-- Top UBS bankers join
-- Reflects industry trend toward independent advice
LONDON and LOS ANGELES, June 9, 2005 (PRIMEZONE) -- Houlihan Lokey Howard & Zukin, an international investment bank, today announces a major expansion of its Sovereign Advisory Services Group with the joining of five senior officers, all formerly with UBS's sovereign advisory practice.
The five are led by Derrill Allatt, who joined Houlihan Lokey at the start of the year as a Managing Director, after serving as Managing Director and Global Head of the Sovereign Advisory Services team at UBS. He is now joined by his former colleagues, Spencer Jones, Sebastian Espinosa, Alex Levintaner and Rafael Molina. Spencer Jones became Head of UBS's sovereign advisory practice after Derrill Allatt's departure and joins Houlihan Lokey as a Managing Director. Sebastian Espinosa, Alex Levintaner and Rafael Molina join Houlihan Lokey as Directors.
All join Houlihan Lokey's Sovereign Advisory Services Group in the firm's London office. The Group focuses on debt management, debt restructuring, and other advisory services to sovereign governments, for example, currently advising the Republic of Iraq on the restructuring of an estimated $18 billion to $20 billion of debt owed to non-Paris Club bilateral creditors.
James Zukin, Senior Managing Director of Houlihan Lokey, said: "These highly experienced professionals bring an unrivaled track record in developing innovative solutions to sovereign debt problems, as well as the deliberative style that is important in this business. The ability to attract this level of talent speaks to the growing advantage of being a financial advisor that does not trade, underwrite or initiate sovereign debt."
Derrill Allatt said: "Houlihan Lokey's longstanding global leadership in financial restructuring and its extensive experience negotiating with creditors of all types should make the firm the advisor of choice for nations requiring outstanding debt management advice."
Mr. Allatt and his team have provided advice on more than 30 Paris Club debt restructurings, and have been involved in many of the recent high-profile restructurings of official and private sector external debt for middle-income countries, including the Dominican Republic, Ecuador, Indonesia, Pakistan, Russia and the former Yugoslavia. Sebastian Espinosa has advised Ecuador, Pakistan and most recently the Dominican Republic, including on their successful bond restructuring implemented earlier this year. Alex Levintaner has been working with the Russian Government since 1998, most recently advising on Russia's negotiations with the Paris Club on prepaying its Soviet-era rescheduled obligations. Rafael Molina has advised countries such as Indonesia and Peru on debt matters in recent years, including Peru's recent negotiations with the Paris Club on prepayment.
Houlihan Lokey's Sovereign Advisory Services Group is based in London and Los Angeles. Principal services offered by the group include: the restructuring of sovereign debt owed to official creditors through the Paris Club; the restructuring of debt owed to bondholders, commercial banks and other creditors; domestic debt restructurings; borrowing strategies; liability management; evaluation of financing offers; institutional arrangements for debt management; privatizations; investor relations; and advice on sovereign credit ratings.
About Houlihan Lokey Howard & Zukin
Houlihan Lokey Howard & Zukin, an international investment bank established in 1970, provides a wide range of services, including mergers and acquisitions, financing, financial opinions and advisory services, and financial restructuring. Houlihan Lokey has ranked among the top 10 M&A advisors in the U.S. for the past five years, has been the No. 1 provider of fairness opinions for the past five years, and has one of the largest worldwide financial restructuring practices of any investment bank. The firm advised major parties in interest in 17 of the 25 largest U.S. corporate bankruptcies from 2000-04, including the three largest bankruptcies of all time: WorldCom, Enron and Conseco. The firm has more than 650 employees in nine offices in the United States and the United Kingdom. It annually serves more than 1,000 clients ranging from closely held companies to Global 500 corporations. For more information, visit Houlihan Lokey's Web site at www.hlhz.com.