Blackstone Adds to Distressed Debt Group Expertise.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Blackstone Group today announced the recent addition of Joseph Russick as a Principal in the Firm's 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 hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" . The fund was launched in July of last year with an oversubscription Oversubscription The excess number of shares or bonds that investors want to buy but are not available due to high demand. for its initial funding target of $500 million and is currently closed to additional capital. Mr. Russick was previously a vice president at Bennett Restructuring Funds, a billion dollar hedge fund, where he specialized in public and private investments focused on the distressed debt of companies in or near bankruptcy. While at Bennett, he co-led the Magnatrax bank steering committee and served on the boards of Bush Industries and Syratech Corporations. He also chaired and served on various creditor committees. Prior to Bennett, Mr. Russick was with Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , where he focused on mergers and acquisitions primarily in industrial-related sectors, which also included advisory in distressed situations. He began his career at Air Products and Chemicals where he most recently served in various international development roles. John Dionne, Senior Managing Director and Chief Investment Officer commented; "We are delighted to have Joe on board. His broad expertise across so many aspects of the distressed debt arena will add further depth to our all-senior research team, which averages a decade of experience in distressed debt and credit." |
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