Andrew Hede and Dennis Stogsdill Named Co-Heads of Alvarez & Marsal National Creditor Advisory Services.

NEW YORK -- National Team to Continue Expansion of A&M's Advisory Services to Secured and Unsecured Creditor Groups

Alvarez & Marsal, a global professional services firm, announced that New York-based managing directors Andrew Hede and Dennis Stogsdill have been named national co-heads of the firm's Creditor Advisory Services, which specializes in advising lender groups, bondholders and trade vendors in distressed and non-distressed situations.

"For the last five years, Alvarez & Marsal has maintained a dedicated focus on serving the needs of secured and unsecured creditor constituencies involved in complex workout situations," said Bryan Marsal, co-chief executive and a founder of Alvarez & Marsal. "Andrew and Dennis exemplify the world class talent at A&M, and it was for this reason that we asked them to lead our continued expansion in Creditor Advisory Services. They have consistently demonstrated the dedicated focus, expertise, and energy needed to deliver the right answer in high stakes situations."

Mr. Marsal emphasized the pair will continue to leverage the firm's deep operational roots, extensive range of restructuring and non-restructuring capabilities and experienced professionals across the United States as well as in Europe, Asia and Latin America to service client needs.

Mssrs. Hede and Stogsdill have recently been involved in a number of high profile creditor assignments including: Delphi Corporation, the world's largest automotive component manufacturer, serving as financial advisor to the pre-petition senior lenders; Winn Dixie Stores, which operated about 900 grocery stores in the Southeastern United States and Bahamas, serving as operations and real estate advisor to the official committee of unsecured creditors; Fleming Companies, one of the largest wholesale grocery distributors in the U.S., serving as financial advisor to the senior lenders; and Exide, a maker of automotive and industrial batteries, serving as financial advisor to the senior lenders.

Other notable A&M Creditor Advisory assignments have included: Collins & Aikman, Oneida, Bush Industries, World Kitchen, Formica, Microcell Telecom, Dan River, DVI, AT&T Latin America, Parmalat (Latin America), US Airways (Retiree Committee), DS Waters, Anchor Glass, Aladdin Casino, ANC Rental, Magellan Health, Polymer and Rent Way, among others.

A seasoned restructuring professional with experience in both the United States and Australia, Mr. Hede has advised clients in numerous formal and out-of-court restructurings. His primary areas of concentration include financial and operational reviews, liquidity management, business and asset divestment, cross-border insolvency issues, business plan preparation and review, solvency analysis, recapitalization strategies, and negotiation of reorganization plans. Prior to joining A&M, Mr. Hede spent nine years in the corporate restructuring practice of Arthur Andersen and specialist financial consulting firms in New York and Melbourne, Australia.

"A&M brings an extensive base of dedicated senior professionals with deep creditor advisory experience across the United States, Europe, Asia and Latin America. This gives us the distinct advantage of being able to effectively service our clients on a regional and international basis, and deliver a consistent level of quality and expertise in complex matters," said Mr. Hede. "The firm's operational heritage combined with our complementary advisory services such as real estate, business consulting and dispute analysis and forensics, position A&M to provide a unique 'one-stop' solution to creditor constituencies."

Mr. Stogsdill has been involved in all aspects of the reorganization process primarily in advising troubled companies and creditors in distressed situations by developing creative solutions, including the development of workout, restructuring and refinance scenarios tailored to the individual client or creditor's needs. He has assisted clients in bankruptcy planning, business plan preparation and review, cash flow projections, liquidation analyses, business valuations, and in the development and negotiation of reorganization plans. Prior to joining A&M, Mr. Stogsdill was with a boutique investment bank, where he assisted in the formation of its restructuring practice. Previously, he was with the corporate restructuring practice of Arthur Andersen.

"While perhaps better known for turning around troubled companies, A&M has successfully advised creditors in many of the high profile restructurings over the last five years," said Mr. Stogsdill. "Our team of professionals has a proven track record as an advocate for creditor groups and for maximizing returns in complex situations."

Alvarez & Marsal

Alvarez & Marsal is a leading global professional services firm with expertise in guiding underperforming companies and public sector entities through complex financial, operational and organizational challenges. The firm employs a distinctive hands-on approach by working closely with clients, management and stakeholders to resolve problems and implement solutions. Founded in 1983, Alvarez & Marsal draws on its strong operational heritage to provide specialized services, including: Turnaround and Management Advisory, Crisis and Interim Management, Performance Improvement, Creditor Advisory, Global Corporate Finance, Dispute Analysis and Forensics, Tax Advisory, Business Consulting, Real Estate Advisory and Transaction Advisory. A network of experienced professionals in locations across the US, Europe, Asia and Latin America, enables the firm to deliver on its proven reputation for leadership, problem solving and value creation.

For more information, visit www.alvarezandmarsal.com or contact: Chief Marketing Officer Rebecca Baker at [phone], or e-mail [e-mail].