GLC Advisors formed to provide financial restructuring services

By Jennifer Chiou

New York, May 27 - Global Leveraged Capital announced the formation of GLC Advisors & Co. LLC to provide objective financial restructuring services to companies, creditors, stakeholders and prospective buyers.

The private investment and merchant banking firm founded the company to deliver advice with a capital markets perspective to stakeholders of financially distressed companies.

GLC Advisors will be led by:

• Thomas M. Benninger, chairman of GLC. He was co-founder and managing general partner of Global Leveraged Capital and formerly global head of restructuring at UBS, Credit Suisse and Donaldson, Lufkin & Jenrette;

•Jeffrey H. Gelles, managing general partner of GLC Advisors. He was formerly managing director and head of restructuring and leveraged finance for technology, media and telecommunications at UBS; and

• J. Soren Reynertson, managing general partner of GLC Advisors. He was formerly managing director in the restructuring and leveraged finance groups at UBS.

Initially, they will be joined by eight professionals, all formerly with the UBS restructuring, leveraged finance and/or M&A groups.

According to a company news release, the formation of GLC Advisors reflects an increasing trend of senior investment bankers leaving diversified investment banks for boutique advisory firms.

"In the restructuring arena, investment banks will struggle to be major players because of their institutional conflicts, including those arising from their sales and trading activities," Benninger noted in the release.

"Through our position as a specialized firm, GLC Advisors is able to provide objective advice and operate independent of the significant constraints that are embedded in the bulge bracket banks."

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