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Grant Thornton Seminar Today Reveals That Economic Uncertainties Are Creating New Paradigms For Companies in Distress: John Snow Sees Changes

CHICAGO (Business Wire EON) November 6, 2007 -- According to Snow, today's credit crunch is the result of "the slicing and dicing of risk where banks no longer hold assets." To straighten out today's economic picture, Snow urged the crowd to: "toughen up credit standards, correct the credit agency situation, and accelerate the price discovery process." He does not see a recession looming, and while money is tight, "private equity will still be able to give enterprise new opportunities to move forward, but with closer scrutiny."

"Assets managed by hedge funds have gone from levels of $250 billion in the mid-90s to $1.2 trillion today. But while these new players have changed the dynamics of restructuring efforts for distressed companies, highly leveraged transactions and new bankruptcy laws have seen companies put up for sale more quickly, rather than go through restructuring," according to Jack DiFranco, a principal of Grant Thornton's Corporate Finance practice. He suggested that, "companies in distress need to adhere to a 100-day plan that prioritizes actions based on value proposition, resource requirements and a solid time table."

Adding to DiFranco's thoughts, Mark Toney, a Managing Principal in Grant Thornton's Recovery & Reorganization Services, suggested that most distressed companies suffer from a common malady: poor management. "When we evaluate a company in distress for possible sale, we look at the usual issues such as assets, potential list of buyers, and its image in the marketplace. But inevitably, a decision must be made to retain current management or bring in a new team. This can include a new CEO and CFO to gain confidence from buyers," he said. Adding "Sometimes, though, as we evaluate management, we come across "jewels" in the management team that were over looked. These can often form the nucleus of the new and effective management team."

"Every deal is different, and deals today are getting more complex. The market is increasingly unpredictable," said James Ricciardi, a partner in McGuire Woods' Restructuring and & Insolvency practice. "The decision to use the courts to complete deals isn't as cut and dried as it was once."

Robert Garland, president of Garland Capital Management, LLC, suggested that there are three main questions when evaluating a company in distress: "(1) Do they have a viable core business? (2) Do they have organizational resources, and (3) Do they have access to financing? This will determine the outcome of a deal."

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