Bear Stearns Grows Special Situations Group in Europe; Joachim Koolmann among New Hires to Focus on Restructurings and Recapitalisations.LONDON -- Bear, Stearns International Limited today announced the expansion of its special situations group with the hires of Joachim Koolmann, Patrick McNellis and Stephen Hamilton. The hires add further expertise to the significant franchise this group has acquired in Europe. The special situations group is part of Fixed Income and consists of experts in corporate restructuring and recapitalisation for distressed debt distressed debt Debt with low junk status and a market price substantially below par value, often pennies on the dollar. Investors sometimes buy distressed debt on the possibility that management can renegotiate loan agreements and keep the issuer out of . The group has seen considerable growth and investor demand across Europe and its recent significant debt purchases and restructurings include companies such as Deutsche Nickel AG and Concordia Bus AB. Mr. Koolmann joins as a senior managing director with the specialist brief of restructuring debt. He brings 20 years of experience in structured private placements, high yield, leveraged finance and corporate restructuring. Patrick McNellis and Stephen Hamilton, both join as managing directors, and will utilise their skills in sourcing and sales in stressed and distressed debt to cover financial institutions and investors in a sales capacity. Commenting on the hires, Yves Leysen senior managing director and head of debt corporate finance in Europe, said, "This growing market demands considerable expertise and experience and Joachim, Patrick and Stephen certainly meet this criteria in their specific fields. These important hires will bolster our strong franchise and meet the growing demand of investors who are joining us in investing in this market." Mr. Koolmann joins Bear Stearns from Deutsche Bank, where he was a senior member of its distressed products group focusing on restructuring. Previously, he worked at Dresdner Kleinwort Wasserstein, Bankers Trust and JP Morgan in positions within leveraged finance, high yield capital markets and structured private placements respectively. Mr. McNellis has over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. of experience in corporate lending and loan sales in the United States and Europe. Most recently, he was a consultant to EuroHypo Bank in Frankfurt placing high yield and mezzanine real estate loans in the European market. Prior to this, he was in high yield sales at Morgan Stanley for 7 years and was 3 years at Alex Brown & Sons. Mr. Hamilton is an expert on credit risk management and joins Bear Stearns from ABN Amro, where he was a vice president in the financial restructuring & recovery group for the last 5 years, dealing with large multi-bank restructurings. Previously, he worked for 20 years at National Westminster Bank/Royal Bank of Scotland Bank of Scotland plc is a commercial and clearing bank, based in Edinburgh, Scotland. With a history dating to the 17th century, it is the oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to in credit risk management and corporate restructurings. Bear, Stearns International Limited is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) BSIL BSIL Blue Screen Infinite Loop currently employs approximately 1,000 staff in London who serve corporations, institutions, partnerships and governmental entities in the United Kingdom, Europe and the Middle East. BSIL's capabilities include investment banking, institutional equities and fixed income sales, trading and research, derivatives, financial futures financial futures Obligations to buy or sell particular positions in financial instruments. The features of financial futures are identical to those of any futures contract except that the asset for delivery is of a financial nature. , foreign exchange, private client services and global clearing. Bear, Stearns International Limited is authorised and regulated by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . Founded in 1923, The Bear Stearns Companies Inc. (NYSE:BSC), with approximately $58.4 billion in total capital, serves governments, corporations, institutions and individuals worldwide. Its major subsidiary, Bear, Stearns & Co. Inc., includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. , clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 12,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com. |
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