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Press Releases
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| FTI Consulting Launches European Restructuring Practice |
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Annapolis, MD
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October 1, 2003
Annapolis, MD/London, United Kingdom, October 1, 2003—FTI Consulting, Inc. (NYSE: FCN),
the premier provider of turnaround, bankruptcy and litigation-related consulting services in the United
States, announced today the launch of its European restructuring practice with the opening of an office
in London. Finbarr O’Connor, senior managing director, has been appointed to head the London
office, reporting to Mike Policano, who will lead FTI’s European restructuring practice.
“Our European financial restructuring practice is a geographic extension of our U.S. practice and is
being established initially to serve our existing clients’ needs in Europe,” said Jack Dunn, chairman
and chief executive officer. “Many of our clients have challenging situations worldwide and are
increasingly requesting our services for matters that are either based in Europe or have a large
European component. In fact, FTI has been working with clients in the United Kingdom and Europe
for many years in a broad spectrum of industries and capacities,” said Mr. Dunn.
FTI’s European restructuring practice will also provide strategic, financial and operational advisory
services to lenders, companies, equity investors and other stakeholders of companies that anticipate a
downturn or are experiencing unfavorable financial performance. FTI also provides transitional
management and restructuring advice to companies that are experiencing declining or deficient
performance.
“Establishing FTI as a global company is an important strategic move as we continue to seek growth
opportunities and build on our reputation as an undisputed leader in helping companies that face
complex challenges,” continued Mr. Dunn.
“This is also a market expansion opportunity for FTI,” said Stewart J. Kahn, president and chief
operating officer. “Although the state of the restructuring market in Europe mirrors recent trends in
the U.S., considerable financial distress and uncertainty continue in many European capital markets.
In addition, we are seeing increased opportunities arising from conflicts of interest due to the
requirements of the Sarbanes Oxley Act for our U.S. clients with European operations,” said Mr. Kahn.
Under Mr. O’Connor, FTI’s European practice will manage engagements and mobilize the right
resources to advise lenders and other stakeholders of companies on effective techniques to maximize
the value of loans and investments in underperforming companies throughout the European market.
Finbarr O'Connor
Finbarr O’Connor, senior managing director of FTI, has over 13 years experience and has advised a
range of public companies, leading financial institutions and other constituencies involved in some of
the largest financial restructurings in the United States. As a restructuring adviser, he has devised and
implemented corporate-improvement strategies, negotiated many recapitalizations and reorganization
plans and undertaken numerous corporate valuations. Throughout his career, Mr. O’Connor has been
engaged in a number of international restructuring matters and has practiced in both the United
Kingdom and Ireland.
Mike Policano
Michael Policano, senior managing director of FTI, has over 25 years experience and specializes in
providing financial restructuring advisory services and investigative services to the workout and
bankruptcy community, including creditors, debtors, equity holders and third-party purchasers. Mike
is a founding director of the Association of Insolvency and Restructuring Advisor, and a frequent
lecturer on restructuring related topics at top universities and trade groups.
About FTI Consulting
FTI Consulting is a multi-disciplined consulting firm with leading practices in the areas of turnaround,
bankruptcy and litigation-related consulting services. Modern corporations, as well as those who
advise and invest in them, face growing challenges on every front. From a proliferation of “bet-the-company”
litigation to increasingly complicated relationships with lenders and investors in an ever-changing
global economy, U.S. companies are turning more and more to outside experts and
consultants to meet these complex issues. FTI is dedicated to helping corporations, their advisors,
lawyers, lenders and investors meet these challenges by providing a broad array of the highest quality
professional practices from a single source.
This press release includes "forward-looking" statements that involve uncertainties and risks. There
can be no assurance that actual results will not differ from the company's expectations. The company
has experienced fluctuating revenues, operating income and cash flow in some prior periods and
expects this may occur from time to time in the future. As a result of these possible fluctuations, the
company’s actual results may differ from our projections. Other factors that could cause such
differences include pace and timing of additional acquisitions, the company's ability to realize cost
savings and efficiencies, competitive and general economic conditions and other risks described in the
company's filings with the Securities and Exchange Commission. |
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