NEW YORK, Sept. 12, 2006 (PRIMEZONE) -- PricewaterhouseCoopers LLP announced today the formal launch of PricewaterhouseCoopers Corporate Advisory & Restructuring LLC(see Note) (PwC CAR), a new business providing integrated financial, transactional and operational services to underperforming and distressed companies.
PricewaterhouseCoopers LLP also announced that senior restructuring advisor Tom Sperry has joined PwC CAR's leadership team as U.S. Market Leader. Peter Spratt will serve as president of PwC CAR and head of PwC's global restructuring practice.
PwC CAR's formation marks the natural extension of PricewaterhouseCoopers' related service offerings and market leading global restructuring capabilities into the U.S. market. These services encompass value-enhancing solutions for companies at various stages of financial pressure. With its ability to leverage the global network of PricewaterhouseCoopers and its extensive range of services and industry-specific capabilities, PwC CAR addresses the increasing demand for a suite of financial, transactional and operational services that clients need to implement the types of changes that lead to a sustained recovery.
"PwC CAR will bring fresh thinking and a renewed approach to the corporate turnaround market for the benefit not only of companies in difficulty, but also for the restructuring business itself," said Spratt.
Commenting on the addition of Mr. Sperry, Mr. Spratt said, "Tom brings a wealth of practical experience and creativity to the corporate restructuring market in the U.S. that will enhance PwC CAR's broad capabilities in solving problems of companies facing operational issues and financial difficulties."
"I am thrilled at the opportunity to work with top professionals in PwC CAR to help lead and grow our U.S. practice," said Mr. Sperry. "I am excited about the capabilities PwC CAR has to preserve and create value for our clients by drawing on our already deep restructuring expertise as well as the full range of services that only a major global organization can provide."
A former managing director at UBS Warburg, where he founded and headed its Restructuring Group, Mr. Sperry most recently started and ran a restructuring advisory practice for middle market mergers and acquisitions firm Goldsmith Agio Helms. Mr. Sperry has an extensive background in helping underperforming and insolvent multinational and middle market companies to restructure billions of dollars in liabilities in the U.S. and various countries around the world.
Mr. Sperry has worked as an advisor and investment banker for both public and private companies in many of the largest out-of-court and Chapter 11 cases. These include acting as financial advisor to multinational Ferruzzi/Montedison Group of Italy on a multi-tiered $12 billion debt restructuring; advising Integrated Health Services on its $3.4 billion Chapter 11 debt restructuring and break-up; and representing the creditors of Confederation Life of Canada in the largest ever North American insurance company failure.
PwC CAR provides integrated financial, transactional and operational services to underperforming and distressed companies. Drawing upon the global network of PricewaterhouseCoopers member firms, PwC CAR provides a wide array of services designed to help troubled companies emerge healthier and drive a sustained recovery.
The PwC CAR team includes experienced advisors drawn from its restructuring and corporate finance practices throughout the global network of PricewaterhouseCoopers. PwC CAR consolidates the position of PricewaterhouseCoopers as the dominant global restructuring practice with approximately 2,000 dedicated professionals from member firms located in over 60 countries.
In combination with the industry resources of PwC, the PwC CAR team possesses restructuring experience across numerous industries and senior members of the U.S.-based PwC CAR team have played significant roles in many high profile domestic and cross-border restructurings. Examples include America West Airlines, Beaulieu of America, P.A. Bergner/Carson Pirie Scott, ConFederation Life Insurance, Drax Power, El Paso Electric, Ferruzzi/Montedison Group, Globopar, Global Telesystems, Huffy Corp., Integrated Health Services, Iridium Satellite, Marconi, Sylvania, Tower Automotive, TrizecHahn Corporation, and Von Roll Corporation.
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 130,000 people in 148 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
"PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
Note: PricewaterhouseCoopers Corporate Advisory & Restructuring LLC (PwC CAR) is owned by PricewaterhouseCoopers LLP, a member firm of the PricewaterhouseCoopers network and is a member of the NASD and SIPC. PwC CAR is not engaged in the practice of public accountancy.