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FOR IMMEDIATE RELEASE Jefferies Expands Recapitalization & Restructuring Practice Into Europe; Co-Head Richard Nevins Relocates to London LONDON--(BUSINESS WIRE)--July 16, 2004--Jefferies International Limited, a subsidiary of Jefferies Group, Inc. (NYSE: JEF), is pleased to announce the expansion of Jefferies' recapitalization and restructuring advisory business into the European market. As an extension of Jefferies' leading practice in the United States, the newly established team will offer senior-level restructuring advisory services to Jefferies' growing client base in the European market. Richard Nevins, co-head of the restructuring team at Jefferies & Company, Inc. since 1998 with over 20 years experience, has relocated to Jefferies International's London office to lead the European practice. He will be responsible for expanding Jefferies' presence in the European restructuring market. Mr. Nevins commented, "In today's multi-national marketplace, companies in distressed situations increasingly benefit from a global perspective. By extending our highly successful US recapitalization and restructuring practice, the establishment of a European business will further enhance our offering to clients, providing them with a team of restructuring experts who are able to mobilize and react quickly to their individual local needs. With the rapid development of Europe's restructuring market, the decline of relationship lending, and the substantial, if belated, growth in Europe's high yield market, the opportunity is immense." Bill Derrough, co-head of the Jefferies US restructuring practice, added: "Jefferies takes pride in its ideas-based approach to resolving the notoriously complex issues surrounding distressed situations. Jefferies' offering is distinctive because, in addition to providing the customary advisory services, we are also able to offer clients a full suite of investment banking solutions, including high yield and equity underwriting, trading and research. Richard's wealth of experience in this diverse arena will be invaluable as we continue to develop our business both in the US and Europe." Jefferies' global Recapitalization and Restructuring Group has over 40 bankers working across industry sectors to meet the unique challenges facing financially distressed companies. Representing issuers, bondholders, creditors, as well as buyers and sellers of assets, the firm has restructured nearly $100 billion in liabilities since 1998, including successfully completing exchange offers with an average exchange offer acceptance ratio of 99.3%. Jefferies is currently representing bondholders in Parmalat's Canadian operating company, and represented the unsecured creditors in the Federal-Mogul restructuring, which created a precedent for a coordinated US / European restructuring, utilizing the EU's "center of main interest" legislation. Notes to editors: Jefferies, a global investment bank and institutional securities firm, has served middle-market and growth companies and their investors for over 40 years. Headquartered in New York with more than 20 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities, serving institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefco.com), a publicly traded holding company. Jefferies International Limited, a UK-incorporated, wholly owned subsidiary, was established in London in 1985 and is regulated by the Financial Services Authority ("FSA"). CONTACT: SOURCE: Jefferies |
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