Alvarez & Marsal Expands Central Regional Restructuring Practice.

Veteran Turnaround Industry Professional Robert M. Caruso Joins as Managing Director in Chicago

NEW YORK -- Alvarez & Marsal, the leading independent, privately-held global professional services firm, announced that Robert M. Caruso, a veteran turnaround industry professional, has joined the Chicago office as a managing director. He joins a growing team of world class professionals in the firm's central region, which includes offices in Chicago, Detroit, Dallas and Houston.

Bringing nearly two decades of experience across a range of industries including automotive and manufacturing, Mr. Caruso specializes in advising management teams, boards, lenders and other stakeholders of companies engaged in financial restructurings or performance improvement situations. His background includes advising on restructuring strategies; business plans and related financial projections; cost cutting and revenue enhancement strategies; liquidity management; sizing, structuring and raising DIP and other financing; preparing and operating companies through a Chapter 11 process; supplier management; and asset dispositions and wind-downs.

"Bob is one of the best and brightest advisors in the restructuring industry," said Jeffery Stegenga, head of A&M's central region restructuring practice. "His expertise, longstanding relationships and broad knowledge of manufacturing and automotive issues will be invaluable as we continue to meet the needs of organizations looking to improve operational and financial performance and navigate challenging periods of change."

Before joining A&M, Mr. Caruso was a senior managing director with the corporate finance/restructuring practice of FTI Consulting in Chicago. Before that, he was a partner with PricewaterhouseCoopers LLP, and a managing director with the corporate recovery services practice of KPMG. He holds a bachelor's degree in accountancy from the University of Illinois at Urbana, is a certified public accountant (CPA) in the State of Illinois, and a certified insolvency and reorganization advisor (CIRA), a member of the AICPA, Illinois CPA Society, the Turnaround Management Association (TMA) and the American Bankruptcy Institute (ABI).

Alvarez & Marsal

Founded in 1983, Alvarez & Marsal is the leading independent global professional services firm specializing in providing turnaround management and restructuring, performance improvement and corporate advisory services. The firm's seasoned team of professionals, based in U.S., Europe, Asia and Latin America, draws on a deep operational heritage and hands-on approach to help clients tackle complex business issues and maximize value for stakeholders.

Alvarez & Marsal received the Turnaround Management Association's "Turnaround of the Year" award in 2003 for its work with Warnaco, Inc. and again in 2005 for its work with Spiegel, Inc. The firm has also been recognized for its work with AMERCO (parent of U-Haul) and German drug store chain Ihr Platz, the country's first U.S.-style restructuring.

In addition to turnaround management services, including turnaround advisory, crisis & interim management, performance improvement and creditor advisory, Alvarez & Marsal provides real estate advisory, dispute analysis & forensics, corporate finance, tax advisory and transaction advisory as well as a full range of business consulting services.

For more information, visit www.alvarezandmarsal.