Overview
GLC Advisors & Co., LLC (GLC Advisors or GLCA) is a boutique advisory firm founded exclusively to provide financial restructuring services to companies, creditors, prospective buyers and other stakeholders in corporate restructurings. GLCA provides senior-level attention and expertise to successfully execute restructurings for its clients. We have a team of experienced professionals based in New York and San Francisco.
Restructuring Expertise
GLC Advisors' restructuring professionals are uniquely qualified and highly regarded in the industry. Our professionals have been the lead restructuring advisor to companies and creditors on more than 120 transactions involving more than $180 billion of debt and preferred securities, including:
- Adelphia Communications Corporation – company advisor on $17.6 billion restructuring
- Charter Communications – creditor advisor on $21.0 billion restructuring
- Centerplate – company advisor on $250 million restructuring
- Denny’s Corporation – company advisor on $625 million restructuring
- Integrated Health Services – company advisor on $3.5 billion restructuring
- Lumenis – company advisor on $210 million restructuring
- Pharmanet Development Group – company advisor on $186 million distressed sale
- Qwest Communications – company advisor on $12.9 billion recapitalization
- Revlon – company advisor on $967 million restructuring
- Sirius Satellite Radio / Liberty Media Corp. – investor advisor on $530 million transaction
- Trump Hotels and Casino – company advisor on $1.8 billion restructuring
- Young Broadcasting – company advisor on $800 million restructuring
Service Offerings
GLC Advisors provides dedicated, objective, senior-level expertise to successfully execute financial restructurings for its clients.
Our comprehensive service offerings involve all aspects of corporate restructurings, including:
- Out-of-court reorganizations
- Prearranged / prepackaged bankruptcies
- Preemptive recapitalizations
- Exchange offers
- Expert testimony
- Fairness / solvency opinions
- Asset sales / distressed M&A
- Private placements
- DIP financings
- Trading expertise
Affiliation with GLC
GLC Advisors is affiliated with Global Leveraged Capital (GLC), a private merchant banking firm that invests debt and equity capital in middle-market companies. With approximately $700 million of assets under management, GLC provides capital for LBOs, strategic acquisitions, recapitalizations and growth financings. GLC also invests in the debt of distressed companies. For further information, please visit www.glcmerchantbanking.com.
Key GLC Advisors Team Members
Thomas M. Benninger – Chairman
Mr. Benninger founded GLC in 2005 with three other Managing General Partners. Prior to founding GLC, Mr. Benninger was at UBS where he was the Global Head of Restructuring. Mr. Benninger was also Head of the Growth Capital Group and a Member of the North American Executive Management Committee. Prior to UBS, Mr. Benninger was the Head of the Restructuring Group at Donaldson Lufkin & Jenrette / Credit Suisse First Boston. Previously, Mr. Benninger was Co-Head of the Specialized Restructuring Group at Smith Barney. Prior to Smith Barney, Mr. Benninger was at Drexel Burnham Lambert and Arthur Andersen & Co. Mr. Benninger is listed in The K&A Restructuring Register and has received multiple industry awards for his restructuring activities. Mr. Benninger has served on numerous boards of directors and is currently the Chairman of Tropicana Entertainment Holdings, LLC (post bankruptcy filing). Mr. Benninger holds MBA and BA degrees from Stanford University and is a CPA.
Jeffrey Gelles – Managing General Partner
Mr. Gelles was previously a Managing Director in UBS’s Restructuring and Leveraged Finance Groups based in San Francisco. Mr. Gelles was Head of Restructuring and Leveraged Finance for Technology, Media, and Telecommunication (TMT) and he was Head of the San Francisco office for his group. As such, he maintained a dual focus on advising companies facing capital structure difficulties and raising capital. Prior to joining UBS, Mr. Gelles worked in Leveraged Finance at Morgan Stanley and Salomon Brothers. During this period, he led senior loan, high yield, and mezzanine financing transactions for emerging companies, primarily in the telecom and technology sectors. Prior to Salomon Brothers, Mr. Gelles worked with Deloitte & Touche as a Manager in the Restructuring Group. At Deloitte, Mr. Gelles provided financial and operational restructuring advisory services to troubled middle-market companies in a variety of sectors including retail, manufacturing, agribusiness, and construction. His transaction experience included both out-of-court and in-court reorganizations as well as debtor and creditor assignments. Mr. Gelles holds an MBA from Harvard Business School and a BA degree from Stanford University.
Soren Reynertson – Managing General Partner
Mr. Reynertson was previously a Managing Director in UBS’s Restructuring, Financial Sponsors & Leveraged Finance Groups based in New York. Mr Reynertson was also Head of UBS’s European Restructuring team based in London. Mr. Reynertson has primarily worked with stressed and distressed companies since 1994 on a number of assignments including out-of-court workouts, recapitalizations, bankruptcy reorganizations, financing transactions and creditor representations. Mr. Reynertson was previously a Managing Director and Head of the European Strategic Finance Group at Morgan Stanley in London. From 1996 to 1999 Mr. Reynertson was also a crisis manager for Jay Alix Partners where he focused on taking operating roles in financially distressed businesses. Prior to Jay Alix Partners, Mr. Reynertson worked in Price Waterhouse’s Corporate Recovery Group in New York, providing advisory services to troubled companies and their creditors. Mr. Reynertson holds an MBA from Columbia Business School and a BA from Emory University.
Abe Han – Managing Director
Mr. Han was previously a Principal in GLC Merchant Banking where he was primarily focused on distressed investing and workouts. Prior to GLC Merchant Banking, Mr. Han was an Executive Director in UBS’s Restructuring and Leveraged Finance Groups based in New York where he was responsible for the execution and structuring of restructuring, alternative capital, leveraged loan and high yield bond transactions. Prior to joining UBS, Mr. Han was the steel division manager for Hyundai Corp. (USA). Mr. Han has served on Star Tribune’s official unsecured creditors committee in bankruptcy and currently sits on PRC’s board of directors representing the pre-petition 2nd lien lender class. Mr. Han holds an MBA from Northwestern University and a BA degree from Rutgers University.
Erwin Mock – Principal
Mr. Mock was previously a Director in UBS’s Restructuring and Leveraged Finance Groups based in San Francisco. Since joining UBS in 2004 as an Associate Director, Mr. Mock executed numerous leveraged finance and restructuring transactions with a particular focus on the technology, business services and satellite telecommunications sectors. Previously, Mr. Mock was a private equity investor at Gryphon Investors, a middle-market buyout firm. At Gryphon, Mr. Mock was responsible for sourcing, analyzing, executing, and monitoring investments, primarily in the business services and retail sectors. Prior to joining Gryphon, Mr. Mock was an Analyst in UBS’s Restructuring Group where he worked on a number of distressed assignments including bankruptcy reorganizations, recapitalizations and out-of-court workouts. In addition, Mr. Mock executed several leveraged finance and M&A transactions in this role. Prior to joining UBS, Mr. Mock was an Analyst in the Restructuring Group at Donaldson, Lufkin & Jenrette / Credit Suisse First Boston in San Francisco. Mr. Mock holds a BA in Economics and Political Science from Stanford University.
Michael Sellinger – Principal
Mr. Sellinger was previously a Vice President in GLC Merchant Banking where he was primarily focused on distressed investing and workouts. Prior to GLC Merchant Banking, Mr. Sellinger was a Director in UBS’s Restructuring and Growth Capital Groups in San Francisco. Mr. Sellinger focused on the restructuring of distressed securities through out-of-court negotiations and in-court bankruptcy proceedings, as well as the new issuance of bank loans and high yield bonds. Mr. Sellinger also covered a number of leading financial sponsors. Prior to joining UBS, Mr. Sellinger was an Associate in the Restructuring Group of Donaldson, Lufkin & Jenrette / Credit Suisse First Boston in San Francisco. Mr. Sellinger began his career as an Analyst in investment banking for Donaldson, Lufkin & Jenrette in Los Angeles. Mr. Sellinger holds a BBA from the Stephen M. Ross School of Business at the University of Michigan.
Sam McGowan – Senior Associate
Mr. McGowan was previously an Associate Director in UBS’s Restructuring and Leveraged Finance Groups based in San Francisco where he focused on the structuring and execution of restructuring, alternative capital, leveraged loan and high yield bond transactions. Prior to joining UBS, Mr. McGowan served as a Lieutenant in the U.S. Navy on board a nuclear powered submarine. Mr. McGowan received an MBA from Harvard Business School and a BS degree in Systems Engineering from the United States Naval Academy.
Joe Pattaphongse – Senior Associate
Mr. Pattaphongse was previously an Associate Director in UBS’s Restructuring and Leveraged Finance Groups where he worked on large-scale corporate restructurings, distressed and regular-way M&A, and leveraged financings. Prior to working at UBS, Mr. Pattaphongse was also a Summer Associate in the Global Restructuring Group at Lehman Brothers in New York and an Equity Research Analyst at SCB Securities in Thailand. Mr. Pattaphongse holds an MBA from the UCLA Anderson School of Management and an AB in psychology, cum laude, from Harvard University.
Clara Sieg – Analyst
Ms. Sieg was previously an Analyst in UBS’s Restructuring and Leveraged Finance Groups in San Francisco. While there, she worked on restructuring transactions, including bankruptcies, distressed sales, and exchange offers, as well as high yield bond transactions. Ms. Sieg holds a BA in Economics from Stanford University.
Jordan Stevens - Analyst
Mr. Stevens was previously an Analyst in UBS’s Restructuring and Leveraged Finance Groups in New York. At UBS, Mr. Stevens was responsible for the execution and structuring of leveraged loan, high yield bond, and restructuring transactions. Mr. Stevens holds a BA in Economics from Yale University.
Elizabeth Yates - Analyst
Elizabeth Yates was previously an Analyst in UBS's Mergers and Acquisitions Group based in New York. At UBS, Ms. Yates worked on strategic and financial buy-side and sell-side transactions, distressed sales, as well as minority investments and spin-offs. Ms. Yates holds a BS in Economics with a concentration in Finance from the Wharton School at the University of Pennsylvania.