B&C Pension Fund Retains Gordian Group, LLC in Hostess Bankruptcy
PRESS RELEASE/January 19, 2013 –The Bakery, Confectionery Union and Industry International Pension Fund (Bakers Fund) announced today that it has engaged the prominent New York distressed investment banking firm, Gordian Group, LLC, in connection with Hostess Brands’ chapter 11 cases currently pending in the Bankruptcy Court for the Southern District of New York.
“We are making every effort for our members by working to preserve their jobs and pension benefits, and assisting with the continuation of Hostess’ business and operations. We are delighted to add Gordian’s firepower to our advisory team,” said BCTGM International President David B. Durkee, who is also Chairman of the Fund. “They have a long and excellent track record in distressed financial situations and we are pleased that they are now working with us.”
“Given the sale process that is underway, we believe the Bakers working with a buyer create the opportunity to increase value and are pivotal to the success of the business. Buyers should know that the Bakers are very interested in having direct discussions with them,” commented Gordian’s President and Head of Restructuring and Distressed M&A, Peter Kaufman. “The Bakers are here to work with bidders in any way as our sole goal is to maximize jobs and pension benefits for our members,” said Mr. Durkee. “We are looking to support and work with well-capitalized bidders.”
Kaufman added “Our mission here is a critical one, and we aim to assist the Bakers’ leadership and counsel in working with interested bidders to preserve jobs, providing a seamless restart of baking operations, and achieving the best possible outcome for the Bakers’ members under these difficult circumstances.”
Gordian distinguishes itself from other investment banks, among other ways, by providing conflict-free advice. Gordian has no institutional loyalties to funds or bondholders, including those in the Hostess Brands capital structure.
Gordian was named Outstanding Investment Banking Firm of 2011 by Turnarounds & Workouts magazine. Gordian has provided expert investment banking advice on a variety of high-profile corporate restructurings, including American Airlines (on behalf of the Transport Workers Union), Alamo/National Rent-a-Car, Ambac, General Motors, LTV Steel and many others. Kaufman and Gordian CEO Henry F. Owsley are co-authors of the definitive book on distressed investment banking.