Milken Institute Global Conference
Los Angeles, CA
April 28-29, 2015
Once one of America's most important and vibrant cities, Detroit has suffered a slow but steady decline in recent decades as manufacturing jobs, companies and residents found greener pastures elsewhere. The low point occurred in 2013, when the city filed for bankruptcy protection -- the largest municipal case in U.S. history. After more than a year of intense negotiations, a plan was approved in late 2014 to finally exit bankruptcy. Experts on this panel -- people directly involved in the proceedings and others working to turn around the city's fortunes -- will discuss how the bankruptcy plan was hatched and how it was resolved. More important, they will look at Detroit's future and how the deal to address the debt will help. Is Detroit a model for how cities can manage their economic troubles? How can it, as well as other places struggling with the impact of globalization, crime and fiscal stress, recover?
Discover how Miller Buckfire has become a recognized industry leader — and how we help our clients do the same.
Miller Buckfire is an internationally recognized investment bank focused on helping clients address complex transformational issues — recapitalizations, acquisitions, sales and divestitures, and debt and equity financing transactions. Our comprehensive approach and thoughtful solutions, rooted in a proven record of success, ensure that our clients are able to execute on their strategies regardless of the economic or market environment.
Miller Buckfire’s corporate finance and strategic advisory services are divided among our leading investment banking and capital markets franchises. Within investment banking, we provide decisive guidance on behalf of clients across all industries carrying out complex restructuring and mergers and acquisitions transactions. Our capital markets professionals implement financial solutions through accessing debt and equity capital markets, enabling our clients to focus on accomplishing their operating strategies.
At Miller Buckfire, we offer clients the senior banker attention they need. Our clients benefit from Miller Buckfire’s focused, highly trained, experienced and successful professionals.
Our achievements speak for themselves. We have raised more than $60 billion in capital for our clients, advised on mergers and acquisitions valued at more than $16 billion and advised on the largest restructurings in nearly every industry sector. We have been recognized for our leadership role on numerous transactions of the year by leading industry organizations such as M&A Advisor, Marine Money and Turnaround Management Association.
We are proud of our track record. But we're far prouder of accomplishments that don't show up in newspaper headlines: the countless times when we and our clients, working closely together, achieved the successful outcome that others thought impossible.
In December 2012, Miller Buckfire was acquired by Stifel Financial, adding Miller Buckfire’s strategic restructuring and recapitalization expertise to Stifel’s full-service investment bank, and providing Miller Buckfire’s clients with industry coverage, debt and equity capital markets capabilities and research
Miller Buckfire was founded in 2002 but our history goes back over seventeen years. In the late 1990’s, our senior professionals came together at Wasserstein & Perella Co. and its successor Dresdner Kleinwort Wasserstein, to establish Miller Buckfire’s existing investment banking practice. Since our founding, Miller Buckfire’s professionals have maintained the highest standard of independence and objectivity—qualities we know are critical to our clients—and have resulted in a number of recognized transactions and impressive accolades.
Roll over points on the timeline below to see highlights from Miller Buckfire's history:
Group founded at Wassersein Perella & Co. by Henry Miller
First engagement - hired to represent Dow Corning's financial creditors
Hired to represent Bruno's Supermarket's - first $1 billion debt client
Niagara Mohawk restructuring/financial named 1998 IDD Energy "Deal of the Year"
Wasserstein Perella & Co. announces sale to Dresdner Bank and becomes Dresdner Kleinwort Wasserstein ("DrKW")
Restructuring group spins-off from DrKW and forms Miller Buckfire
Kmart restructuring named 2003 II Retail "Deal of the Year"
Stolt-Nielsen 2004 Marine Money "Restructuring Deal of the Year" in the shipping industry
Horizon Natural Resources and Grupo TMM restructurings win "TMA Turnaround of the Year" Large and Mid-size Company honors
Dana Corporation and Calpine Corporation restructurings win "TMA Turnaround of the Year" International Company and Mega Company honors
Interstate Bakeries Corporation restructuring wins "TMA Transaction of the Year" Large-size Company honors
Approximately $310 billion in debt restructured; $16 billion in M&A; $58 billion in financing
Simmons Bedding Company restructuring wins "TMA Transaction of the Year" Large-size Company honors
Milken Institute Global Conference
Los Angeles, CA
April 28-29, 2015
Jan. 5 (Bloomberg) -- Ken Buckfire, President and Managing Director of Miller Buckfire, discusses the potential impact of rising rates on corporate defaults in the coming year. He spoke on "Market Makers." (Source: Bloomberg)
NEW YORK, Oct. 22, 2014 /PRNewswire/ -- The Deal, TheStreet's (NASDAQ:TST) institutional business, announced the results of their quarterly rankings of the top firms and professionals involved in active bankruptcy cases for the third quarter of 2014. Data collected captures only active restructuring work on ongoing U.S. and Canadian cases.
"The favorable interest rate environment continues to subdue the number of in-court reorganizations, but we have noticed a growing number of healthcare providers entering bankruptcy to sell their assets," reported Anders Melin, Senior Editorial Data Coordinator for The Deal. "The implementation of the Affordable Care Act earlier this year came with a number of new mandates on things such as insurance reimbursement models and digitalization of medical records, which have squeezed the margins of healthcare providers. The smaller players have a tough time incurring these additional costs and therefore often end up being bought out of bankruptcy by larger competitors."
League Table highlights:
- The top three law firms held onto their rankings from Q2 with Saul Ewing LLP with $1,091.9 billion in liabilities; Vedder Price PC with $1061.4 billion in liabilities; Akin Gump Strauss Hauer & Feld LLP with $1,046.5 billion in liabilities. They were followed by Goulston & Storrs PC with 965.9 billion in liabilities and Duane Morris LLP with $952.9 billion in liabilities.
- Amongst lawyers, Michael Schein (Vedder Price PC) held on to his top ranking from last quarter, followed by Douglas Rosner (Goulston & Storrs PC), Richard Hahn (Debevoise & Plimpton LLP), Scott Davidson (King & Spalding LLP) and Daniel Golden (Akin Gump Strauss Hauer & Feld LLP).
- investment banks, the top four banks held on to their rankings from Q2 2014. Blackstone Group LP maintained its lead with $795.5 billion in liabilities, followed by Miller Buckfire & Co. LLC in second place with $727.8 billion in liabilities, Jefferies LLC in third place with $88.6 billion in liabilities, Centerview Partners LLC in fourth place with $52.1 billion in liabilities. Evercore Group LLC ranked fifth with $36.9 billion in liabilities.
- The top five investment bankers held onto their rankings from Q2 with Timothy Coleman (Blackstone Group LP) in the lead, followed by Stuart Erickson (Miller Buckfire & Co. LLC), Leon Szlezinger (Jefferies LLC), Steven Zelin (Blackstone Group LP) and Robert White (Jefferies LLC).
About The Deal's Bankruptcy League Tables
The Deal's Bankruptcy League Tables are the industry's only league tables focused solely on active bankruptcy cases. The Bankruptcy League Tables by volume involve only active U.S. bankruptcy cases of debtors with liabilities of $10 million or more. The rankings are based on the aggregation of those liability values. The table reflects the number of active cases fitting that criteria and may not characterize the total number of active cases. Firms and professionals only get one credit for each active case, not each active assignment. The Bankruptcy League Tables by number involve U.S. and Canadian bankruptcy cases irrespective of debtor asset size. Professionals receive credit for multiple assignments on one case.
About The Deal
The Deal is a media and data company providing over 45,000 users with extensive coverage of M&A, private equity, restructuring, activism and ECM. As the No. 1 provider of deal intelligence in North America, law firms, investment banks, hedge funds and private equity firms rely on The Deal's analysis of potential and announced transactions for business development and research. The Deal is the institutional arm of TheStreet, Inc. and has offices in New York, London, Washington, D.C. and Petaluma, CA. For more information, visit www.thedeal.com.
NEW YORK, Feb. 27, 2014 /PRNewswire/ -- The Deal, TheStreet's (NASDAQ:TST) institutional business, announced the results of their quarterly rankings of the top firms and professionals involved in active bankruptcy cases for the fourth quarter of 2013. According to the data, 16 retailer bankruptcies were filed in the U.S. by companies with at least $50 million in liabilities in 2013, double the number the year before.
"Even though business bankruptcy filings were down in the fiscal year 2013, restructuring professionals still found plenty of work in the retail industry and will likely discover even more in fiscal 2014," said Jamie Mason, Senior Editor for The Deal. "As antiquated shopkeepers try to figure out how to deal with fierce competition from online merchants, problems like old business models and expensive leases will force an increasing number of companies to file."
League Table highlights:
- For the investment banks, Blackstone Group LP held its lead from Q3 2013 with $720.6 billion in assets and 26 cases, followed by Miller Buckfire & Co. LLC with $653.9 billion in assets, Houlihan Lokey Inc. with $58.2 billion in assets, Jefferies LLC with $45.9 billion in assets, and Lazard with $41.7 billion in assets.
- Top investment bankers were Timothy Coleman (Blackstone Group LP), Leon Szlezinger (Jefferies LLC), Mick Solimene (Macquarie Capital (USA) Inc.), Edward Casas (Solic Capital Advisors LLC) and Neil Luria (Solic Capital Advisors LLC).
- Skadden, Arps, Slate, Meagher & Flom LLP finished its sweep of the top spot for 2013 with cases totaling $1,074.1 billion in assets. Rounding out the top five were Weil, Gotshal & Manges LLP with $1030.8 billion in assets, White & Case LLP with $1025.2 billion in assets, Vedder Price PC with $1,008.8 billion in assets, and Saul Ewing LLP with $1,002.7 billion in assets.
- Amongst lawyers, Michael Schein (Vedder Price PC) and Thomas Lauria (White & Case LLP) held onto their top rankings from Q2 and Q3, followed by J. Gregory Milmoe (Skadden, Arps, Slate, Meagher & Flom LLP), Douglas Rosner (Goulston & Storrs PC) and Richard Hahn (Debevoise & Plimpton LLP).
The full suite of rankings is available now on The Deal Pipeline, the transaction information service powered by The Deal's newsroom and the full report is also available online.
About The Deal's Bankruptcy League Tables
The Deal's Bankruptcy League Tables are the industry's only league tables focused solely on active bankruptcy cases. The Bankruptcy League Tables by volume involve only active U.S. bankruptcy cases of debtors with assets of $10 million or more. The rankings are based on the aggregation of those asset values. The table reflects the number of active cases fitting that criteria and may not characterize the total number of active cases. Firms and professionals only get one credit for each active case, not each active assignment. The Bankruptcy League Tables by number involve global bankruptcy cases irrespective of debtor asset size. Professionals receive credit for multiple assignments on one case.
About The Deal
The Deal, a business unit of TheStreet, has been serving corporate dealmakers, advisers and institutional investors the most sophisticated analysis of the deal economy since 1999. Our transaction information service, The Deal Pipeline, is powered by a newsroom of senior journalists who offer proprietary research and reporting across M&A, bankruptcies, auctions and financings. It includes a breaking news service, First Take; daily and weekly sector newsletters; The Daily Deal, a 2x daily report of the day's top stories; a research center with over a decade's worth of intelligence and a database of over 100,000 deals; and an iPad app. Our marketing & media services group produces the industry's leading forecasting event, The Deal Economy, held annually at the NYSE in addition to industry webcasts and integrated marketing programs. For more information, visit www.thedeal.com.
Source: PR Newswire Excel Maritime Carriers Ltd. ("Excel"), an owner and operator of dry bulk carriers, today announced that the United States Bankruptcy Court for the Southern District of New York (the "Court") confirmed the Amended Joint Chapter 11 Plan of Reorganization (the "Plan"), which has the support of the Company's senior secured lenders and unsecured creditors. The Plan was unanimously accepted by Excel's two voting classes, with 100% of the class of secured lenders and approximately 92% of the class of impaired Excel general unsecured creditors, by value, voting in favor. Excel expects to emerge from Chapter 11 in mid-February 2014.
Upon completion of the restructuring process, the Company's total prepetition debt of $920 million will be reduced to approximately $300 million. Gabriel Panayotides, Chairman of the Board, together with the other members of Excel's management team, will continue to lead the Company.
Excel's operations have continued in the ordinary course throughout the restructuring process and it will continue providing high-quality and efficient seaborne transportation services moving forward.
The Company would like to thank its advisors, Skadden, Arps, Slate, Meagher & Flom LLP and Miller Buckfire & Co. LLC, as well as the advisors of its creditors.
Source: PR Newswire James W. Giddens, Trustee for the liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act, in keeping with his statutory duty and ongoing focus of maximizing the value of the LBI general estate, along with his counsel at Hughes Hubbard & Reed LLP, continues to implement a strategy to liquidate securities and raise cash for distributions to customers and general creditors. The Trustee retained BlackRock Financial Management, Inc. earlier this year to sell certain securities in the general estate, along with securities in the fund of customer property that are not being distributed in-kind to customers. That process is now complete. The Trustee is now focused on the disposition of the remaining securities. With the advice and consent of the Securities Investor Protection Corporation and in consultation with advisors to major creditor constituencies, the Trustee has retained Miller Buckfire & Co., LLC. and Stifel Fixed Income to help sell all remaining securities. The tiered marketing process will be competitive, transparent, and designed to maximize value for the LBI estate.
- Miller Buckfire/Stifel will conduct several rounds of weekly auctions. During this phase, a list of individual securities will be made publicly available each Monday, and bidders will have the opportunity to place bids through the following Tuesday, with winners informed on Wednesday.
- Miller Buckfire/Stifel will package any remaining securities into groupings for additional bids, the details of which will be provided in the future.
- Securities will have reserve prices set at the discretion of the Trustee and Miller Buckfire/ Stifel.
Source: Business Wire
The Mashantucket Pequot Tribal Nation (“MPTN”), owner of Foxwoods Resort Casino®, today announced that it has consummated its offers to exchange notes and closed on the restructuring of $2.3 billion in debt obligations.
The transactions, which represent the resolution of 100% of creditor claims, reduce MPTN’s debt outstanding by $550 million and extend maturities. In conjunction with the restructuring, Foxwoods received $25 million of new senior secured financing comprised of $5 million in revolving credit and a $20 million term loan. “This is truly a milestone event for MPTN and Indian Country as a whole,” said Tribal Council Chairman Rodney Butler. “The new capital structure not only allows Foxwoods to move forward as a stronger competitor, it also renews the financial stability of our entire Tribal Nation.” “The completion of our balance sheet restructuring is an historic occasion for Foxwoods and for the relationship between Wall Street and Native American gaming enterprises,” said Foxwoods CEO Scott C. Butera. “With our new capital structure in place, we have long-term financing at favorable rates. And along with the improvements we’ve made in our operations – from streamlining our cost structure to advancing our service and revamping our marketing – we are now in a strong position to build our gaming and hospitality business in the region.”
Under the terms of the agreement, MPTN's senior secured credit facility and Kien Huat loans were restructured into two term loans with five- and seven-year maturities. MPTN bondholders received new securities with lengthened maturities of 13, 18 and 23 years based on the seniority of the existing bonds. The new money revolver and term loan each have a maturity of 30 months.
”The Tribal Council expresses its profound gratitude to everyone involved in the four-year restructuring effort, in particular, our Tribal Members, employees, vendors, guests and local community partners for their dedication and support throughout this process,” said Chairman Butler. “We also want to thank our creditors and the team of bankers and advisors who helped to engineer these landmark agreements.” Miller Buckfire & Co., LLC, a Stifel Company, served as financial and restructuring advisor to MPTN, and its legal counsel was Weil, Gotshal & Manges LLP.
About the Mashantucket Pequot Tribal Nation The Mashantucket Pequots are a native Algonquin people in southeastern Connecticut who endured centuries of conflict and survive today on the oldest continuously occupied reservation in the U.S., dating to its establishment in 1666. As the first native people within the borders of the continental United States to suffer attempted genocidal massacre by Puritan Colonists in 1637, the Pequots and their repatriation is an unprecedented story of restoration exhibited in detail at MPTN’s world-class Museum and Research Center (www.pequotmuseum.org).
April 22 (Bloomberg) -- Kenneth Buckfire and Norma Corio, co-presidents of Stifel Financial Corp.'s Miller Buckfire & Co., talk about the outlook for municipal restructuring in Detroit. They spoke with Erik Schatzker and Sara Eisen on Bloomberg Television's "Market Makers." (Source: Bloomberg)
Firms' Strategic Alliance Leads to Closer Integration
ST. LOUIS, MO and NEW YORK, NY--(Marketwire - Dec 20, 2012) - Stifel Financial Corp. (NYSE: SF) and Miller Buckfire & Co., LLC today announced an agreement whereby Stifel has acquired 100 percent of Miller Buckfire, effective immediately.
"Ken Buckfire and his team comprise the preeminent franchise in restructuring advisory, and we are excited that Miller Buckfire is now a full partner of Stifel," said Ronald J. Kruszewski, Chairman, President, and CEO of Stifel Financial Corp. "We have been very pleased with the success of our strategic alliance. The decision to combine presented the logical next step following our initial investment a year and a half ago."
Victor Nesi, Co-Head of the Institutional Group at Stifel Financial, added, "As we continue to build our investment banking capabilities, bringing our two firms together enables us to efficiently provide capital markets and investment banking services to clients with special financing needs, such as those historically provided by Miller Buckfire."
"Through our combination with Stifel, we are confident we have the right platform from which we can continue to provide our clients with intelligent and creative restructuring advice to companies with unique financial challenges," said Kenneth A. Buckfire, Chief Executive Officer of Miller Buckfire. "Operating as part of Stifel will further enable us to provide a full range of capital markets solutions to our clients. My partners and I look forward with great optimism as we enter this new combination with Stifel."
Stifel Financial Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel clients are served through Stifel, Nicolaus & Company, Incorporated in the U.S., through Stifel Nicolaus Canada Inc. in Canada, and through Stifel Nicolaus Europe Limited in the United Kingdom and Europe. The Company's broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. offers trust and related services. To learn more about Stifel Financial, please visit the Company's website at www.stifel.com.
Cautionary Note Regarding Forward-Looking Statements
The information contained in this press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this report not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this report are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Material factors and assumptions could cause actual results to differ materially from current expectations. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. The Company disclaims any intent or obligation to update these forward-looking statements.
Stifel Investor Relations Contact
Miller Buckfire Contact
Chuck Dohrenwend or Dana Gorman
The Abernathy MacGregor Group
Oct. 26 (Bloomberg) -- James Doak, managing director at Miller Buckfire & Co., talks about distressed market activity and the impact of Federal Reserve policy on credit markets. Doak speaks talks with Erik Schatzker and Sara Eisen on Bloomberg Television's "Market Makers." (Source: Bloomberg)