806
HHS
$592,811
$577,761
$391,918
Transportation
$498,680
$294,834
$2,717
-5%
IS SEVERELY IMPACTING
LOUISIANA‘S REVENUE
BASE
Budget Gap
Percentage of
current general
fund
2008-2009
$341 million
3.7%
2009-2010
$2.0 billion
21.7%
Fiscal Year
Source : Center on Budget and Policy Priorities
© Copyright 2008. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
4
Louisiana Has Responded Aggressively
I. The Case for Restructuring
UNEMPLOYMENT
RATES
JUNE 2008 – 2009
NEGATIVE FUNDING IMPACTS ON THE STATE BUDGET
10.0%
$30,000
Source: Bureau
of Labor
Statistics
9.0%
8.0%
7.0%
LA
Unemployment
rate
US
Unemployment
Rate
6.0%
5.0%
4.0%
3.0%
2.0%
Source:
Louisiana
Budget Project.
And Gov’s
Executive
Budgets
$25,000
$20,000
$15,000
Federal Funds
State General Fund
$10,000
$5,000
1.0%
0.0%
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
$0
….
LOUISIANA HAS
TAKEN AGGRESSIVE ACTION TO
BALANCE THE BUDGET
1. Eliminated more than 1,300 positions from state
government in this budget, bringing the total number of
full-time positions eliminated to more than 3,300 since
January 2008.
2. Decreased total spending by around $700 million
3. Consolidating school and health services
4. Established the Committee on Streamlining
Government
© Copyright 2008. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
5
Louisiana’s Challenges Cannot Be Solved Through
Disconnected Analysis
I. The Case for Restructuring
ORG
STRUCTURE
TAX
ECONOMIC
DEVELOPMENT
$
STATUTORY
REQUIREMENTS
PROGRAMS AND
DEPARTMENTS
COSTS
BASE
SERVICES
FEDERAL
FUNDING
REVENUE
$
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6
A Restructuring Approach Is Holistic
I. The Case for Restructuring
Louisiana’s fundamental challenges and solutions can only be identified by understanding the
interdependence between cost drivers, revenue streams, and the other core elements
ORG
STRUCTURE
TAX
PROGRAMS AND
STATUTORY
ECONOMIC
DEPARTMENTS
DEVELOPMENT
REQUIREMENTS
COSTS
A&M TRACES ALL COSTS AND
BASE
SERVICES
FEDERAL
$
FUNDING
REVENUE
A&M
$
REVENUE SOURCES
TRACES
THE FINANCIALS FROM PROGRAMS AND
DEPARTMENTS
ACCURATELY CORRELATING THE COST AND REVENUE DRIVERS PROVIDES
A FACT BASE TO IDENTIFY AND JUSTIFY SIGNIFICANT CHANGE AND
OPPORTUNITIES FOR GROWTH
© Copyright 2008. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
7
Overview of A&M’s Approach
The Case for Restructuring
. I.I.The
Restructuring
TheCase
Case for
for Restructuring
Assess, Evaluate
and Communicate
Finalize Options and
Restructuring Plan
Initiatives
Select, Lead and
Restructure
Phase I
Phase II
Phase III
Phase IV
1 month
2 months
6 months
Quarterly Monitoring
Timing
Monitor, Reevaluate
and Operate
PRIMARY GOALS:
 Create stability for struggling
programs and services, identify
short term revenue
maximization, and identify high
priority initiatives
 Develop restructuring plan
 Finalize restructuring plan
meeting approval of key
constituents
 Prioritization and execution of key
initiatives
 Create a stable financial
position and assure realization
of the benefits of key initiatives
KEY ACTIONS AND DELIVERABLES:
 Comprehensive communication




plan for key constituents
Assess the revenue generating
power locked into the current
budget and within programs
Identify immediate cost savings
opportunities
Review span of control and
authority across government
entities
Create integrated State level
sash flow forecasts
 Deeper review of financial inflows






and outflows; day to day budget
management
Begin execution of longer range
cost savings initiatives
- Plan significant changes in
government organization
- Realign budget
Internal control assessment
Assess growth opportunities
Evaluate all affiliation /
partnership opportunities to drive
economic growth
Evaluation of pension funding
Develop understanding of
stakeholder needs
 Revenue assessment / cash flow





maximization
Program level assessments
Detailed assessment of
government structure and
authorities
Continued execution of high
value cost savings initiatives
Evaluation of overall capital
needs relative to each Program
and Department .
Identification of new funding
opportunities including real
estate and business
development
 Ongoing Communication 
 Continued execution of high
value cost savings initiatives
 Continuous process
improvement
 Change management through
government consolidation
 Refocus development efforts
 Develop and execute on
enhanced foundation strategy
 Real estate value enhancement
strategies
8
Tailored Approach to Transition Management
I. The Case for Restructuring
Clients rely upon
A&M in times of
transition to
provide reliable
stability,
leadership, and
plan execution that
provides a
foundation for
sustainable longterm solutions.
Understanding Opportunities and
Challenges
 Bring Stability
 Conduct Needs Assessment
Collaborate and Listen
 Conduct Interviews to Discover Where
Political Power and Authority for Decision
Making Resides
 Assess Which Needs that can be
Legitimately Addressed
 Identify and Help Determine Priorities
 Clearly Define Expected Outcomes
 Conduct a Thorough Financial Analysis
 Partner with Organization and Industry
Experts to Develop Strategies
 Create a Baseline of Anticipated Financial
Flexibility
 Develop Alternatives by Identifying Core
and Non-Core Functions
Support and Guide
Build Consensus
 Calming Influence
 Present Factual Information
 Promote Transparency and Accountability
 Facilitate Dialogue
Plan and Partner
 Engage Constituents
 Develop Communication Strategy
All of the above steps provide the platform for A&M to…
…Support , Guide, and Execute…this is our differentiating factor
 Execute transition and restructuring plans
 Provide calm and measured responses to transition challenges
 Promote Transparency and Accountability
 Build the foundation for the future
 Transition our leadership effectively to permanent leadership
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9
New Orleans Public Schools
II. State of Louisiana Case Studies
Background
 In June 2005, the Public Sector group of A&M was engaged to restructure the financial and
administrative operations of the 117 schools in the New Orleans Public Schools system. After
Hurricane Katrina, imperatives changed, from making sure that teachers, administrators and
staff were paid, to preparing and submitting insurance claims on a timely basis, and, most
importantly, addressing the future educational needs of New Orleans children in the wake of
unimaginable destruction of school property and buildings.
A&M Role
 A&M served many interim management positions including CRO, COO and CFO
Public Sector
New Orleans Public
Schools
Outcomes
 Pre-Katrina, A&M set up a system to verify employment of every NOPS employee and
coordinated the staffing of schools. They made sure books and other supplies were in
classrooms. They coordinated 179 bus routes across the city, worked with maintenance
vendors to ensure repairs were made and schools were clean
 Following Katrina, A&M went from financial managers to crisis managers.
 A&M Real Estate Advisory Services and A&M Dispute Analysis & Forensic Services led the
way in working with the Federal Emergency Management Agency (FEMA) to assess the
damage, school-by-school and get buildings into condition to be opened and occupied.
 Through the firm’s oversight, the district was able to avoid defaulting on $279 million in bond
debt, allowing time to receive financial assistance from the federal government.
 Alvarez & Marsal’s IT staff set up a new IT system for all of NOPS
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10
LSU Interim Medical Center
II. State of Louisiana Case Studies
Background
 A&M engaged to provide services of Chief Management Officer (Sandra Crayton ) and to
conduct a 45 day Assessment of Interim LSU Public Hospital’s (“Hospital”) finances and
operations.
 A&M team conducted reviews of the Hospital’s overall financial status, including: salaries and
benefits and workforce productivity.
 A&M team conducted reviews of several different areas of operations, including: workforce
productivity, materials management, and graduate medical education.
Health Industries
Group
 A&M team conducted reviews of three service lines of the Hospital: Nursing Services, PeriOperative Services, and Outpatient Clinic Services.
Outcomes
LSU Interim Medical
Center
 Recommendations presented focused on identifying quick, impactful savings opportunities,
growth initiatives and revenue cycle improvement.
 Initiatives as implemented will have an impact on every department in the Hospital and
therefore require a commitment from Administrative leadership, Department Directors,
medical staff and employees to implement.
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11
Alvarez & Marsal Capabilities
III. Alvarez & Marsal Firm Capabilities
Alvarez & Marsal has three major service lines along with dedicated industry expertise to help meet the broad needs of
our clients.
Drawing on its strong operational heritage and pragmatic hands-on approach, A&M works closely with organizations and their
stakeholders as financial and operating advisors or interim managers to help navigate complex business issues and boost
performance
A&M Service Lines
Performance Improvement
 Operational Efficiency
 Business Consulting
 Technology Asset
Management
 Interim Management
Corporate Restructuring






Turnaround Advisory
Crisis Management
Creditor Advisory
Claims Management
Risk Management Advisory
Corporate Finance
Business Advisory Services




Transaction Advisory
Tax Advisory
Dispute Analysis & Forensics
M&A and Financing
Representative A&M Industry Expertise
 Healthcare
 Financial Services
 Real Estate
 Consumer / Retail
 Food and Beverage
 Media / Telecom
 Industrial / Automotive  Energy / Utilities
 Chemicals
 Transportation
 Metals and Mining
 Public Sector
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12
Appendices
I.
Presenter Biographers
II. Alvarez and Marsal Firm Overview
III. Representative Client Experience
IV. Representative Client List
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
Presenter Biographies
Appendices
Sandra Crayton
Sandra is a Managing Director with Alvarez & Marsal's Healthcare Industry Group. She
brings substantial experience managing all aspects of large, complex, multi-site
organizations and a proven record of achieving results. Since 1985, Ms. Crayton has held
Chief Executive Officer or Chief Operating Officer positions in academic medical centers,
including the University of Chicago Hospitals, acute care hospitals, physician practice
management, and home health companies. She has led organizations with as many as
650 beds, 6,000 employees, revenues of $750 million, and operating budgets in excess of
$400 million. Since January 2009, Ms. Crayton has served as Chief Management Officer
of the Interim LSU Public Hospital. In the first three months of the engagement, Ms.
Crayton lead a team of consultants that identified $66 million in cost reductions at the
Hospital.
Contact: [email protected], (404) 610-1121
Bill Roberti
Bill leads Alvarez & Marsal’s Public Sector Services Group and has translated private
sector and military leadership gained as serving as CEO of Brooks Brothers and as a
Army Reserve Colonel to leading change for public sector organizations. Bill drove
significant change as the Chief Restructuring Officer for the St. Louis Public Schools and
the New Orleans Public Schools, has restored accountability for Department of
Education’s funding to the US Virgin Islands and is currently supporting driving financial
stability for the Detroit Public Schools.
He continues to work with philanthropic
organizations committed to public sector revitalization including the Broad Foundation.
Contact: [email protected], (203) 400-1623
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14
Firm Overview
Alvarez & Marsal Firm Overview
About A&M
 Founded in 1983 by co-CEOs
Tony Alvarez II and Bryan Marsal
 1,600+ professionals
 38 cities; 15 nations; 4 continents
 200+ Managing Directors
North America
New York (Global HQ)
Atlanta
Miami
Birmingham
Nashville
Boston
Philadelphia
Charlotte
Phoenix
Chicago
San Antonio
Dallas
San Francisco
Denver
Seattle
Detroit
Tampa
Houston
Toronto
Kansas City
Vienna, VA
Los Angeles
Washington, D.C.
Europe and the Middle East
London (Europe HQ)
Amsterdam
Moscow
Cairo
Mumbai
Dubai
Munich
Madrid
New Delhi
Milan
Paris
Latin America Location
São Paulo (Latin American HQ)
Bogotá
For 25 years, Alvarez & Marsal has set the standard for working with organizations to tackle
complex business issues, boost operating performance and maximize stakeholder value.
As a leading, independent global professional services firm, Alvarez & Marsal (A&M):
 Has been owner-operated and privately held since inception
 Puts the needs of businesses and their investors first – without competing interests and free of
audit-based conflicts
A&M Approach
Clients have trusted A&M to work with them to help solve their most important business problems.
We have earned this trust by:
 Giving every problem the utmost senior-level attention
 Researching and understanding the facts before drawing conclusions
 A steadfast commitment to objectivity, quality and integrity
 Demonstrating time and again that leadership makes all the difference
As corporate advisers or in interim leadership and management roles, A&M employs a hands-on
approach to solving problems and creating value – with a bias toward action and delivering results.
Asia
At Alvarez & Marsal, we:
Hong Kong
Shanghai
 Hold ourselves accountable to delivering results
 Provide leadership by rolling up our sleeves and get the job done
 Believe in the importance of collaboration with our clients and their constituencies
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15
A&M’s Market Differentiators
Alvarez & Marsal Firm Overview
Why Alvarez & Marsal is Different:

Blend ability to make decisions with the
skills to make business process and
technology change

Bias toward action

Make decisions fast; willing to take informed
risks

Not limited by the culture; willing to break
some furniture to get the job done

Know “what success looks like” and how to
model it

Set aggressive goals, execute relentlessly,
measure

Pressure test team members with tactical
issues to evaluate them quickly

Drive accountability in the organization—
make sure people deliver on commitments
or quickly find new people
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16
Representative Experience
Representative Client Case Studies
Background
 Lehman Brothers Holdings Inc. filed under Chapter 11 on September 15, 2008. Alvarez & Marsal was
hired at 10:30 p.m. on September 14, 2008, just hours before Lehman Brothers filed for the largest
bankruptcy in U.S. history, and began work that same week.
 At bankruptcy, Lehman Brothers listed $613 billion in debts and $639 in assets.
 Bryan Marsal, A&M’s Co-CEO, was designated as the Chief Restructuring Officer. On December 31,
2008, he assumed the role of CEO, supported by a large A&M staff (with nearly 200 FTEs), including
senior professionals from the various divisions across the firm.
Turnaround
Consulting / Crisis
Management
Lehman Brothers
 A&M is currently working to maximize the recovery value of assets to LBHI creditors, and minimize
claims.
 A&M’s
–
–
–
–
main strategy is to:
Preserve, capture and store key data in order to reconstruct transactions and events.
Address immediate fire sales impacting asset values and claims.
Identify and retain teams to work the problem.
Determine pre-bankruptcy events giving rise to causes of action or mitigation of claims.
Outcomes-Ongoing
 Since A&M was assigned to the case in September 2008, an orderly wind-down has been in effect.
 The Lehman Estate has also provided job security for about 560 financial professionals (approximately
200 FTEs from A&M, 130 retained from Lehman and 230 recruited primarily from former Lehman and
other marquee name firms).
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17
Representative Experience
Representative Client Case Studies
Background
Nation’s largest commercial provider of outpatient surgery, diagnostic testing and rehabilitation
services
 More than 46,000 medical and business professionals in nearly 1,700 locations throughout the
US
 The System was the victim of a massive accounting fraud conducted by a small group of senior
management
Crisis and
Turnaround
Management
 HealthSouth, a publicly traded company, faced FBI and SEC investigations alleging multiple
frauds committed by the CEO
 HealthSouth terminated the CEO and CFO and a number of senior executives and the financial
team also left the company prior to A&M’s engagement
 A&M was hired as restructuring advisors and crisis managers by the Company
HealthSouth
Outcomes
 A&M’s strategy helped the Company avoid bankruptcy
 Coordinated multiple concurrent Federal investigations while simultaneously working to stabilize
operations, lease renegotiations, asset sales and other transactions
 Slashed $250 million in capital expenditures and cut 24% of corporate staff resulting in savings
of $125 million.
 A&M’s Immediate Action Plan improved liquidity position ($345 million)
 Equity value at time of retention was approximately 15¢ per share; value was over $5.00 per
share when A&M completed assignment in June 2004; all paid holders and creditors.
 Planned and implemented an unprecedented refinancing of the capital structure in partnership
with Credit Suisse First Boston
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18
Representative Experience
Representative Client Case Studies
Background
 Saint Vincent Catholic Medical Centers, a distressed health system in New York City, filed for
bankruptcy in July 2005.
 SVCMC, a $1.5 billion not-for-profit hospital system, consisted of five acute care facilities, a
home health agency, a comprehensive behavioral health business and several nursing homes.
 With losses of nearly $10 million per month, the hospital system had major underfunded pension
obligations of more than $75 million, an estimated $190 million in trade liabilities, and between
$80 million and $115 million in trailing medical malpractice liabilities.
Turnaround and
Restructuring
Saint Vincent Catholic
Medical Centers
(SVCMC)
 Management was dysfunctional; there was distrust among and poor communication with all
constituencies including unions, creditors, banks, state agencies, physicians.
 A&M was hired as restructuring advisors
Outcomes
 Working closely with hospital executives, and union and community leaders, A&M quickly
stabilized cash flow, increased liquidity, maintained operations, implemented quality controls,
overhauled management and governance structures, outsourced information technology
functions and third-party revenue cycle collection contracts, and stabilized union relationships.
 A&M professionals spearheaded the closure and sale of four money-losing facilities in Brooklyn,
Queens and Staten Island, generating new liquidity and reducing middle management costs.
 Within just 20 months after entering Chapter 11, and only 14 months after hiring A&M, SVCMC
filed a consensual plan of reorganization, improved annual cash flow by more than $100 million
dollars, achieved positive monthly cash flow of approximately $3 million and was on track to
achieve EBITDA of more than $60 million.
 SVCMC emerged from bankruptcy in September 2007, as a smaller, leaner organization with a
revitalized balance sheet and a long-term vision focused around a new state-of-the-art hospital.
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19
Representative Experience
Representative Client Case Studies
Background
 A&M led the re-designing of a budget that exceeded $14 billion in support of a system that
serves approximately 1.2 million children in 2005.
 A&M was engaged by the New York City Public Schools, the largest public school district in the
country, to restructure and redesign a centrally mandated, top-down, supply-driven organization
to a bottoms-up, demand driven school-based organization
 A&M personnel served in the following roles: Chancellor’s Chief Advisor on Restructuring, Chief
Restructuring Officer (“CRO”) for Finance, CRO for the Office of School Support Services, CRO
of Office of Pupil Transportation, Special Education CRO for Empowerment Schools .
Program Innovation
and Cost
Management
New York City
Department of
Education
Outcomes
By August of 2006, approximately 25% of the system’s 1,400+ schools had been moved into a
leaner, more customer-focused empowerment structure, over $89M in costs savings had been
realized and devolved directly to schools and their support structure. Other results included:
 A fully functioning, on-line internal market for services where the bureaucracy would offer for sale
services to schools to purchase including professional development, coaching, etc.
 A redesigned special education support structure complete with new roles, responsibilities,
process maps, training and monitoring capabilities of key metrics for this population of children
representing approximately 18% of the total student population and in excess of $3B+ in spend
 A redesigned Office of Youth Development complete with a call center, crisis response teams
and content experts to serve “at-risk” kids struggling with issues of attendance, substance abuse,
drop-outs and under-credited and overage characteristics
 Innovative, data driven restructuring initiatives in non-academic operations designed to save up
to $100M by more efficient & effective management in the areas of Transportation, Facilities
(including custodial, energy conservation, repairs & maintenance) and Food Services.
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20
Representative Client List
Representative Client List
A&M works with
large and middle
market companies
and public sector
entities spanning a
variety of industries,
geographies and
operating
environments.
Public Sector
Oil, Gas and Natural Resources
Healthcare
Alabama Department of Transportation
Algiers Charter School Association
California Department of Motor Vehicles
Chicago Transit Authority
City of Aspen, CO
City of Philadelphia
City of Olathe, KS
Detroit Public Schools
Fairfax County, VA
Indiana Department of Education
Kansas City Board of Public Utilities
Legal Aid Society of New York
Maricopa County Community College
District
New Orleans Public Schools
New York Department of Education
Louisiana State University
Maryland General Hospital
Providence Public Schools
St. Louis Public Schools
St. Vincent’s Catholic Medical Centers
South Coast Water District, CA
University of Texas System
U.S. Virgin Islands
U.S. Department of Defense
U.S. Department of Housing and Urban
Development
U.S. Department of the Navy
U.S. Department of the Air Force
University of Southern California Keck
School of Medicine
Washington DC Planning and Economic
Development
Washington, DC Public Schools
Amerada Hess
Advanced Chemicals, Inc.
BP Chemicals
Cedar Chemicals, Inc.
GEO Specialty Chemicals, Inc.
Halliburton Energy Services Group
Horizon Natural Resources, Inc.
OMNOVA Solutions, Inc.
Murray Energy
Pioneer Companies
Polymer Group, Inc.
Sterling Affiliates, Inc.
Tesoro
Valero Energy
Yukos Oil Company
Aveta, Inc.
Affiliated Medical Enterprises
Allegheny Health, Education, and
Research Foundation
Bradford Teaching Hospitals
Charter Behavior Health System, LLC
Charter Medical Corp.
Grady Health System
Glenbeigh, Inc.
Healthcare International, Inc.
HealthSouth Corp.
Integrated Health Services, Inc.
Magellan Health Services, Inc.
New York United Hospital Medical Center
Republic Health Corp. (ORDNA)
Rotech, Inc.
Strategic Optical Holdings, Inc. (WISE)
Stryker Orthopaedics
St. Vincent’s Medical Center
University of Connecticut School of
Medicine
University of Southern California / Keck
School of Medicine
Valley Presbyterian Hospital
Watts Health Foundation
Transportation
Amerco (U-Haul)
ANC Rental
Concordia Bus Nordic AB
Consolidated Freightways, Inc.
Envirotainer AB
ExpressJet Airlines
Fairchild Dornier GmbH
SIRVA, Inc.
US Airways
VecTour, Inc.
Viking Freight
Wabash National Corp.
Power and Utilities
British Energy
EOTT Energy Partners, LP
Gearhart Industries, Inc.
Light Servicos de Electricidade SA
National Energy & Gas Transmission, Inc.
Pacific Gas & Electric Company
Petrolane, Inc.
Pioneer Electric
Raymond International
Reliant Energy
Suez Energy
Western Company of N.A.
Financial Institutions
American Business Financial Services
Auto Finance Company, LLC
Babcock & Brown
DVI, Inc.
GE Commercial Finance
Houston Casualty Company
Integrated Resources
Lehman Brothers
Metropolitan Mortgage & Securities Co., Inc.
National Century Financial Enterprises, Inc.
New Century Mortgage
Risk Management Alternatives, Inc.
The Rockefeller Group
Wachovia Securities
Washington Mutual
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
Industrial / Manufacturing
Anthony’s Manufacturing Co., Inc.
APW, Ltd.
Astronautics Corporation of America
Atchison Casting
Baldwin Industrial Services
Birmingham Steel Corporation
Carbide / Graphite Group, Inc.
Chatham Technologies
Dresser Rand
Fedders Corporation
Florida Steel
Fruehauf
Goodman Manufacturing
Goodrich
Goss International
Heartland Steel, Inc.
Kaiser Aluminum
Long Agribusiness, LLC
Moll France SARL
Paper-Pak Products, Inc.
SICPA
SLI, Inc.
Treofan
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Representative Client List
Representative Client List
A&M brings together
a diverse range of
operational and
financial skills to
solve problems,
implement solutions
and create value for
clients.
Media and Entertainment
Private Equity (cont.)
Technology (cont.)
Aladdin Gaming Company, LP
DoubleClick
Movie Gallery, Inc.
Panini SpA
PBI Media
President Riverboat Casino
Resorts International, Inc.
Trump Casinos
Vail Resorts, Inc.
Vertis Communications
Westar Hotels
First Reserve Corporation
Greenbriar Equity Group
GTCR Goldner Rauner LLC
Harvest Partners
HIG Capital
KRG Capital
North Castle Partners
Pegasus Capital Advisors
Sun Capital Partners
Tennenbaum Capital Partners
Texas Pacific Group
Vestar Capital Partners
Wellspring Capital Management
Epoch Networks
Exodus Communications, Inc.
Genuity, Inc.
iSoft
JDS Uniphase Corporation
Jippi Group Oyj
LG Phillips
ON Semiconductor Corporation
Physician Computer Networks
Unidigital, Inc.
Vitesse Semiconductors
Apparel
Cluett American
Dan River, Inc.
Donnkenny Apparel
Eddie Bauer
Galey & Lord, Inc.
Kasper A.S.L., Ltd.
Lejaby S.A.
Levi Strauss & Co.
London Fog Industries
The Gitano Group, Inc.
The Spiegel Group
The Warnaco Group, Inc.
Tropical Sportwear International, Corp.
Retail
Altheimer & Gray
Arthur Andersen, LLP
Jenkens & Gilchrist
Thomas Havey, LLP
AutoZone
Ames Department Stores, Inc.
Burger King Corporation
Camelot Music, Inc.
Color Tile, Inc.
Crescent Jewelers
Drug Emporium, Inc.
E-Z Mart Stores
Fedco, Inc.
Handy Andy Home Improvement Centers
Ihr Platz GmbH
Kleinert’s, Inc./buster Brown
Nordstrom
Phar-Mor, Inc.
S&K Famous Brands, Inc.
Snyder’s Drug Stores, inc.
Wherehouse Entertainment, Inc.
Education / Publishing
Homebuilding and Construction
Jostens Learning
Phillips Colleges, Inc.
Scholastic, Inc.
University of Chicago Press
Western Publishing
J.A. Jones
KBR
Kimball Hill Homes
Oakwood Homes Corporation
Technical Olympic USA, Inc.
US Concrete
Woodside Homes
Zachary Construction
Professional Services
Telecommunications
Affinity Internet Holdings, PLC
AT&T Latin America
ComCorp Broadcasting, Inc.
e-spire Communications, Inc.
Global Telesystems, Inc.
Globix Corp.
Infonet Services Corp.
Innovative Communication Corporation
International Fibercom, Inc.
Irdium, LLC
KPNQwest
Iusacell Latin America
Microcell, Inc.
Microsoft
Telegroup, Inc.
Ventelo Group
Western Union Corp.
Winstar Communications, Inc.
Consumer Products and Services
Private Equity
Apax Partners
Bank of America Capital Partners
Berkshire Partners
Catterton Partners
Cerberus Capital Management
Clayton, Dubliner, & Rice
Fenway Partners
Technology
Adelphia Communications
Applied Graphics Technologies, Inc
BMC Software
Bridge Information Systems, Inc.
DLT Solutions
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
American Italian Pasta Company
Anchor Glass
Applica
Brake Bros. Plc
Burger King Corporation
Cannondale Bicycle Corp.
Chiquita Brands
Formica Corp.
Interstate Bakeries, Inc.
Le Petit Bistro, Inc.
Leiner Health Products, Inc.
Microsoft
Parmalat
PepsiCo
Sysco Foods
Timex Corp.
Winn-Dixie
World Kitchen, Inc. (Corning)
22
A&M HQ
600 Lexington Avenue
6th Floor
New York, New York 10022
Tel: (212) 759-4433
Fax: (212) 759-5532
www.alvarezandmarsal.com
© Copyright 2009. Alvarez & Marsal Holdings, LLC. All Rights Reserved.
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