LOS ANGELES, Sept. 11, 2003 (PRIMEZONE) -- Libra Securities, a leading middle-market investment bank, today announced the formation of a new Restructuring Division to be headed by industry veteran Daniel Harrow. The unit will focus on advising board members, private equity investors and fund managers, banks and other creditors, as well as the management of distressed middle-market companies on issues related to in- and out-of-court restructurings, recapitalizations, distressed mergers and acquisitions, along with raising capital for troubled companies. The group will also perform diagnostic analyses for boards, investors and creditors to evaluate a company's financial health and market competitiveness, identifying the critical issues that should be acted upon by stakeholders.
Libra Securities President and Chief Executive Officer Jess Ravich said, "Restructuring advisory services is a perfect fit for our firm. Libra has built a strong reputation for providing exceptional financial advisory services to and raising debt and equity for middle-market companies. By offering these services to distressed companies and their boards, creditors and investors, we are capitalizing on our strength of understanding distressed securities and Harrow's ability to devise innovative solutions in difficult financial situations.
"Dan Harrow's outstanding reputation and experience in the restructuring arena, combined with our extensive Wall Street contacts in distressed capital sources, provides middle-market companies and their stakeholders with credible advice and alternatives. We expect Dan to become a valuable resource to our clients."
Daniel Harrow, appointed as managing director, has more than 20 years of restructuring advisory and investment banking experience. Harrow has participated in restructuring and workout assignments exceeding $4 billion in value throughout his career including: Fantastic Sams, Orange County Bankruptcy, Greyhound Lines, Carter Hawley Hale Stores, Inc. (The Broadway Stores), C & R Clothiers, Inc., Hamburger Hamlet Restaurants Inc., Media Vision, Reddi Brake Supply Company, Inc., Retama Park Horse Racing and Carolco Pictures, Inc
Mr. Harrow's experience includes serving as a Managing Director/Partner with Chanin & Company, an investment bank specializing in advisory projects for financially distressed situations. Mr. Harrow, a CPA, began his career at Price Waterhouse. He is a licensed real estate broker and serves as a member of the AICPA. Harrow is also a member of California Receivers Forum and the Bankruptcy Mediation Panel for the United States Bankruptcy Court-Central District of California.
Harrow said, "The Libra Restructuring Group will assist both private and public companies confronting potential or impending insolvency issues and ensure that these companies are aware of all capital market remedies at the same time maximizing their value during a distressed buyout, change of control, asset sale or litigious situation, for the benefit of all company stakeholders. I am pleased to be joining a firm with a distinguished reputation in the capital markets and a deep understanding of the distressed investment arena"
About Libra Securities
Libra Securities is a leading middle-market investment bank providing financial advisory and capital raising services including senior debt, mezzanine debt and equity, high yield debt, investment grade debt and private equity for healthy and distressed companies. Affiliates of Libra Securities also manage private equity and mezzanine investment funds dedicated to financing middle-market companies, buyouts and recapitalizations. Headquartered in Los Angeles, the firm also has offices in New York, Texas and Colorado.