FTI Consulting Launches European Restructuring Business in London
May 22 2007 - 6:01AM
PR Newswire (US)
BALTIMORE, May 22 /PRNewswire-FirstCall/ -- FTI Consulting, Inc.
(NYSE: FCN), the global business advisory firm dedicated to helping
organizations protect and enhance their enterprise value, today
announced the launch of its London-based European restructuring
advisory practice with the recent hiring of 11 leading
restructuring professionals with significant experience and proven
reputations in the European marketplace. The practice provides
financial and operational solutions to a broad range of
stakeholders, including senior and junior debt providers,
shareholders and corporations, and is part of FTI Consulting's
industry-leading restructuring practice in the U.S. The London team
is led by Senior Managing Directors Kevin Hewitt, Paul Inglis and
David Morris, who were formerly partners within Ernst & Young's
restructuring practice. The introduction of this practice marks a
key step in the Company's plans to build a European restructuring
practice with complementary transaction advisory capabilities.
Commenting on the launch, Dominic DiNapoli, Executive Vice
President and Chief Operating Officer of FTI Consulting said, "We
are excited to have Kevin, Paul, David and the wider team on board.
They are local market leaders with excellent reputations and the
experience and relationships necessary to generate new
opportunities for growth going forward. The FTI European
restructuring practice promises the market a credible new
alternative with greater flexibility and fewer conflicts than its
major competitors." Mr. DiNapoli added, "With the FD acquisition,
FTI extended its presence into many of the key business and
financial centers in Europe. Our London-based restructuring
practice takes this one step further by broadening the range of
solutions that we are able to bring to clients. Europe is an
important area of growth for us and we believe that we have the
right team in place at the right time to capitalize on this
potential." Kevin Hewitt, Senior Managing Director of the European
restructuring practice, stated, "I am delighted to be launching
with a team of 13 senior restructuring professionals who are
already taking on assignments. We have adopted a flexible business
model allowing us to bring the most appropriate team and resources
to an assignment to drive the implementation of restructuring
solutions. The strength of our team will be enhanced by the deep
talent pool of FTI professionals as well as key strategic alliances
that will allow us to immediately draw on industry expertise and
the capabilities of other transaction advisory professionals." He
added, "We will be hiring new talent into our business and looking
at potential acquisitions to accelerate our European growth
strategy. My sense is that the key restructuring talent in the
market is giving serious consideration, now, as to where they want
to be positioned when the current credit cycle comes to an end. Our
launch is therefore very timely in offering a real differentiated
choice in the market." Before joining FTI, Kevin Hewitt, age 42,
spent nine years as a restructuring partner at Ernst & Young,
where he was responsible for a team of 25 restructuring
professionals who provided high quality advice to bank creditors,
private equity and executive management teams in complex financial
restructuring and refinancing assignments. Prior to being admitted
to the Ernst & Young partnership, Kevin spent 10 years
undertaking a variety of restructuring and insolvency assignments,
including a two-year secondment to HSBC's work out department in
London. Kevin is a Founding Member of the Society of Turnaround
Professionals and actively promotes the rescue culture in his
restructuring work. Paul Inglis, age 36, brings 16 years of
restructuring experience across a range of public and private
companies with broad experience that includes strategic,
operational and financial assessments, crisis management &
stabilization, the assessment of management teams, financial
restructuring and refinancing, multitiered stakeholder management
and complex stakeholder options analysis. Prior to joining FTI, he
was a restructuring partner at Ernst & Young for four years,
before which he worked for 12 years in the restructuring practice
of Arthur Andersen, moving to Ernst & Young following the
merger of the firms' restructuring group. Typically advising
creditors or investors, Paul has been involved in a number of
highly complex financial restructuring assignments across a broad
range of sectors and geographies. Paul is a Chartered Accountant.
David Morris, age 32, has 14 years experience specializing in
complex financial restructuring, working for lenders, investors and
executive management teams. David was previously a partner with
Ernst & Young in the firm's restructuring practice. Prior to
Ernst & Young, David trained with Arthur Andersen. In the last
five years, David has completed two separate nine-month secondments
to Barclays Capital and Barclays Business Bank. David's experience
includes operational and financial assessments, hands on crisis
management and stabilization, strategic change, managing lender
groups, financial restructuring and supporting refinancings. He is
a Chartered Accountant. About FTI Consulting FTI Consulting is a
global business advisory firm dedicated to helping organizations
protect and enhance enterprise value in an increasingly complex
legal, regulatory and economic environment. With more than 2000
professionals located in most major business centers in the world,
we work closely with clients every day to anticipate, illuminate,
and overcome complex business challenges in areas such as
investigations, litigation, mergers and acquisitions, regulatory
issues, reputation management and restructuring. More information
can be found at http://www.fticonsulting.com/. Safe Harbor
Statement This press release includes "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934 that involve uncertainties and risks including statements
related our future financial results. There can be no assurance
that actual results will not differ from the company's
expectations. The Company has experienced fluctuating revenues,
operating income and cash flow in some prior periods and expects
this will occur from time to time in the future. As a result of
these possible fluctuations, the Company's actual results may
differ from our projections. Further, preliminary results are
subject to normal year-end adjustments. Other factors that could
cause such differences include the pace and timing of the
consummation and integration of past and future acquisitions, the
company's ability to realize cost savings and efficiencies,
competitive and general economic conditions, retention of staff and
clients and other risks described under the heading "Item 1A. Risk
Factors" in the Company's most recent Form 10-K and in the
Company's other filings with the Securities and Exchange
Commission. We are under no duty to update any of the
forward-looking statements to conform such statements to actual
results or events and do not intend to do so. DATASOURCE: FTI
Consulting Inc. CONTACT: FTI Consulting, Inc., 500 East Pratt
Street, Suite 1400, Baltimore, Maryland 21202, +1-410-951-4800. For
further information: At FTI Consulting: Jack Dunn, President &
CEO, +1-410- 951-4800. At FD: Investors: Gordon McCoun, Media:
Melissa Merrill, +1-212-850-5741
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