Phillip Siegel
New York
[ phillip.siegel@ca-llp.com ]
Phil Siegel is the Head of Compass' Restructuring Group, with over 35 years of financial and transaction experience including active involvement as a principal or advisor in many major restructuring transactions in the United States. Mr. Siegel joined Compass as a Principal in 2002.
Mr. Siegel advised PBGC in Delphi Corporation's Chapter 11 proceedings, during which he provided strategic advice on negotiating strategy, negotiated with parties-in-interest, and facilitated the $2.4 billion transfer of net liabilities from the Delphi Hourly-Rate Employees Pension Plan to General Motors Hourly-Rate Employees Pension Plan. He subsequently represented PBGC's interests related to the bankruptcy proceedings of Nortel Networks.
Mr. Siegel provided strategic advice to the independent trustee of the Pritzker Family Trust and to the Trust's airport parking business regarding the renegotiation of financing terms, assisting the company to cure technical defaults, extend maturities of the bank debt for up to five years on favorable terms, renegotiate achievable covenants, pay down a minimum amount of debt, and, restructure the operating company's balance sheet.
Mr. Siegel led the team in the acquisition of Fedders' residential HVAC business while in bankruptcy, by ELCO Holdings Ltd.-Airwell Group. He also advised Waterford Wedgwood in a capital raise securing €50 million in private equity funds.
Additional restructuring assignments Mr. Siegel has worked on include ATA Holdings Corp., Teleglobe Communications, Frank's Nursery & Crafts, RSL Communications, Kmart Corporation, WorldCom Inc., Quality Stores, WestPoint Stevens, Allied & Federated Stores, Bally's Grand, Carter Hawley Hale, Mayflower Group, National Gypsum, and Orion Pictures.
Prior to joining Compass, Mr. Siegel was an officer in Loeb Partners Corporation's Investment Banking & Restructuring Group. Before Loeb, Mr. Siegel had an M&A practice and was retained as consultant, acting Chief Executive or Chief Financial Officer of several public companies in the financial, service, manufacturing and insurance industries to effect a turnaround or sell underperforming assets. In addition, as a senior executive for Presidential Life Insurance Company, Mr. Siegel was responsible for restructuring its troubled portfolio investments.
Prior to joining Presidential Life, Mr. Siegel held the senior financial position at Reuters North America and was Vice President of Acquisitions and General Counsel. Mr. Siegel was responsible for Reuters' acquisition of Instinet, among other transactions. These transactions contributed to more than fifty percent of total revenue growth in North America during the period he was at Reuters. He previously worked for Peat Marwick Mitchell & Co. on the audit staff, and Coopers & Lybrand in the tax department.
Mr. Siegel, an attorney and Certified Public Accountant, received a B.S. degree from Boston University and a J.D. from St. John's University School of Law. Mr. Siegel is a former director of WestPoint Stevens, Rexene Corporation, BDK Holdings and Bally's Grand, and an Independent General Partner of Fiduciary Capital Partners and Fiduciary Capital Pension Partners.
NOTABLE COMPASS TRANSACTIONS:
ELCO Holdings-Airwell Group/Fedders Corporation
Kmart Corporation (Wilmington Trust)
Teleglobe Communications Corporation