[January 17, 2018] |
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Woodbridge Group of Companies Announces Appointment of Three Additional Independent Managers
Woodbridge Group of Companies, LLC and certain of its affiliates and
subsidiaries (together "the Company" or "Woodbridge"), announced today
that the Company has added three new members to its Board of Managers
(the "Board") to direct the business and affairs of the Company and the
Debtors' chapter 11 restructuring efforts.
This Board will be composed of the following additional people:
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Hon. James M. Peck, global co-chair of Morrison & Foerster's
Business Restructuring & Insolvency Group. Judge Peck served as a
United States Bankruptcy Judge for the Southern District of New York
from 2006 to 2014 and presided over the chapter 11 and SIPA cases of
Lehman Brothers (News - Alert) and its affiliates, constituting the largest
bankruptcy filing in U.S. history. Other notable matters over which
Judge Peck presided include the chapter 11 cases of Iridium, Quebecor,
Charter Communications (News - Alert), Extended Stay Hotels, and ION Media and the
chapter 15 case of Japan Airlines. Judge Peck also brokered
settlements in a number of high-profile cases including American
Airlines, Syms/Filenes, MF Global, General Motors (News - Alert), Residential
Capital, and Excel Maritime.
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Hon. Robert E. Gerber, former United States Bankruptcy Judge in
the Southern District of New York, serving for 15 years. During his
tenure as a federal bankruptcy judge, he presided over a broad array
of chapter 11, chapter 7, chapter 15, section 304 and SIPA
cases-including PSINet, Ames epartment Stores, Global Crossing (News - Alert),
Adelphia, ABIZ, Basis Yield Alpha Fund, Lyondell Chemical,
BearingPoint, DBSD North America, Chemtura, Pinnacle Airlines,
Houghton-Mifflin Harcourt and General Motors. He was named as one of
the nation's outstanding bankruptcy judges six times.
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David J. (Jan) Baker, retired partner of Latham & Watkins and
former global co-chair of the firm's Restructuring, Insolvency &
Workouts Practice. During his career as a lawyer, Mr. Baker
represented companies, lenders, committees, acquirers and other
parties in connection with restructuring matters, and advised boards
of directors on matters related to corporate governance and fiduciary
duty. He is a Fellow of the American College of Bankruptcy and
previously served as its president and then its Chair, a member of the
International Insolvency Institute and recently served as a member of
the ABI Commission to Study the Reform of Chapter 11. Mr. Baker
frequently lectures and writes on issues involving corporate
reorganization and restructuring. Since retiring from the practice of
law, he has concentrated on board-related work for public and private
companies going through restructurings.
"Acting in consultation with stakeholders, including the Ad Hoc
committees, the Debtors are delighted that such highly regarded and
esteemed individuals have joined the Board of Managers," said Marc
Beilinson of Beilinson Advisory Group, formerly the sole independent
manager of the Debtors. "These additions further the Debtors' commitment
to independent decision-making and transparency in these cases. The
Board looks forward to working with all constituents in an effort to
maximize value of the estates and their distribution to stakeholders,"
said Mr. Beilinson.
Court filings and other information related to the restructuring are
available at www.gardencitygroup.com/cases/WGC.
Gibson Dunn & Crutcher LLP and Young, Conaway, Stargatt & Taylor, LLP
are serving as legal advisors. SierraConstellation Partners LLC is
serving as chief restructuring officer and financial advisor, and
Beilinson Advisory Group is serving as independent management to the
debtors.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180117006582/en/
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