Cadwalader Promotes Two London Financial Restructuring Practitioners to Partnership.

LONDON -- Cadwalader, Wickersham & Taft LLP, one of the world's leading law firms, announced today that Karl Clowry and Jackson Taylor, both members of the Financial Restructuring Department in London, have been elected to the partnership.

"We are pleased to welcome these two outstanding lawyers into our partnership," said Christopher White, Cadwalader's Chairman. "Both Karl and Jackson have demonstrated outstanding skill and judgment in service of our clients. Their promotion evidences the continued vitality of the firm's London practices."

"Karl and Jackson are both accomplished restructuring practitioners with whom we look forward to collaborating as we expand our restructuring presence in the UK and Europe," said Cadwalader's Financial Restructuring Department Co-Chairman Bruce R. Zirinsky.

Deryck Palmer, also a Co-Chairman of the Financial Restructuring Department, stated, "We expect that Karl and Jackson will be key players in cross-border work, particularly at a time when there is increased distressed debt and workout activity around the world."

Mr. Clowry focuses his practice on debt restructuring and corporate refinancing, acting for lenders, special situation investment groups, bondholders, distressed investors, financial sponsors, insolvency practitioners, and corporate debtors. He concentrates on large cross-border transactions usually involving complex capital structured financings. Mr. Clowry was lead counsel for the second-lien lenders in the Schefenacker PLC restructuring, which was recognised as the Restructuring Deal of the Year at the 2008 IFLR European Awards. He is a regular speaker at restructuring, insolvency, and banking conferences, and contributes to various banking and restructuring publications. He is the author of the "Debt for Equity Swaps" chapter in the book Workouts and Restructurings. He obtained a First Class Honours degree in Natural Sciences from Trinity College, Dublin, and his Master in Laws degree, with merit, from the University of London. The recipient of an award from The British Academy, he qualified as a Barrister after attending the Inns of Court School of Law and also qualified as a Solicitor.

Mr. Taylor is a corporate insolvency lawyer, focusing on cross-border corporate restructuring. He has advised creditors, insolvency practitioners, debtor companies, and directors on a range of contentious and consensual insolvency processes. He now primarily acts for institutional creditors and ad hoc creditors' committees on restructuring financially distressed companies outside of formal insolvency proceedings. Mr. Taylor has acted in some of Europe's most notable restructurings, including the equitisation and restructuring of British Energy (representing the Ad Hoc Bondholders' Committee), the restructuring of Eurotunnel (representing MBIA), the equitisation of MyTravel (Ad Hoc Committee of Convertible Bondholders) and the equitisation and refinancing of Schefenacker (acting for the Steering Committee of Mezzanine Lenders). He also advises institutional clients on private transactions in distressed and special investment situations. Mr. Taylor is the author of the book Bondholders' Rights, which appraises the legal redress available to bondholders against event risk transactions. A barrister and solicitor of the Supreme Court of Victoria, he graduated with double degrees in Commerce and Law (with Honours) from The University of Melbourne and studied insolvency during his Master of Laws degree, which he obtained with a first class average.

About Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP, established in 1792, is one of the world's leading international law firms, with offices in New York, London, Charlotte, Washington and Beijing. Cadwalader serves a diverse client base, including many of the world's top financial institutions, undertaking business in more than 50 countries in six continents. The firm offers legal expertise in antitrust, banking, business fraud, corporate finance, corporate governance, environmental, healthcare, insolvency, insurance and reinsurance, intellectual property, litigation, mergers and acquisitions, private client, private equity, real estate, regulation, securitisation, structured finance, and tax. More information about Cadwalader can be found at www.cadwalader.com.