Bangkok--Dec 23--Aziam Burson-Marsteller
For the second consecutive year, Ferrier Hodgson receives prestigious International Financing Review (IFR) Asia 'Debt Restructuring Adviser' of the year award
Ferrier Hodgson, a leading accounting, financial restructuring and recovery firm, today announced that it has the honor of being named "Debt Restructuring Adviser" of the year 2002 by International Financing Review (IFR), a unit of the Thomson Financial Group.
Launched in 1974, IFR is a leading global publication offering intelligence and data on international financing and capital markets. Its annual awards are established as the benchmark of achievement in global capital markets.
Ferrier Hodgson won the same award last year.
IFR's criteria for selecting the award winner included 'what the Restructuring Adviser of the Year has achieved in terms of how many deals the firm has completed, the size of the deals it has settled, the challenges overcome in completing deals (including regulatory, legal and logistical), and the innovative and unique methods used in bringing about restructurings.'
"We are certainly honoured to receive this award as it is a great testament to our achievements during 2002, all of which are underpinned by our focus on providing lasting business and financial solutions to all our clients," said Mr Peter J Gothard, Managing Director of Ferrier Hodgson Limited, Thailand.
"Complex restructuring problems require an approach which coordinates the intelligence and experience of the many creditors, debtor representatives, professional advisers and other stakeholders to the resolution of the problem."
"It is the Ferrier Hodgson approach to work as a team with stakeholders and industry experts to understand a debtor's business and business problems. Our emphasis is on finding commercially realistic solutions to fairly address the competing needs of all stakeholders in a restructuring. This is critical to our success and we value the co-operation and professionalism of those creditors, employees, managers and government institutions we work with," added Mr Gothard.
In terms of its consistently working to ensure the interests of all stakeholders are upheld, IFR noted that "in the case of Robinson Department Stores' US $ 350 million debt restructuring, though Ferrier Hodgson was appointed by creditors to draw up and implement a rehabilitation plan for the company, the success of the plan was ultimately due to Ferrier Hodgson coming up with a proposal that was fully supported by shareholders and management. A little more than two years after Ferrier Hodgson together with management began implementing the plan, the company had rehabilitated to the stage where it was able to re-list on the Thai Stock Exchange."
Mr Gothard added that unlike other accounting firms, "Our work does not stop with the completion of due diligence and identification of a business' problems. These are essential but we have always believed in going further by understanding and managing all stakeholders, evaluating and prioritizing risks and opportunities working with our industry experts to provide business and industry analysis and designing and implementing practical solutions."
In terms of hands-on industry expertise which Ferrier Hodgson draws upon in all restructurings, IFR noted that, "In Thai Petrochemical Industry, another landmark restructuring the firm was involved in, Ferrier Hodgson brought in Barry Murphy , a leading oil industry expert with 30 years experience in Asia, to give the specialist knowledge needed to run TPI's complex operations. Similarly, in the restructuring of Siam Strip Mill, Ferrier Hodgson brought in Hardy Papson, a former president of BHP Steel (Thailand) and a veteran of the Asian steel industry, to give it the perspective needed to solve both the company's operational and financial problems."
"What is most pleasing about this award is the recognition of our making, especially in the case of TPI, direct and positive social contributions through the preservation of jobs and productive industrial capacity," added Mr Gothard. "As Plan Administrators of TPI, we are keenly aware of the impact of our activities on thousands of employees and their families and are proud of our record in restructuring TPI and thereby alleviating the financial pressures felt by its employees."
IFR praised Ferrier Hodgson by stating, 'Fortunately, a growing number of creditors are realizing that Ferrier Hodgson provides the leadership, the imagination and solutions that remove the obstacles lenders often make for themselves or that debtors put in their way. In the environment where so few quality restructuring deals have been concluded in the past few years, it is a pity that there aren't more Ferrier Hodgsons in Asia.'
Ferrier Hodgson operates throughout the Asia Pacific region with offices in Australia, Hong Kong, Indonesia, Malaysia, New Zealand, Singapore and Thailand. The firm specializes in financial restructuring, corporate recovery, insolvency management and related services. Ferrier Hodgson established a Bangkok office in March 1998. Since then, the firm has developed a solid and growing presence in Bangkok with 50 specialists in diverse sectors including banking, petrochemical, telecommunications, hotel, property and transportation. In Thailand, Ferrier Hodgson has been involved in projects acting for creditors (including major bank lenders) and shareholders, with the total financial debts of transactions exceeding USD 12 billion.
Editors Note: A copy of IFR's two page 'Debt Restructuring Adviser' award
article for year 2002 is available upon request.
For Immediate Release
For more information,
please contact:
Aziam Burson-Marsteller
James, Waraporn, Satida
Tel. 662-252-9871-7 End.
-TM/SN-