Jefferies expands restructuring business, sends U.S. group co-head to London

By Jeff Pines

Washington, July 16 - Jefferies International Ltd is expanding its recapitalization and restructuring advisory business, the London-based unit of Jefferies Group, Inc. said.

As part of the expansion, Jefferies & Co.'s Richard Nevins, co-head of its restructuring team since 1998, moved to London to take over the European unit.

Jefferies said its global recapitalization and restructuring group has more than 40 bankers working across industry sectors to help financially distressed companies. Representing issuers, bondholders, creditors, as well as buyers and sellers of assets, the firm has restructured nearly $100 billion in liabilities since 1998, including successfully completing exchange offers with an average exchange offer acceptance ratio of 99.3%.

Jefferies represents bondholders of Parmalat's Canadian operating company, and represented the unsecured creditors in Federal-Mogul's restructuring, which created a precedent for a coordinated United States/European restructuring, utilizing the European Union's "center of main interest" legislation, it said.

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